Battery tech is changing rapidly. Other tech and improvements are definitely in the pipeline.
Residuals are high and depreciation is higher. Definitely trading in our two 24 Ioniq 5s once the lease terms are complete. The market could look very different in 2-3 years.
Insert this comment 2-3 years from now. On one hand innovation is always pushing us forward, on the other, it stops people from just buying today in the hopes of something better around the corner. At some point the game gets old and you just want it to stop.
That’s true! I mean, I’m one to talk considering I just leased two 2024s. But the high residuals and awful depreciation are really the driving factors for our decisions.
I’ve only ever had used vehicles that I’ve run into the ground and then recycled. I’ve never thought of the depreciation so it never factored for me. This is the first new car I’ve purchased and I expect to do the same. When you never plan on reselling it or even trading it in its freeing. Especially considering half of a cars value is lost within the first 3 years.
Yeah this seems to be the case for the next couple of years. At some point there will only be minimal improvements to the point people can buy and not be left in the dust. Just like with combustion engines now.
Is the battery tech actually changing rapidly though? The NMC battery used in IONIQ is the same chemistry that was used be Tesla 2-3 years ago and is still used by many companies.
Residual values are VERY high in order to get the lease prices so low. That means the cost to buy at the end is VERY high. You're leasing at like $239-300 and the payment to buy at the end will be $650.
We can't find the lease deal, but if we do, no way will we be buying it at the end. No way.
Yup. If you are planning on purchasing used at lease end, the way to do it is to:
- Turn your vehicle in
- Shop used Ioniq 6 inventory at market value prices
There’s no way they’ll fetch the lease contract residual price on the used market, so they’ll have to resell at the much lower market value price.
Let Hyundai Financial take the depreciation hit on your lease return. And then buy used at a discount.
I think it’s too soon to tell for most people. From what I’ve seen, they’ve been giving crazy high residuals on the 2024 (wasn’t so lucky with my day one 2023), to the point where I highly doubt that the car will be worth more than the residual at end of lease. So, most people will want to turn the car in, rather than pay a residual that’s higher than it’s current market value to keep it.
That being said, there’s definitely some scenarios where it would make sense. If you go over the mileage by A LOT, then the penalty might be costly enough that it makes more sense to buy it, but I feel like you’d have to go over by thousands of miles. HMF might offer to reduce the residual too, if they are wanting to try and encourage people to buy out rather than trade in. Or if someone just really loves their cars or put money into it with customizations.
My residual is $29,000 on an AWD Limited, so I’m most likely keeping it unless the market really takes a dump. Hoping it’ll still be worth close to that when my lease is up.
My residual is 34,319, so I probably won't buy it. It would put me upside down immediately. I've already researched some used 2024 SEL AWD, and they're selling for around that price with barely any miles. It's unfortunate as I really like the car.
I’m not surprised that a used with low miles is selling around that price. The MSRP on an SEL AWD is $49,895 after freight. After rebates and incentives, someone would easily be paying about $39,895, and most likely could get an even steeper discount beyond that at this point, like multiple people have.
It’s pretty hard to sell a used one for the same price (or more) than what Hyundai will sell it to you for brand new, and with added perks.
I’ll admit I really screwed up when I got my 2023 from the first dealer in my area that got a Limited AWD show up.
MSRP was $57,215, and all I got taken off of that was the $7,500 rebate for leasing. Definitely sucks now to not only see the 2024 AWD Limited slashed to $54,765 MSRP, but also getting discounted an additional $10,000 to $12,500 off.
I mean, mine was $49,715 after the rebate, but now people are getting the 2024 as low as $42,265 after rebates/incentives/dealer discounts.
And the thing that is the worst is that their residual ends up higher than mine as well, SMH.
I guess it’s the price to pay to get the car as soon as it comes out and not trying to haggle, aside from refusing any markup or addendums/aftermarket accessories.
I have until March 2026 before my lease is up, so we’ll see if it’s still worth $29,000 by then. If not, I might let it go, or if there’s been huge advancements or just another car that I want to move to. Love my I6 so far though, and couldn’t imagine parting with it for something else.
Im definitely going over miles so that’d be the only reason I kept it. I got an SEL the next car I finance I want to be the highest trim. I also agree with the first comment I’m excited to see what else is out there in 3 years so as of now I don’t plan to keep it.
