Hyundai IONIQ 9 Lease Pricing Falls Below Smaller IONIQ 5

Hyundai’s three-row electric SUV now costs less to lease than its smaller, more popular sibling. The IONIQ 9’s advertised lease terms result in a lower effective monthly payment than the IONIQ 5, despite the larger vehicle starting at a significantly higher base price.

The IONIQ 9 begins at $58,955, while the 2027 IONIQ 5 starts at $35,250 for the standard-range SE. This creates a sticker price gap of nearly $24,000. However, lease structures bridge that divide. The IONIQ 9 is listed from $419 a month on a 36-month term with $4,999 due at signing. This calculates to an effective cost of $557 a month.

By comparison, the standard IONIQ 5 SE leases from $359 a month on a 24-month term with the same signing cost. That shorter commitment yields an effective monthly cost of $567. The extended-range IONIQ 5 SE RWD, which starts at $37,750, leases for $369 a month on the same 24-month terms, resulting in an effective cost of $577. When matched to the IONIQ 9’s 36-month term, the IONIQ 5 SE costs about $550 effectively, only $7 less than the larger model.

The price inversion favors buyers seeking space over compactness. The IONIQ 9 offers three rows of seating and up to 163.54 cubic feet of passenger volume. It also provides a larger EPA-estimated range of up to 335 miles. The IONIQ 5, a midsize two-row vehicle comparable in size to a Tesla Model Y, offers up to 245 miles of range on its base trim and 106.5 cubic feet of interior space.

The IONIQ 5 remains the top-selling non-Tesla electric vehicle in the United States. Through September, it ranked third overall in the country, behind only the Tesla Model Y and Model 3. Its sales strength persists despite recent price cuts of up to $10,000 on some trims following the expiration of the federal EV tax credit at the end of September 2025.

Both models are manufactured at Hyundai’s Metaplant America facility near Savannah, Georgia. During an earlier tour of the plant, Hyundai reported that its electric SUVs are attracting new customers at a higher rate than its gasoline and hybrid lines. The IONIQ 5 recorded a 69.8% conquest rate last year, meaning nearly 70% of buyers were switching brands. The IONIQ 9 followed with a 64.3% conquest rate.

The Elantra N, Palisade, and Kona Electric rounded out the top five for brand-switching customers with rates of 61.9%, 61.2%, and 60.9% respectively.