2024 Hyundai IONIQ 5 Now Has 0% Financing

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Senior Pricing Analyst

As CarsDirect’s resident pricing expert, Alex offers must-know analyses of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured by The Wall Street Journal, Fox Business, Motor Trend, Automobile Magazine, and more.

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, Senior Pricing Analyst - February 21, 2024
Hyundai IONIQ 5 SUV front view grey color on road

Hyundai is offering blowout prices on the all-electric IONIQ 5 with a rare 0% financing deal. Per incentive bulletins sent to dealers earlier today, all versions of the 2024 Hyundai IONIQ 5 now offer zero-interest financing for 60 months. However, we found a significant drawback to this new Hyundai IONIQ 5 0% APR deal.

Through February 29th, the 2024 Hyundai IONIQ 5 benefits from 0% financing for 60 months. That's a price cut from the previous rate of 1.49% APR. It's also the lowest rate we've seen to date on the 2024 IONIQ 5. Previously, the lowest rate was 0.99% and only on 48-month loans. The new rates went into effect today.

Curiously, this makes the IONIQ 5 a better deal than the IONIQ 6 which remains at the previous rate of 3.49%. While we always love a good 0% financing deal, you could be giving up double-digit savings in the process. That's because Hyundai simultaneously launched a $10,000 lease cash incentive on all IONIQ 5s today.

Hyundai IONIQ 5 EV grey interior

As a result, IONIQ 5 lease prices now start at just $299 per month. This could give shoppers a good reason to lease rather than buy. After all, the Hyundai IONIQ 5 isn't eligible for a federal tax credit. Even if you're set on buying your IONIQ 5, there may be an alternative that could save you some more money on a purchase.

That's because the 2024 Hyundai IONIQ 5 features $7,500 in Retail Bonus Cash. The catch is that you'll have to give up the rebate to get the 0% financing. Based on our analysis, we estimate that a $45,000 vehicle would cost $45,000 with the financing. With the $7,500 and a loan at 7% APR, it would come out to $44,553.

That's not much of a difference, but it may come down to the rates you qualify for based on your credit. Yesterday, Ford cut Mustang Mach-E prices by as much as $8,100 in a bid to boost demand. The company also introduced 0% APR for 72 months plus up to $3,000 in bonus cash, a superior deal compared to the IONIQ.

At 0% APR for 60 months, Hyundai's IONIQ 5 significantly undercuts Tesla when it comes to financing. For example, Tesla financing currently starts at 6.49% APR. In some cases, we estimate that a $45,000 IONIQ 5 could be over $7,800 cheaper to buy than a $45,000 Tesla and get buyers a lot more value for their money.

Explore Hyundai IONIQ 5 Financing Deals

, Senior Pricing Analyst

As CarsDirect’s resident pricing expert, Alex offers must-know analyses of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured by The Wall Street Journal, Fox Business, Motor Trend, Automobile Magazine, and more.

Follow On: Twitter

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