Hyundai is updating the pricing policy for the 2024 model-year Ioniq 5. The cute crossover SUV is getting a bit pricier in some trims, but other equipment levels lose important options. The SEL pack, for example, might not make sense any longer. Here's the gist of it.
A considerable number of people hope Hyundai will fix the integrated charging control unit (ICCU) that continues to fail in some cases even after software updates and replacements. A recall has been available for existing owners, but some are still reporting AC and DC charging issues, sudden 12V battery troubles, reduced range, and motive power loss.
Fortunately, Hyundai is not treating the unlucky buyers harshly. Those who encounter problems get their vehicles fixed under warranty and are reimbursed for hiring a rental car or ridesharing costs until their Ioniq 5 is out of the shop. Thumbs up for that!
But 2023 is steadily heading towards its final months, so Hyundai is making a couple of changes.
When writing, the 2023 Ioniq 5 costs:
$41,450 as an SE Standard Range RWD model;
$45,500 as an SE RWD model;
$47,450 as an SEL RWD model;
$52,600 as a Limited RWD model.
According to the leaked pricing for the 2024 model-year unit, customers will see the following figures:
$41,650 for the SE Standard range trim;
$45,700 for the SE RWD trim ($49,200 for the AWD version);
$47,250 for the SEL RWD trim ($50,750 for the AWD version);
$53,350 for the Limited RWD trim ($57,250 for the AWD version).
All 2024 Hyundai Ioniq 5 trims get more expensive, except for the popular SEL trims (RWD and AWD) that receive a $200 discount over the current pricing. But that reduction means some options are disappearing.
Photo: Hyundai
The power folding mirrors, the 64-color ambient interior lighting, the H-Tex seating surfaces, the rear air conditioning vents, the driver's seatback pocket, and the soft-touch door trim are gone. They become a part of the top level of equipment. Customers who want them will have to spend more.
While that's bound to disappoint some prospective buyers who had their eyes set on a 2024 Hyundai Ioniq 5 SEL, the bigger problem the South Korean automaker must face is Tesla. The all-wheel drive Model Y Long Range may have a starting price of $50,490, but it qualifies for the full EV tax credit.
Thus, eligible buyers will end up with a slightly lower cost because they can ask Uncle Sam for $7,500.
Moreover, the Model Y is more efficient and goes farther on a single charge, per the Environmental Protection Agency (EPA).
But, as the Ioniq Guy points out in the video below, prospective buyers of the 2023 model-year EV can finance an Ioniq 5 at 0.99% APR and save $2,500 until October 2, 2023. Paying in cash for a 2023 Ioniq 5 SEL activates a $5,000 discount, meaning the MSRP goes to $42,450 for the rear-wheel-drive unit.
Long-term renting (aka leasing) is also an option. It allows Hyundai to obtain the federal EV tax credit and pass it down to the buyer.
At the end of the day, Americans considering getting an Ioniq 5 have two options: rush and order the existing model in the SEL trim ASAP or wait and pay more for a 2024 model-year well-equipped unit.
The Ioniq 5 is scheduled to receive a refresh in 2025, which could include a rear wiper!
Car shows on TV and his father's Fiat Tempra may have been Florin's early influences, but nowadays he favors different things, like the power of an F-150 Raptor. He'll never be able to ignore the shape of a Ferrari though, especially a yellow one. Full profile
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