Hyundai IONIQ 9 lease costs fall below IONIQ 5 on 36-month terms

Hyundai's three-row IONIQ 9 costs less to lease than the company's best-selling IONIQ 5 when calculated over 36 months. The IONIQ 9 is the larger, more expensive vehicle, but its effective monthly lease payment undercuts the compact SUV's offer by a small margin.

The IONIQ 9 is advertised from $419 a month for 36 months with $4,999 due at signing. This structure results in an effective cost of $557 per month. By comparison, the standard-range IONIQ 5 SE lease starts at $359 a month for 24 months with the same down payment, creating an effective cost of $567 per month.

Hyundai's payment calculator shows that leasing the 2027 IONIQ 5 SE for 36 months costs about $412 a month. That translates to an effective cost of $550 per month, which is only $7 less than the IONIQ 9's rate. The IONIQ 5 remains the cheaper option on a pure monthly basis, but the price difference is minimal.

The IONIQ 9 offers more space and range than the IONIQ 5. The base IONIQ 9 SE has an EPA-estimated range of up to 335 miles and provides up to 163.54 cubic feet of interior passenger volume. The IONIQ 5, which is sized similarly to a Tesla Model Y, offers up to 318 miles of range and 106.5 cubic feet of passenger space.

The IONIQ 5 is the most popular non-Tesla electric vehicle in the United States. It ranked as the third top-selling EV through September, trailing only the Tesla Model Y and Model 3. The vehicle starts at $35,250 for the standard-range SE, while the IONIQ 9 starts at $58,955.

Both models are manufactured at Hyundai's Metaplant America facility outside Savannah, Georgia. Hyundai reported that its electric SUVs attract new buyers at a higher rate than its gas or hybrid vehicles. The IONIQ 5 recorded a 69.8% conquest rate last year, while the IONIQ 9 recorded a 64.3% rate.