Hyundai Electric Sedan Gets More Affordable
Outside of Tesla, which has dominated the EV market for more than a decade, Hyundai is one of the most popular electric car brands in the U.S. Its Ioniq 5 hatchback is a benchmark EV, with excellent interior space, impressive range, great performance, and cutting-edge technology in a relatively affordable package. Earlier in 2023, Hyundai introduced the Ioniq 6 sedan. Built on the same platform as the Ioniq 5, it’s an incredibly sleek, efficient, and attractive EV, and one of our favorites on the market. And the good news is that, for 2024, the Ioniq 6 has had a big price cut, with some models over $4,000 more affordable than before.
Responding to Tesla Price Cuts
Why the change? Hyundai says that pricing adjustments were made because of better production efficiencies, but the price cuts are more likely tied to a couple of external factors: the Tesla Model 3 and federal tax incentives.
Over the past year, Tesla has cut prices several times on the Model 3, one of the best-selling EVs in the country – and the closest competitor to the Ioniq 6. While it doesn’t have the Hyundai’s excellent, luxurious interior or exceptional 350-kW charging speed, the Model 3 is packed with impressive tech, and thousands less than it used to be.
Plus, starting this April, when new federal tax incentive guidelines were clarified, both the Ioniq 5 and Ioniq 6 lost their eligibility for the $7,500 purchase incentive, because they are currently manufactured in South Korea (you can still get the $7,500, however, if you lease) – ramping up the effective selling price of the vehicle for customers. But the newest prices from Hyundai make the Ioniq 6 much more affordable – and jump it to near the top of our list of favorite EVs.
2024 Hyundai Ioniq 6: Pricing
For the 2024 model year, the Hyundai Ioniq 6 has a starting MSRP of $37,500. That’s for the standard range, rear-wheel drive model, which has a 53-kWh battery, a single motor, and a decent EPA-estimated range of 240 miles. Power output is 149 hp, and the base model comes with a huge list of standard equipment, including:
· Ultra-fast 350-kW charging and a battery pre-heater
· 4 levels of regenerative braking controllable by steering wheel paddles
· A full suite of driver assists including forward collision avoidance, blind spot warning, rear cross-traffic collision assist, lane keeping assist, lane following assist, adaptive cruise control, and highway driving assist
· Park distance warning and rear-view camera
· Dual 12.3-inch screens for the instrument cluster and infotainment system, with Android Auto and Apple CarPlay
· Power driver’s seat, dual zone automatic climate control, and power-operated trunk lid
The next step up on the ladder is the Ioniq 6 SE long range, which retains a single motor and rear-wheel drive, but upgrades the battery to 77.4 kWh. Power output rises to 225 hp, but range jumps to a very impressive EPA-estimated 361 miles. The starting MSRP of $42,450 is over $3,000 cheaper than the 2023 model. The Ioniq 6 SEL, which come standard with the long-range battery and rear-wheel drive, now has a starting MSRP of $45,250, $2,450 less than before, while the Ioniq 6 Limited RWD has a starting MSRP of $50,150.
All-wheel drive, dual-motor Ioniq 6 models also receive a $2,450 cut to their starting MSRPs. The Ioniq 6 SE dual-motor AWD now has a starting MSRP of $45,950. Step up to the SEL model, which adds additional driver assist technology, dual color ambient lighting, and synthetic leather, and you’re looking at a starting MSRP of $48,750. The top of the range is the $53,650 (starting MSRP) Ioniq 6 Limited dual motor AWD, which comes with surround-view cameras, a giant moonroof, vehicle-to-load capability, a Bose audio system, ventilated seats, and more. Dual-motor all-wheel drive models offer an EPA-estimated range of 316 miles on 18-inch wheels, and 270 miles on 20-inch wheels.
Hyundai Ioniq 6: Our Favorite Electric Sedan
Regardless of which Ioniq 6 model you choose, you get a gorgeous “electrified streamliner” whose smooth, sleek styling massively contributes to its driving range; according to the EPA, the Ioniq 6 models typically have over 50 miles more range than their mechanically-similar Ioniq 5 counterparts. Plus, we like their gorgeous interiors and the way they handle on the road, with a smooth, seamless and relaxing driving experience. While the Ioniq 6 models are still not eligible for the $7,500 purchase incentive, you can get the $7,500 back from the government if you lease – and Hyundai is currently offering attractive monthly lease payments which take advantage of the rebate and impressive residual values to make the Ioniq 6 more affordable than a Tesla Model 3.