Although the $7,500 EV tax credit has expired, Hyundai is keeping the savings going. Hyundai is reducing 2026 IONIQ 5 prices by nearly $10,000, while extending the tax credit for the current model year.
The 2026 Hyundai IONIQ 5 gets a nearly $10,000 price cut
The 2026 IONIQ 5 is slated for a significant price cut as Hyundai commits to offering more affordable vehicles in the US.
Hyundai said it will reduce prices by up to $9,800 on the 2026 IONIQ 5. The savings depend on the trim, but the base IONIQ 5 RWD Standard Range model now starts at just $35,000, making it one of the most affordable EVs on the market, alongside the Chevy Equinox EV.
In the meantime, Hyundai will continue to offer the $7,500 cash incentive for the current 2025 models through at least October.
The price changes “reflect Hyundai’s commitment to affordability and its long-term EV strategy,” the company said. Hyundai builds the IONIQ 5 alongside its larger IONIQ 9 electric SUV at the Hyundai Motor Group Metaplant America (HMGMA) in Georgia.
Higher sales and local production have helped Hyundai cut costs, which it’s now passing on to buyers. By making one of the most awarded EVs even more affordable, Hyundai aims to keep the momentum going.
The IONIQ 5 is coming off its best third-quarter sales to date after surging 90% year-over-year (YOY), with nearly 22,000 units sold. Through September, Hyundai has sold 41,091 IONIQ 5 models in the US, a 35% increase compared to the same period in 2024.
After delivering the first IONIQ 9 models to customers at the end of May, sales have reached 4,177 units through September.
The 2025 Hyundai IONIQ 5 starts at $42,600 with a driving range of up to 245 miles. Upgrading to the long-range SE RWD model, with 318 miles of range, costs $46,550.
The 2026 model year starts at just $35,000, or $7,600 less than the 2025 IONIQ 5. You can even snag the extended range SE or SEL model for under $40,000 now. Or, if you’re really looking to get crazy, the off-road XRT variant is tempting at just $46,275, which is $9,225 less than last year’s model.
| 2025 Hyundai IONIQ 5 Trim | Driving Range (miles) | 2025 Starting Price | 2026 Starting Price* | Price Reduction | Monthly lease cost (October 2025) |
| IONIQ 5 SE RWD Standard Range | 245 | $42,600 | $35,000 | ($7,600) | $249 |
| IONIQ 5 SE RWD | 318 | $46,650 | $37,500 | ($9,150) | $259 |
| IONIQ 5 SEL RWD | 318 | $49,600 | $39,800 | ($9,800) | $299 |
| IONIQ 5 Limited RWD | 318 | $54,300 | $45,075 | ($9,225) | $369 |
| IONIQ 5 SE Dual Motor AWD | 290 | $50,150 | $41,000 | ($9,150) | $309 |
| IONIQ 5 SEL Dual Motor AWD | 290 | $53,100 | $43,300 | ($9,800) | $349 |
| IONIQ 5 XRT Dual Motor AWD | 259 | $55,500 | $46,275 | ($9,225) | $379 |
| IONIQ 5 Limited Dual Motor AWD | 269 | $58,200 | $48,975 | ($9,225) | $419 |
Despite the lower prices, the 2026 Hyundai IONIQ 5 is a carry-over model with no significant changes from the outgoing model. The only difference is a new L1/L2 charging cable and Sage Silver Matte color options.
The 2025 Hyundai IONIQ 5 remains one of the most affordable EVs on the market, with leases starting at just $249 per month. You can upgrade to the longer range SE RWD, with up to 318 miles of driving range, for $259 per month.
For the adventure-seekers, the Dual Motor AWD IONIQ 5 XRT, which packs 320 horsepower and plenty of off-road upgrades, is tempting at just $379 per month right now.
Hyundai’s offer ends on November 3. The $249 lease deal is for 24 months on the 2025 IONIQ 5 SE Standard Range, with $3,999 due at signing.
Alternatively, Hyundai is offering $11,000 in retail bonus cash and 0% APR for up to 72 months on all 2025 IONIQ 5 trims when financed through Hyundai Motor Finance.
If you’re interested in checking out Hyundai’s electric SUV for yourself, you can use our link to find IONIQ 5 models available in your area (via a trusted affiliate link).
Author: Peter Johnson
Source: Electrek
Reviewed By: Editorial Team
