Hyundai's New Incentive Beats Out The Model 3 As The Cheapest Electric Sedan
Hyundai's New Incentive Beats Out The Model 3 As The Cheapest Electric Sedan
Thanks to a $7,500 incentive from Hyundai, the sleek 361-mile range Ioniq 6 now costs $36,065.
The 2024 Hyundai Ioniq 6 now starts at $36,065, a full $4,565 less than the 2024 Tesla Model 3.
Hyundai's answer to the Model 3 is the Ioniq 6, a sleek, long-range, and ultra-efficient electric sedan boasting an 800V powertrain. The Ioniq 6 is the largest sub-$65,000 electric sedan on the market, measuring 191.1 inches and offering plenty of space for interior passengers. While the four-door hasn't even been on sale in America for an entire year yet, it has made a name for itself with impressive efficiency and an EPA-rated range of up to 361 miles. And in 2024, it's now the cheapest electric sedan on the market, thanks to incentives courtesy of Hyundai.
The Hyundai Ioniq 6 SE costs $43,565, though the Korean automaker now employs a hefty $7,500 discount across the lineup. With the incentive, the electric sedan is $36,065, including destination fees. The Model 3 Highland starts at $40,630, and the least expensive old-gen models still run over $36,730 in inventory. The recently discounted Polestar 2 even starts at $50,300, a full $14,235 over the Ioniq 6. To say the least, if you're in the market for a new EV, Hyundai's aerodynamic sedan is very much worth considering.
Maybe so but it's fugly
I think they look less bad in person
I've got the Ioniq 6 and I can tell you, people compliment it everywhere I go. I'm the only one who thinks it has a fugly fat ass apparently.
I live near Hyundais US HQ so I see at least one a day in person… and they look awful. Especially from behind.
Now it just needs an NACS connector...
Now I’m curious how easy it will be to retrofit existing vehicles with a NACS connector. Ideally the voltage should be compatible, and you’d just have to change the port. But I’m not completely sure.
You can just get an adapter. I have a Tesla wall connector and it works fine with my non-Tesla and a $100 adapter.
The problem is that you can't use the Superchargers with an adapter. You can use the non-Supercharger ones... I forget what they're called... but not the Supercharger because of how it handles the money aspect.
As much as I don't like Tesla. I don't like Hyundai either. They should've added immobilizers in their cars from the start, and they should've never stopped.
The article talks about Hyundai's $7,500 incentive, but is that truly a separate incentive or are they talking about the $7,500 instant tax incentive on new EV's that was part of the inflation reduction act?
I've been eyeing the Ioniq 5 since launch and just priced them again through Hyundai site. This promotion is $7500 cash back in lieu of their 0.99% financing rate and it's only valid between 1/18/24 and 1/31/24. Hyundai is running a facetious sale for two weeks in order to drum up free publicity. If you purchase with the current market rate of around 6.5% rather than the promotional 0.99%, you're going to pay around $7500 extra in interest (assuming 50k loan, 10% down-payment, 5 year term).
Hyundai's EVs don't qualify for the instant tax incentive. They undergo final assembly in South Korea.
Source: I have one. It was on the paperwork.
This combined with the info in ShepherdPie's post makes it make sense. Because they don't qualify for the IRA incentive, Hyundai is trying to attract buyers who aren't familiar with the law's ins and outs. Someone like me who sees $7,500 and goes huh, I saw something about that...
What about after dealer markups?
Dealer markups are definitely not a thing in the current market. I have dealers calling me almost daily right now because I showed interest in an IONIQ5. They're taking almost $15k off MSRP on some of them. I bet you can get an IONIQ6 for under $30k at the right dealer.
The Model 3 prices in the article are not correct.
$38990 for base model 3
Article has it as $40630
$1640 difference. Not sure what that is, but it's more than the delivery fee if they were including that. Long range price is also overstated.
Edit- includes destination and order fee. Got it.