No one is saying it’s a bad car, they’re saying it’s a bad deal to lease it.
4 Likes
At the end of the day, this website is “leasehackr.”
It’s about getting the best lease deals.
For those who are taking the comments personally or suggesting folks like me aren’t true car enthusiasts, say what you will, but the “leasability” of this car is absolute trash.
6 Likes
Numbers won’t materially improve. Or make it a good lease.
Do you think they made this with the philosophy of it being a disposable car that you pay this high % of its net price (after rebates) to just chuck the keys back?
1 Like
The Ioniq 5N is a toy for someone who can pay cash - period. If you have to finance or lease, you’re on the wrong vehicle.
And yes, for those that prefer to lease and don’t need a unicorn and prefer “the car over the deal” (which I have been many times), the lease terms are third degree burns on all three credit bureaus. If you can’t exchange a cashiers check for keys, pretend it doesn’t exist.
Until now, I only suspected the entire Hyundai marketing department in Irvine lurked on LH. I’m thrilled you all have something to be excited about, but it’s possible you’re a little too high on your own supply. The Ioniq 5N is fine, and more fun than the Limited or the rest of your stable, but I’ve autocrossed 
box Civics that produced as much dopamine.
The insurance on an Ioniq 5N though 
I dont think any ev is worth paying cash or financing currently…in 2-3 years, battery tech will be so much better and cheaper, any EV offered today will be worth substantially less. Plus, $7,500 credit is taken off the top on this lease whereas it wouldn’t apply if purchased since it was made in Korea. Lots of reasons why leasing would make more sense.
And yes, I totally understand your point about autoxing a cheap civic…my last track car was an s2000, and we race a fiat abarth in champ car and lucky dog.
The 5N would be the pefect daily as it mixes fun, cheap running costs since I charge at home, and practicality for our family (wife, 2 kids, and 90lb dog)…but not for the money they want for it.
I’ve been driving EVs for as long as anyone else here and hear this all the time. Never seen anyone actually present an example of this actually happening. It’s been “2-3 years away” for 6+ years now. Not a single car has come out where either the range or charging speed combined with price has been a game changer.
How much would it have to depreciate for anyone to come out ahead after leasing it for 3 years?
That’s when you lease it and immediately buy out.
There’s actually no reason to lease this for 3 years. But I’ll probably stop commenting because it’s all falling on deaf ears.
2 Likes
Battery tech right now in evs is like laptop battery tech of the 90s. Every couple years they are way better than before, and the shift from lithium ions to Solid State will greatly diminish lithium battery car’s resale value. Just how it is.
If you don’t think there have been big advances every year, just look at range and charging times on average over the past 5 years at certain price points. 10-80% is under 20 minutes on new 800v batteries…that is already exponentially faster than 400v. And look at the range of your average ev today vs the older ones.
Today’s evs are leaps and bounds better than the ones from a few years ago, and the same will be true a few years from now, but the difference will be the tech will be a completely different architecture.
1 Like
Nice to see more discussion around the N. I hear the folks that love the car for what it is but like others have mentioned it cant be ignored these lease like absolute garbage right now. Local dealer has almost double digits on their lot at EOY. Hyundai needs to change up the programs if they want to move vehicles in January (hopefully they do?).
So to respond to @max_g and others…
Two things IRT lease depreciation and all that. First, I’m not eligible for the $7500 federal rebate via a purchase, and as far as I’ve found these “halo cars” are not taking a lot off the MSRP of $67,960. So a lease automatically lowers my price by $7500.
Second, EV pricing is the wild west right now. I lost 50% of what I paid for my used Model 3 after Elon did his price cutting dance, and both my Lightning and my wife’s Q3 E-tron are underwater as far as value vs. loan balance. With a lease you (usually) get the option of buying the car for its residual value, or you just walk away, which means I get to determine the value of my vehicle at a later date when prices are more stable and value is more predictable - For all I know, in three years these cars will be $9995 at Lucky Eddie’s Used Emporioum, or we’ll all be hunting each other for sport and it won’t matter. Until EV price depreciation becomes more linear I really think a lease is the way to go.
Do I think this is a great lease compared to what else is out there? Of course not. I didn’t say to myself ‘what is the best lease I can get?’ and then go hunting; I said ‘what is the most cost-effective option I can use to obtain an Ioniq 5 N?’… And that’s what I did.
Already addressed above. Anytime there are heavier incentives for leases, one can lease and buy out almost immediately.
As for hedging depreciation risk, you can tell yourself you’ll come out ahead because it will basically be worthless in 3 years. But that’s an unlikely scenario TBH. It’s really no different than the guy who spent $5,000+ on every single protection product in the finance managers office. If you really believe you’ll come out ahead by overpaying to hedge, then no one can disabuse you of that notion.
We can agree to disagree from here on out.
It’s not just any Hyundai. 
1 Like
Paying almost $40K over the next 3 years for a vehicle that can be bought today for $54K does not make great sense. There is no coming out ahead in this deal. It is all about enjoying the vehicle and not worrying about the cost. At least this one can makes sounds like a gas powered car!
1 Like
@Wtmeyer - Can you explain how it can be bought today for $54k? I do not qualify for the $7500 federal tax credit on a purchase, only on a lease.
My car’s MSRP was just under $68k. While it’s true that my adjusted cost came down to $54k I’m not sure how I would have swung that final price on a purchase.
Everyone, regardless of income, would be eligible for the $7500 incentive on a lease followed by immediate purchase.
Immediate purchase? I wasn’t aware that you could immediately buy out a lease - This is why I joined this forum 
Even if you could, and you converted to a loan, wouldn’t that move you from the 5ish APR equivalent of their money factor to a higher loan APR unless you have stellar credit?
“Immediate” in this case could mean a few days/weeks, or as long as it takes for the captive bank to set your account up. But last I checked, there were quite a few credit unions with loan rates beginning with a 4 or 5 for 60 month loans. There should be a thread on those as well.
1 Like
I’m not sure for the N but with regular Ioniq 5’s at least a few years ago there were fees associated with the lease, so even if you buy out immediately I think the net savings ended up being closer to $5,000, not $7,500. Still better than zero.
Additionally, the other benefit of owning is to be the sole beneficiary of its value retention.
Too many times when people say you can get equity out of a lease, they forget there’s a difference between getting equity and maximizing it. I went through this myself with a Hyundai/Kia product I financed and later sold. The best that H/K dealers offered was 2-3k equity. Since I owned it I could sell it to anyone outside the H/K dealer network and got $10k equity.
IONIQ 5 regular = Lame
IONIQ 5 N = COTY
Guess the N will never lease well. But enjoy your car once you get the $7,500!