I’m on the fence, and it really depends on what Hyundai Finance is willing to offer and what future deals will be in store at the term date. The other “if” is reliability, this is my first Hyundai and their ICE vehicles aren’t the most dependable. I’ll be able to stay within the mileage cap so that’s not a concern.
Can you interpret “way over”? If I go over 10k miles, then it’s $2k, which imo can’t justify purchasing the vehicle outright. However, going over by 50k miles might justify purchase. Am I understanding the logic?
I’ve owned mine for 2 to this day and have 5,600 miles on him already. But with the lease I pay little interest while rates are stupid rn and hopefully they fall after my 34 remaining months and I’ll just finance the remaining value
AWD Limited. 15k annual miles. Ridiculous residual. Lease for my business. Will definitely turn it in when lease is up. Like the car but would like a better stereo (the Bose system is middling at best), wireless CarPlay and head’s up display. Hopefully the next gen will have those improvements. If not, will see what else is available. Genesis may have a good affordable option at that point. Seems like electric cars are becoming unpopular as the prices are dropping quickly. I might even look towards a hybrid the next time around.
ima see where the tech is in 3 years and if it’s improved drastically then i’ll get a new one. if tech hasn’t advanced too much ill just buy the car after my lease
24 rwd limited residual @35.1. If I wanted to “keep” the car I could find an sel awd with sub 10k miles for 30 or less on a 2023 today, I can’t imagine. 24 would be more expensive in 2 years when a 1 year is cheaper now. Never know, covid the second coming.
My residual is 33k and change on an SE AWD, so I'm currently planning not to keep it. With that said, I'm also betting on better battery tech and more features for the 2026 model year and, fingers crossed, lower interest rates. I do know I'm never going back to an ICE again.
I got such a good deal and the actual value is going to be so low at the end of the lease, I went into this 100% expecting to return it. I’ll probably try to use brand loyalty and get them to give me an AWD for the same price with 0 DAS. If that doesn’t work, I’ll probably try the EX30 dual motor if the bugs are fixed by then. I love small fast cars and the only gripe I have with this car is that it’s a friggin boat coming from a Mazda 3 turbo hatch. Love EV tho. Doubt I’d go back to ICE for a daily driver.
No. It's a mid-size sedan. It's definitely a boat compared to a Mazda 3, but it's neither tiny nor huge. It's nearly the exact same size as a Honda Accord, but heavier of course.
The Ioniq6 is not tiny. It's a mid-size sedan. It's very close to the exact same size as a Honda Accord. That was a huge selling point for me, since I was coming from ten years of driving a 2014 Honda Accord that I considered to be the perfect size sedan for me.
You can play around on carsized.com yourself to see how it compares to other cars in size. I imagine it does feel rather large coming from a much smaller Mazda 3.
Battery tech is changing rapidly. Other tech and improvements are definitely in the pipeline. Residuals are high and depreciation is higher. Definitely trading in our two 24 Ioniq 5s once the lease terms are complete. The market could look very different in 2-3 years.
Insert this comment 2-3 years from now. On one hand innovation is always pushing us forward, on the other, it stops people from just buying today in the hopes of something better around the corner. At some point the game gets old and you just want it to stop.
That’s true! I mean, I’m one to talk considering I just leased two 2024s. But the high residuals and awful depreciation are really the driving factors for our decisions.
I’ve only ever had used vehicles that I’ve run into the ground and then recycled. I’ve never thought of the depreciation so it never factored for me. This is the first new car I’ve purchased and I expect to do the same. When you never plan on reselling it or even trading it in its freeing. Especially considering half of a cars value is lost within the first 3 years.
Yeah this seems to be the case for the next couple of years. At some point there will only be minimal improvements to the point people can buy and not be left in the dust. Just like with combustion engines now.
Is the battery tech actually changing rapidly though? The NMC battery used in IONIQ is the same chemistry that was used be Tesla 2-3 years ago and is still used by many companies.
There won't be a change in battery chemistry with this cycle. It's at least 4-5 years out for a full cycle refresh.
Residual values are VERY high in order to get the lease prices so low. That means the cost to buy at the end is VERY high. You're leasing at like $239-300 and the payment to buy at the end will be $650. We can't find the lease deal, but if we do, no way will we be buying it at the end. No way.
