Hyundai’s New Incentive Beats Out The Model 3 As The Cheapest Electric Sedan

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.

The Ioniq 6: On Paper

Hyundai Motor Group’s e-GMP cars are highly regarded in the industry. Utilizing 800-volt architectures inside a wide range of vehicles, there is no question why the automaker’s EV game has been so successful. In this regard, the Ioniq 6 slides nicely into its lineup by offering a solid blend of range and safety features. The lineup is split between three primary trims: SE, SEL, and Limited.

Each of these entrants arrives with a 77.4-kilowatt-hour battery pack and offers two motor setups: single and dual motor. The single-motor version makes a respectable 225 horsepower and ranges in weight from 4,222 to 4,376 pounds, depending on trim. The dual-motor variant produces 320 horsepower and weighs between 4,462 and 4,616 pounds. Hyundai conservatively estimates that the Ioniq 6 in AWD form can sprint to sixty in 5.1 seconds.

In SE guise, the saloon can travel 361 miles on a single charge with one motor and 316 miles with twin motors. Thanks to the SEL and Limited’s larger wheels and additional creature comforts such as a sunroof, the range drops to 305 and 270 miles, depending on motor setup. Pairing its impressive range with 800V charging, the Ioniq 6 can go from 10 to 80 percent in charge in a mere 18 minutes. According to the automaker, this means 65 miles of range in 5 minutes of charging on a unit that supports 800V EVs.

The Ioniq 6: Features And Pricing

The Ioniq 6’s standard safety features are solid, but it lags in terms of creature comforts for non-Limited versions. The SE model has heated cloth seats, a power-opening trunk, a scratchy 6-speaker audio system, and HDA I, including adaptive cruise control and lane centering. The SEL improves comfort with phone-as-a-key functionality, wireless phone charging, leatherette seating, ambient lighting and HDA II, an ADAS feature that performs automatic lane changes. In Limited guise comes V2L charging, active powertrain sounds, Bose audio, ventilated front seats, a sunroof, a memory driver’s seat, and a power passenger seat. As for the safety realm, the Limited features Remote Smart Parking Assist and Hyundai’s famous blind spot view monitor.

• 2024 Hyundai Ioniq 6 SE RWD: $43,565
• 2024 Hyundai Ioniq 6 SE AWD: $47,065
• 2024 Hyundai Ioniq 6 SEL RWD: $46,365
• 2024 Hyundai Ioniq 6 SEL AWD: $49,865
• 2024 Hyundai Ioniq 6 Limited RWD: $51,265
• 2024 Hyundai Ioniq 6 Limited AWD: $54,765

Without Hyundai’s new $7,500 incentive, the Ioniq 6’s base spec versions make it a tough sell against its competitors solely based on features. Considering the $40,630 Model 3 features a pleasant 9-speaker sound system, ventilated front seats, a glass roof, wireless charging, phone-as-a-key functionality, and ambient lighting all as standard, buyers would need to spring for the $51,265 Limited model for a comparable experience. However, with the new incentives, the Ioniq 6 has beat the former cheapest electric sedan’s (Model 3) tag by $4,565, and if you favor range over comfort, this might be the car to look at. 

• 2024 Hyundai Ioniq 6 SE RWD: $36,065
• 2024 Hyundai Ioniq 6 SE AWD: $39,565
• 2024 Hyundai Ioniq 6 SEL RWD: $38,865
• 2024 Hyundai Ioniq 6 SEL AWD: $42,365
• 2024 Hyundai Ioniq 6 Limited RWD: $43,765
• 2024 Hyundai Ioniq 6 Limited AWD: $47,265

• 2024 Tesla Model 3 Rear-Wheel Drive: $40,630
• 2024 Tesla Model 3 Dual Motor All-Wheel Drive: $47,630
• 2024 Polestar 2 Long Range Single Motor: $50,300
• 2024 Polestar 2 Long Range Dual Motor: $55,700

If you care for leasing instead of buying, Hyundai also has some pretty good deals. The cheapest lease deal is $349 a month for 36 months with $4,999 due at signing. This is not a screaming deal, but rather in line with most other automakers. Polestar charges $349 per month for 27 months, with $5,349 due at signing for its 2 sedan. The Mach-E runs $336 per month for 36 months, with $4,816 due at signing. Finally, the Model 3 Highland runs $329 monthly for 36 months, with $4,500 due at signing.

• 2024 Hyundai Ioniq 6 SE RWD: $349 a month for 36 months with $4,999 due at signing
• 2024 Hyundai Ioniq 6 SEL RWD: $363 a month for 36 months with $5,006 due at signing
• 2024 Hyundai Ioniq 6 Limited RWD: $463 a month for 36 months with $5,006 due at signing. 

There’s an even cheaper SE Standard Range Ioniq 6 with a $38,615 tag, meaning it will run $31,115 with the incentive. However, it has minimal availability, and based on an inventory search within 250 miles of the LA zip code, there were no units available. Then again, it’s hard to compare the SE Standard Range with any other mainstream electric sedan due its low-end specs. It makes a rather plaintive 149 horsepower, has an EPA-rated range of 240 miles, and misses out on super fast charging (175 versus 230 kilowatts) thanks to a smaller, lower-voltage battery. 

If you’re okay with less range and don’t care for enough power to drag race muscle cars at stoplights, the SE Standard Range should suffice, but you’re probably not going to easily find one, thanks to its low prevalence. For most, the Long Range RWD offers a blend of decent performance and incredible range. 

Verdict: $36,065 For 361 Miles Of Range

If you’re interested in a new electric car for under $40,000, now might be the time to take advantage of Hyundai’s Ioniq 6 incentive. Buying is the best choice now as we expect lease prices to drop as the year goes on. Nevertheless, purchasing an EV with a 361-mile EPA-rated range for $36,065 is a massive deal. The SE, in particular, is light on comfort features, but considering its incredibly efficient design and 800V architecture, the Ioniq 6 is a stellar choice for a long-range electric car. 

Hyundai is continuing this offer till January 31st, 2024.