$557 Monthly Cost: Bigger Hyundai EV Undercuts Smaller Model in Lease Math

Leasing a three-row Hyundai electric SUV now costs less per month than leasing the brand's more popular two-row compact. The effective monthly cost for the 2027 IONIQ 9 is $557, which is lower than the $567 effective cost for the standard-range IONIQ 5 SE on a 24-month term.

The IONIQ 5 is the third-best-selling electric vehicle in the United States, trailing only the Tesla Model Y and Model 3. It outsells the Chevy Equinox EV, Ford Mustang Mach-E, and Toyota bZ. The vehicle's appeal relies on its affordability, with the 2027 model starting at $35,250 for the standard-range SE. Hyundai reduced prices on some trims by nearly $10,000 after the $7,500 federal EV tax credit expired in September 2025. The extended-range SE RWD starts at $37,750 and offers up to 318 miles of EPA-estimated range.

The IONIQ 9 starts at a higher sticker price of $58,955, which is $23,705 more than the base IONIQ 5 SE. However, lease terms narrow this gap. The IONIQ 9 is advertised from $419 per month over 36 months with $4,999 due at signing. This structure results in the effective $557 monthly cost. By comparison, the IONIQ 5 SE leases for $359 per month over 24 months with the same amount due at signing, resulting in an effective $567 monthly cost. If a buyer leases the IONIQ 5 SE for 36 months, the effective cost drops to $550, making the IONIQ 9 only $7 more expensive per month.

The IONIQ 9 provides more physical space and range than the IONIQ 5. The base IONIQ 9 SE offers up to 335 miles of EPA-estimated range. It features three rows of seating in six- or seven-seat layouts, with up to 163.54 cubic feet of interior passenger volume. The IONIQ 5 is a midsize SUV with two rows, room for five passengers, and up to 106.5 cubic feet of interior volume. It is roughly the size of a Tesla Model Y.

Both vehicles are manufactured at Hyundai's Metaplant America facility outside Savannah, Georgia. During a facility tour earlier this year, Hyundai stated that its electric SUVs attract new buyers at a higher rate than its gas or hybrid models. The IONIQ 5 recorded a 69.8 percent conquest rate last year, while the IONIQ 9 recorded 64.3 percent. The Elantra N ranked third at 61.9 percent, followed by the Palisade at 61.2 percent and the Kona Electric at 60.9 percent.