With new rental rates in place before Memorial Day, it’s cheaper to rent an apartment now. Hyundai ioniq 5 or Ioniq 6 than Tesla Model 3, report CarsLive.
According to a nationwide Hyundai dealer newsletter cited by CarsDirect, the 2023 Hyundai Ioniq 5 SE is available to rent for $429 a month for 36 months with $3,999 at contract signing. That’s based on a $46,835 MSRP, applicable to the long-range version of the Ioniq 5 SE that’s EPA rated at 303 miles, with 10,000 miles allowed per year. According to CarsDirect, that’s a $70 cut from the previous monthly payment.
The Hyundai Ioniq 6 2023 The SE gets the same rental terms as the Ioniq 5, while also offering a $70 reduction in the monthly payment. Both the reduced rental rates are due to Hyundai offering a $7,500 incentive on leases for these models. It’s likely this automaker is trying to exploit a commercial Clean Vehicle Credit vulnerability that allows automakers to have captive finance companies. claim the $7,500 tax credit and pass the savings on to customers—even if the vehicle doesn’t qualify for the federal electric vehicle tax credit.
2023 Hyundai Ioniq 5
So, even though the Ioniq 5 and Ioniq 6 do not qualify for the actual federal EV tax credit under new rules enacted under the Inflation Reduction Act (IRA), the offer allows renters to save save the same amount. And while the actual cost of these leases is still pretty high—$540 a month, CarsDirect estimates—it’s still lower than the Model 3.
At the time of publication, Tesla’s website showed the cheapest Model 3 lease was $399 a month for 36 months with $5,594 at signing. That works out at $554 a month, $14 more than the two Hyundai models. CarsDirect notes that they used to be $56 per month more expensive than this Model 3 lease.
2023 Tesla Model 3
Other unexpected rental transactions are the result of a tax credit rental loophole, such as how Toyota Prius Prime and its higher sticker price can cost less than the Prius hybrid to rent.
Leases in the period prior to the coronavirus shutdown and before the electric vehicle demand bubble, saw electric vehicle rentals as low as $79 a monthsimply won’t return—although there have been a few exceptions, such as when Chevy Bolt EV has been discounted, and it is intended as a way to get rid of the 2021 models.
