this post was submitted on 25 Jan 2024
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Electric Vehicles

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Hyundai's New Incentive Beats Out The Model 3 As The Cheapest Electric Sedan (insideevs.com)
submitted 9 months ago by MicroWave@lemmy.world to c/evs@lemmy.world
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The 2024 Hyundai Ioniq 6 now starts at $36,065, a full $4,565 less than the 2024 Tesla Model 3.

Hyundai's answer to the Model 3 is the Ioniq 6, a sleek, long-range, and ultra-efficient electric sedan boasting an 800V powertrain. The Ioniq 6 is the largest sub-$65,000 electric sedan on the market, measuring 191.1 inches and offering plenty of space for interior passengers. While the four-door hasn't even been on sale in America for an entire year yet, it has made a name for itself with impressive efficiency and an EPA-rated range of up to 361 miles. And in 2024, it's now the cheapest electric sedan on the market, thanks to incentives courtesy of Hyundai.

The Hyundai Ioniq 6 SE costs $43,565, though the Korean automaker now employs a hefty $7,500 discount across the lineup. With the incentive, the electric sedan is $36,065, including destination fees. The Model 3 Highland starts at $40,630, and the least expensive old-gen models still run over $36,730 in inventory. The recently discounted Polestar 2 even starts at $50,300, a full $14,235 over the Ioniq 6. To say the least, if you're in the market for a new EV, Hyundai's aerodynamic sedan is very much worth considering.

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[–] LesserAbe@lemmy.world 3 points 9 months ago (2 children)

The article talks about Hyundai's $7,500 incentive, but is that truly a separate incentive or are they talking about the $7,500 instant tax incentive on new EV's that was part of the inflation reduction act?

[–] ShepherdPie@midwest.social 6 points 9 months ago

I've been eyeing the Ioniq 5 since launch and just priced them again through Hyundai site. This promotion is $7500 cash back in lieu of their 0.99% financing rate and it's only valid between 1/18/24 and 1/31/24. Hyundai is running a facetious sale for two weeks in order to drum up free publicity. If you purchase with the current market rate of around 6.5% rather than the promotional 0.99%, you're going to pay around $7500 extra in interest (assuming 50k loan, 10% down-payment, 5 year term).

[–] Lumilias@pawb.social 3 points 9 months ago* (last edited 9 months ago) (1 children)

Hyundai's EVs don't qualify for the instant tax incentive. They undergo final assembly in South Korea.

Source: I have one. It was on the paperwork.

[–] LesserAbe@lemmy.world 0 points 9 months ago

This combined with the info in ShepherdPie's post makes it make sense. Because they don't qualify for the IRA incentive, Hyundai is trying to attract buyers who aren't familiar with the law's ins and outs. Someone like me who sees $7,500 and goes huh, I saw something about that...