As electric vehicles (EVs) become more mainstream, many consumers are looking for an affordable entry point into the world of sustainable driving.

The Hyundai Ioniq 5 has quickly become one of the most popular EVs on the market, thanks to its futuristic design, impressive range, and competitive price tag. However, for those looking to get the best deal on the Ioniq 5, it’s important to know how to take advantage of savings, incentives, and financing options to drive away with the car at a low price.

1. Start with the Base Model

The Hyundai Ioniq 5 is available in several trims, with varying levels of performance, features, and price points. While the higher trims offer additional features like all-wheel drive (AWD), larger battery capacity, and more luxury upgrades, starting with the base model is the most cost-effective option.

• Base Model Pricing: The base model of the Hyundai Ioniq 5 starts around $40,000. This model offers a rear-wheel drive (RWD) configuration with a standard range battery, providing excellent performance and range at an affordable price.
• Affordable Trims: If you want a balance between features and price, consider going for the Long Range RWD versionor the Standard Range RWD, which offers a solid range of 220-250 miles and plenty of standard features for a lower price point.

Opting for the base model or the lowest trim level with the features that matter most to you will help keep costs down.

2. Leverage Federal Tax Credits and Incentives

One of the best ways to make the Ioniq 5 more affordable is by taking advantage of government tax credits and incentives available for electric vehicles.

• Federal Tax Credit: In the United States, the Ioniq 5qualifies for the federal EV tax credit of up to $7,500. This incentive can be applied when filing your taxes and will significantly reduce the overall cost of the vehicle. Be sure to consult with a tax professional to ensure you qualify for the full amount.
• State and Local Incentives: Many states and local governments also offer additional rebates and incentives for EV buyers. These can range from direct cash rebates to reduced registration fees, utility discounts, or HOV lane access. Check your state or local government’s website to find out about available programs in your area.
• Utility Discounts: Some electric utility companies offer special pricing for EV owners, including discounts on electricity rates or free charging at designated locations. These incentives can further reduce your total cost of ownership.

By combining federal, state, and local incentives, you can lower the upfront cost of the Ioniq 5 significantly.

3. Explore Hyundai’s Financing and Leasing Options

If you’re not paying for the Ioniq 5 outright, Hyundai offers several financing and leasing options that can help you purchase the car at a lower price.

• 0% Financing Offers: Hyundai often provides promotional 0% financingfor well-qualified buyers, which can make purchasing the Ioniq 5 more affordable in the long run. This means you’ll avoid paying interest on your loan and keep your monthly payments lower.
• Leasing: If you’re open to leasing instead of buying, Hyundai’s lease offerscan provide an affordable way to drive the Ioniq 5 for a few years without committing to a long-term loan. Leasing can also offer lower monthly payments compared to financing, though you will need to return the car at the end of the lease term.
• Flexible Loan Terms: Hyundai’s financing options include flexible loan terms, allowing you to customize your monthly payment amount based on your budget. You may also be able to trade in your old vehicle for a down payment, further reducing the price.

When shopping for financing or leasing, be sure to compare offers from different dealerships to get the best terms for your situation.

4. Take Advantage of Dealer Discounts and Promotions

Car dealerships often offer special promotions or discounts that can help you save even more on the Ioniq 5.

• End-of-Year Sales: Car dealerships typically offer end-of-year salesand special promotions to clear out older inventory, even for brand-new models. If you're not in a rush to buy, consider waiting for these sales events when dealerships are more likely to offer discounts or rebates on new vehicles.
• Seasonal Offers: Hyundai may also offer seasonal promotionsor cash-back offers on certain trims or models. These promotions can be combined with other financing deals, helping you secure a lower price.
• Negotiate the Price: Don’t be afraid to negotiate the price with the dealership. While the Hyundai Ioniq 5 is already competitively priced, there may be room for discounts, especially if the car has been on the lot for a while or if you are paying in cash.

5. Consider Certified Pre-Owned (CPO) Models

If buying a brand-new Ioniq 5 is still out of your budget, consider purchasing a Certified Pre-Owned (CPO) Hyundai Ioniq 5. Hyundai’s CPO program offers several advantages, including:

• Lower Price: CPO models are typically priced lower than new cars, giving you the chance to get an Ioniq 5 at a more affordable price. With a CPO model, you can save thousands compared to buying a brand-new vehicle.
• Warranty Coverage: Hyundai’s CPO vehicles come with extended warrantiesand have passed a rigorous inspection process, ensuring that you’re getting a quality vehicle without the risk of buying a used car from a non-certified dealer.
• Certified Condition: CPO cars are carefully inspected and refurbished to meet Hyundai’s high standards, giving you peace of mind that you’re buying a reliable and well-maintained vehicle.

A CPO Hyundai Ioniq 5 could be the perfect option if you want to enjoy the benefits of an electric vehicle while saving money upfront.

6. Maximize Fuel and Maintenance Savings

One of the main benefits of owning an electric vehicle like the Ioniq 5 is the savings on fuel and maintenance.

• Fuel Savings: EVs are much cheaper to fuel than gasoline-powered vehicles. With the Ioniq 5, you'll be charging your car instead of filling up with gas, which can save you hundreds or even thousands of dollars a year, depending on your driving habits.
• Low Maintenance Costs: Electric vehicles have fewer moving parts than traditional cars, meaning less wear and tear and fewer visits to the mechanic. The Ioniq 5 requires significantly less maintenance than a gasoline vehicle, reducing the total cost of ownership over time.

By factoring in these long-term savings, the Hyundai Ioniq 5 becomes even more affordable in the grand scheme of things.

7. Conclusion: Driving the Future at a Low Price

The Hyundai Ioniq 5 offers a combination of cutting-edge technology, stylish design, and impressive performance at a price that’s far more affordable than many other electric vehicles on the market. To buy the Ioniq 5 at a low price, consider opting for the base model, taking advantage of available tax credits and state incentives, exploring dealer promotions, and considering financing or leasing options.

Additionally, looking into Certified Pre-Owned options and factoring in long-term savings on fuel and maintenance can help make the Ioniq 5 even more affordable. With the right strategy, you can drive into the future with an affordable and eco-friendly vehicle like the Hyundai Ioniq 5.