2024 Hyundai IONIQ 6 Lease Price Cut To $249/mo

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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 6 electric car side view

The massive price cut just made the Hyundai IONIQ 6 a lot more appealing for budget-conscious car shoppers. According to bulletins sent to dealers, 2024 Hyundai IONIQ 6 lease payments have fallen by $100 per month. Based on our analysis, Hyundai IONIQ 6 lease prices now have a big advantage over the Tesla Model 3.

Beginning today, the 2024 Hyundai IONIQ 6 SE Long Range can be leased for $249 for 36 months with $3,499 at signing. That's $100 cheaper than Hyundai's previous IONIQ 6 lease when comparing monthly payments on a 10,000-mile-per-year lease. What's more, the amount due at signing has dropped by $1,500.

With an effective cost of just $346 per month based on this national lease incentive, the Hyundai IONIQ 6 is among the cheapest EVs you can lease. At that price, the IONIQ 6 is just $4 per month more to lease than a Toyota Corolla SE Hatchback in Southern California. The cars have a difference in MSRP of over $18,000.

Hyundai IONIQ 6 red color EV front view

Compared to a 2024 Tesla Model 3, the IONIQ 6 has a huge advantage in price. The Model 3 Highland is listed at $329 for 36 months with $5,524 at signing for an effective cost of $482 per month. That's $136 per month more than the new IONIQ 6 lease. As a result, we consider the Hyundai one of the best EVs to lease.

So why is the IONIQ 6 so much cheaper to lease than before? Based on our analysis, the underlying discount on the IONIQ 6 SE is unchanged with $7,500 in lease cash. However, the money factor has fallen from 0.00319 to 0.00171. That's equivalent to a cut in lease rate from 7.7% to 4.1%. But there's another reason, too.

Hyundai IONIQ 6 EV interior

Hyundai has also inflated the EV's residual value by 5% from the previous amount of 58% to 63%. Higher residuals often make cars better to lease. Here, Hyundai appears to be using a two-pronged strategy to cut IONIQ 6 lease prices. A day ago, Ford announced price cuts of up to $8,100 for the 2023 Mustang Mach-E.

Thinking of buying an IONIQ 6? You may want to wait. That's because Hyundai's interest rate is completely unchanged at 3.49% APR for 60 months. Meanwhile, the IONIQ 5 got a rate cut today to 0% for 60 months. This effectively makes the IONIQ 5 cheaper to finance than the IONIQ 6 and a considerably better deal.

At this point, the IONIQ 6 has a $50 per month advantage compared to the IONIQ 5. Hyundai slashed IONIQ 5 lease prices today to $299 a month, the best deal to date. Having said that, it remains unclear whether or not IONIQ 6 prices have truly hit bottom yet amid an increasingly aggressive price war among EV makers.

Explore Hyundai IONIQ 6 Lease Prices

, 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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