Hyundai IONIQ Lease: Everything You Need to Know
With its three available electrified platforms — hybrid, plug-in hybrid, and electric — the new Hyundai IONIQ may be near the top of your new-car shopping list. Add to this a roomy interior, standard wireless Apple CarPlay and Android Auto, standard automatic emergency braking and more, and the IONIQ may end up being the perfect car for you.
One option some buyers consider when shopping for a Hyundai IONIQ is a lease, as its payments are generally lower than traditional new-car financing. Let’s dive into the Hyundai IONIQ‘s lease options and what you can expect when leasing one.
Best Lease Deals on the Hyundai IONIQ
There are currently some good promotional lease offers available for the 2021 and 2022 Hyundai IONIQ lineup, starting with the 2021 Hyundai IONIQ Hybrid, which has a 36-month lease that runs $189 per month with just $1,999 due at signing. The 2022 IONIQ Hybrid lease jumps to $199 per month with $2,499 due at signing. That’s a combined effective monthly cost — the amount due at signing broken down monthly, plus the monthly payment — of just $244.53 for the 2021 model and $268 for the 2022 model.
If you prefer a plug-in hybrid electric vehicle (PHEV), the 2022 IONIQ Plug-in Hybrid‘s 36-month lease runs $229 per month with a $2,499 down payment. That’s a combined effective monthly cost of only $298.42.
If you’re in the Southern California area or other select areas, there is a strong promotional lease on the 2022 IONIQ Electric too. This 36-month Hyundai IONIQ Electric lease runs only $179 per month with $1,799 due at signing. That’s a combined effective monthly cost of just $228.97.
As with most low-cost promotional lease options, these Hyundai IONIQ lease deals are low-mileage offers. Hyundai allows you to drive up to 12,000 miles per year on these special offers with no extra cost. This translates to 36,000 miles over the life of the lease. If you turn in your leased IONIQ with more than 36,000 miles, Hyundai will charge you 20 cents per mile over the 36,000-mile mark.
The average American driver puts 13,500 miles on their vehicle yearly, so after the three-year lease term, the average driver would have 40,500 miles on their IONIQ lease. That would put them 4,500 miles over the allowance, resulting in a $900 mileage surcharge.
Keep in mind, you don’t always have to pay this surcharge. Some dealerships will waive it if you lease another Hyundai or buy a new car from them.
Tax Credits and the Hyundai IONIQ Lease
The Hyundai IONIQ has a few tax credits available at the federal level, starting with the IONIQ EV‘s $7,500 IRS credit. The IONIQ Plug-in Hybrid‘s tax credit is slightly smaller at $4,543, as it has a lower-capacity battery.
These credits may sound great, but a leased vehicle doesn’t qualify for these incentives. However, some manufacturers run special lease offers that nearly mimic you getting these incentives, so it may not be a big loss.
Maintenance on a Hyundai IONIQ Lease
When you lease a new Hyundai IONIQ, the manufacturer expects you to maintain the electrified hatchback in accordance with its recommended schedule. Because there are three powertrain options — battery electric vehicle (BEV), PHEV, and hybrid — there are several maintenance schedules.
During a 36-month IONIQ lease, here’s the maintenance you should expect to encounter.
Every 7,500 Miles or Six Months
At every 7,500 miles or six months, whichever comes first, Hyundai recommends an oil and filter change, tire rotation, and a fuel-system additive. Hyundai also recommends a series of inspections on the IONIQ Hybrid and Plug-in Hybrid, including:
- Air filter
- HSG belt
- Vacuum hoses
The oil change will run anywhere from $25 to $75, depending on the type of oil you use. A tire rotation will set you back $20 to $25, but some shops include them for free with the oil change. Finally, the fuel system additive will run $10 or less.
Every 10,000 Miles or Eight Months
In the IONIQ Electric, the first maintenance interval comes at 10,000 miles or eight months, whichever comes first. At this interval, Hyundai recommends checking the tire pressure and conditions and performing a tire rotation.
The tire inspection will be free, but the rotation will cost you $20 to $25.
Every 15,000 Miles or 12 Months
At the 15,000-mile mark or every 12 months, whichever comes first, there is maintenance required on all three IONIQ variants.
On the IONIQ Hybrid and Plug-in Hybrid, you will perform the 7,500-mile service and replace the cabin air filter. There is also a collection of inspections to perform at this interval, including:
- Checking the air-conditioning refrigerant
- Checking the brake hoses and lines
- Checking the driveshafts and boots
- Checking the engine clutch actuator hose and lines
- Checking the exhaust system
- Checking the brake pads, rotors, and calipers
- Checking the steering system and linkage
- Check the suspension bolts
- Check all vacuum hoses
Depending on the type of cabin air filter you use, replacing it should cost $30 to $50. Then add in the costs for the oil change and tire rotation as noted above.
The IONIQ Electric has no big services due at 15,000 miles of 12 months, but it has a series of inspections, including:
- Checking the 12-volt battery
- Checking the air conditioning system
- Checking the brake fluid
- Checking the brake pedal
- Checking the cooling system
- Checking the brake pads, rotors, and calipers
- Checking the driveshafts and boots
- Checking the steering system and linkages
- Checking the suspension system
- Checking the tire pressure and condition
- Checking the brake lines and hoses
Since you’re not performing any paid services at this interval, there will likely be a fee for these inspections. The fee should be in the $25 to $50 range.
Lease Expectations
When you lease a vehicle from Hyundai, the manufacturer expects certain things from you, including:
- Not installing any non-removable aftermarket parts or accessories, and removing any removable ones you did install before returning the vehicle.
- Performing all maintenance according to the manufacturer’s recommended maintenance schedule.
- Performing all necessary repairs to keep the vehicle in good running condition.
- Repairing any physical damage to the vehicle before turning it in at lease-end.
If you fail to adhere to these expectations, Hyundai may charge you additional fees for excessive wear.
Hyundai Finance — Hyundai’s financing and leasing arm — will also charge you a $400 disposition fee if you choose to turn in your IONIQ lease instead of purchasing it at lease-end. If you purchase or lease a new vehicle from a Hyundai dealership when turning in the lease, the dealer may waive this fee.
Insurance Expectations
Hyundai doesn’t have a blanket car insurance requirement for all leases. However, most car leases require comprehensive and collision insurance with specific maximum deductibles and minimum coverages.
Hyundai refers lessees to the Motor Vehicle Lease Agreement or Lease Liability Insurance Addendum included with their lease deal for insurance requirements.
The loss payee on your insurance policy must be:
Hyundai Lease Titling Trust
P.O. Box 20809
Fountain Valley, CA 92728-0809
If you need help finding affordable car insurance, you can shop for car insurance online with Compare.com. You’ll get multiple rates at once so you can choose the best rate and coverages for you.
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Save Money With a Used Hyundai IONIQ Instead
The super-low lease payments on the new Hyundai IONIQ are tempting. However, after 36 months of making payments, you have nothing to show for it. You can either turn the vehicle in or purchase it.
With Compare.com’s powerful used car tool, you can find a quality pre-owned Hyundai IONIQ that fits your needs and budget. Sure, used IONIQ models won’t qualify for the federal tax credits, but a leased IONIQ doesn’t qualify either.
On top of getting the lower price by buying a pre-owned Hyundai IONIQ, you also skip over a significant depreciation milestone. In its first year on the road, a new car‘s resale value can plummet as much as 20% from the manufacturer’s suggested retail price (MSRP). This makes a pre-owned IONIQ the more affordable option to go green.
