Hyundai Offers All-Inclusive $275 Monthly Subscription Payment for Ioniq EV

By · April 21, 2017


Hyundai Ioniq Electric

In a first for the electric car market, Hyundai is offering a subscription-style plan for its Ioniq electric car. EV buyers can opt for monthly payments as low as $275 a month—including the vehicle, unlimited miles, fuel (for charging reimbursements), maintenance, initial tax, title, license, and fees. No money is due at signing after tax credits and rebates are calculated.

The 36-month subscription is only offered in California. The Ioniq Electric will first become available to residents in Los Angeles, Orange and Riverside counties only, expanding to Northern California and San Diego later this year.

The Ioniq, Hyundai’s new aerodynamic compact hatch, is offered as a pure electric car with a driving range of about 124 miles. It has more space, better efficiency and smarter electric features than the competition in its price range.

Hyundai is hoping the simplicity of the all-inclusive subscription price will make it easy to convince uncertain buyers that there are no hidden costs associated with driving an EV. The company said it “carefully designed the entire process to be the most transparent, stress-free and enjoyable vehicle subscription experience on the market today.”

The monthly subscription price increases to $305 plus tax for the Limited package—and climbs to $365 plus tax for the Limited with Ultimate package.

The most novel aspect of the offer is the reimbursement for electricity used by the owner, based on the number of miles driven, up to the first 50,000 miles. This electricity credit is applied directly to the owners’ subsequent monthly payment. Clever Ioniq owners who take advantage of low-cost time-of-use electricity rates, or who have home solar, could potentially get reimbursed at higher prices than they pay for the electricity used to power the vehicle.

One EV-related line item is not mentioned: the need for first-time EV owners to install a highly recommended 240-volt home charging station. (See our Guide to Buying Your First Home EV Charger.)

Of course, Hyundai is also offering buyers the ability to buy the Ioniq Electric in a traditional transaction. The base model starts at $29,500; the Limited is priced at $32,500; and the MSRP for the LIMITED w/ Ultimate Package is $36,000. (These prices do not include a $835 so-called freight charge and do not factor in federal and state incentives.)

In addition to the California-only all-electric Ioniq, which is arriving this month at dealerships, Hyundai will start selling the plug-in hybrid version of the Ioniq throughout the United States before the end of 2017.

New to EVs? Start here

  1. Seven Things To Know About Buying a Plug-In Car
    A few simple tips before you visit the dealership.
  2. Incentives for Plug-in Hybrids and Electric Cars
    Take advantage of credits and rebates to reduce EV costs.
  3. Buying Your First Home EV Charger
    You'll want a home charger. Here's how to buy the right one.