2024 Hyundai IONIQ 6 Rebate Undercuts Model 3 Highland By $9,000

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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 - January 11, 2024
Hyundai IONIQ 6 EV grey color rear view

A new rebate can make the 2024 Hyundai IONIQ 6 significantly cheaper to buy than the recently introduced Tesla Model 3 Highland. Based on our analysis, a $7,500 purchase incentive can make the IONIQ 6 nearly $9,300 more affordable to buy than the latest version of the Model 3.

According to a bulletin sent to dealers, all versions of the 2024 Hyundai IONIQ 6 feature $7,500 in Retail Bonus Cash. This is essentially a rebate that you can only get when buying. With the incentive, the starting price of the IONIQ 6 could fall from an MSRP of $38,615 down to just $31,115.

In contrast, the 2024 Tesla Model 3 Highland starts at $40,380 with destination, and has no rebates. Like the IONIQ, it's also ineligible for a federal tax credit. If you're looking to buy rather than lease, this can create a $9,265 price difference between the IONIQ 6 and the Model 3 Highland.

Hyundai IONIQ 6 silver color front view

A month ago, there was no rebate for buying the 2024 IONIQ 6. Based on our analysis, the latest deal matches Hyundai's outgoing 2023 IONIQ 6 rebate. Interestingly, it also offers the chance to save $5,000 more than before when comparing prices for the range-topping IONIQ 6 Limited.

Previously, the 2023 IONIQ 6 Limited had a $2,500 cash incentive. At $7,500 off all 2024 IONIQ 6 styles, this could give shoppers a reason to buy rather than lease. Before, leasing offered the most savings with a similar incentive called lease cash worth $7,500 across the board due to a tax loophole.

Having said all of that, there is an important limitation. Hyundai Retail Bonus Cash can't be combined with low-interest financing and Hyundai is offering 2.99% APR for up to 48 months. Confusingly, the company is offering a separate financing rebate worth $2,500 on all versions of the 2024 IONIQ 6.

On a 4-year loan at 7% APR with the rebate, we estimate that an IONIQ 6 SE would cost $745 per month and involve $4,649 in interest. With the financing, the cost would be $799 with $2,248 in interest. For the lowest overall cost, the rebate could be the best deal though your actual rates could vary.

Looking to lease? The Model 3 Highland could be worth a look. As CarsDirect reported yesterday morning, Tesla is using a $7,500 lease credit to offer a $329 per month lease deal which is the same price as the outgoing version. Shoppers should be aware that Tesla is still not allowing lease buyouts.

Explore Hyundai IONIQ 6 Prices & 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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