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2025 Hyundai IONIQ 5 N on track white color.
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2025 Hyundai IONIQ 5 N Lease Debuts At $719/mo

The all-new Hyundai IONIQ 5 N could be an awful vehicle to lease. According to a bulletin sent to dealers, 2025 Hyundai IONIQ 5 N lease prices start at $719 per month. While the regular IONIQ 5 can be an incredible EV to lease, less-favorable incentives can make the first-ever IONIQ 5 N cost well over $900 a month.

To start, the 2025 Hyundai IONIQ 5 N is listed at $719 for 24 months with $4,999 due at signing. That's based on an MSRP of $67,475 including destination and 12,000 miles a year. We estimate that the effective cost of this lease is $927 a month before taxes & fees. For the money, that represents a pretty bad value.

The first lease on the IONIQ 5 N includes $7,500 in lease cash, an incentive that takes advantage of a loophole even though the EV doesn't qualify for a tax credit on purchases. That's actually less than the now-$10,000 discount you'll find on other IONIQ 5 models. Some can now be had for as little as $209 per month.

Hyundai IONIQ 5 N 2025 white color back view

A money factor of 0.00242 also isn't great. That translates to an interest rate of 5.8%. However, we think the low residual value of the IONIQ 5 N may be largely to blame for the expensive lease. Hyundai says the high-powered EV's 24-month residual value is just 66%, compared to as much as 72% for a 2024 SEL trim.

Prefer a 36-month lease? You could be in for an even worse deal. That's because the 36-month residual value of the IONIQ 5 N is just 54%, with an even higher money factor of 0.00250 (6%). To put that into perspective, the 2024 IONIQ 5 has residual values of up to 61% when it comes to the most affordable SE trim.

There's also the fact that dealers can mark up the IONIQ 5 N's lease rates by up to 0.00040, which is about an extra 1%. As we reported recently, early IONIQ 5 N markups can hit $20,000 over MSRP. For now, it appears that leasing the IONIQ 5 N could be an extremely expensive prospect for the earliest N adopters.

Looking for a better deal? You may want to consider a 2024 Kia EV6 GT. It's eligible for the same $7,500 incentive but has a 24-month residual value of 66%. It also has a much lower lease rate of 0.00018, or 0.4%. It may also end up being a lot easier to find for consumers, especially without an egregious vehicle markup.

Current Kia offers end on April 30th. Kia incentives are regional, but we observed the same IONIQ 5 N values in over half a dozen regions such as California, the East Coast, Miami, Mountain States, and more.

Explore Hyundai IONIQ 5 Prices & Deals

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      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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