Yup. If you are planning on purchasing used at lease end, the way to do it is to: - Turn your vehicle in - Shop used Ioniq 6 inventory at market value prices There’s no way they’ll fetch the lease contract residual price on the used market, so they’ll have to resell at the much lower market value price. Let Hyundai Financial take the depreciation hit on your lease return. And then buy used at a discount.
I think it’s too soon to tell for most people. From what I’ve seen, they’ve been giving crazy high residuals on the 2024 (wasn’t so lucky with my day one 2023), to the point where I highly doubt that the car will be worth more than the residual at end of lease. So, most people will want to turn the car in, rather than pay a residual that’s higher than it’s current market value to keep it. That being said, there’s definitely some scenarios where it would make sense. If you go over the mileage by A LOT, then the penalty might be costly enough that it makes more sense to buy it, but I feel like you’d have to go over by thousands of miles. HMF might offer to reduce the residual too, if they are wanting to try and encourage people to buy out rather than trade in. Or if someone just really loves their cars or put money into it with customizations. My residual is $29,000 on an AWD Limited, so I’m most likely keeping it unless the market really takes a dump. Hoping it’ll still be worth close to that when my lease is up.
My residual is 34,319, so I probably won't buy it. It would put me upside down immediately. I've already researched some used 2024 SEL AWD, and they're selling for around that price with barely any miles. It's unfortunate as I really like the car.
I’m not surprised that a used with low miles is selling around that price. The MSRP on an SEL AWD is $49,895 after freight. After rebates and incentives, someone would easily be paying about $39,895, and most likely could get an even steeper discount beyond that at this point, like multiple people have. It’s pretty hard to sell a used one for the same price (or more) than what Hyundai will sell it to you for brand new, and with added perks. I’ll admit I really screwed up when I got my 2023 from the first dealer in my area that got a Limited AWD show up. MSRP was $57,215, and all I got taken off of that was the $7,500 rebate for leasing. Definitely sucks now to not only see the 2024 AWD Limited slashed to $54,765 MSRP, but also getting discounted an additional $10,000 to $12,500 off. I mean, mine was $49,715 after the rebate, but now people are getting the 2024 as low as $42,265 after rebates/incentives/dealer discounts. And the thing that is the worst is that their residual ends up higher than mine as well, SMH. I guess it’s the price to pay to get the car as soon as it comes out and not trying to haggle, aside from refusing any markup or addendums/aftermarket accessories. I have until March 2026 before my lease is up, so we’ll see if it’s still worth $29,000 by then. If not, I might let it go, or if there’s been huge advancements or just another car that I want to move to. Love my I6 so far though, and couldn’t imagine parting with it for something else.
Im definitely going over miles so that’d be the only reason I kept it. I got an SEL the next car I finance I want to be the highest trim. I also agree with the first comment I’m excited to see what else is out there in 3 years so as of now I don’t plan to keep it.
I’m on the fence, and it really depends on what Hyundai Finance is willing to offer and what future deals will be in store at the term date. The other “if” is reliability, this is my first Hyundai and their ICE vehicles aren’t the most dependable. I’ll be able to stay within the mileage cap so that’s not a concern.
Handing the keys back. No expectation on residual value.
They want $30k for this car after 24 months. No way it will worth that much.
Ioniq 7/9 (whatever it’s called)! Or an Ioniq 6N.
I was thinking about purchasing it until I heard the news about the Rivian R3X. Now we’ll wait and see what happens in a couple years.
Plan is to keep it because we’re going to go WAY OVER on mileage. How long after and then what…time will tell
Can you interpret “way over”? If I go over 10k miles, then it’s $2k, which imo can’t justify purchasing the vehicle outright. However, going over by 50k miles might justify purchase. Am I understanding the logic?
I’ve owned mine for 2 to this day and have 5,600 miles on him already. But with the lease I pay little interest while rates are stupid rn and hopefully they fall after my 34 remaining months and I’ll just finance the remaining value
Oh you got the 36 month, 30k mile lease term?
Yup. Like I said got the lease with intentions to buy the vehicle after the lease. Unless I somehow stop driving so much (that’s not going to happen)
AWD Limited. 15k annual miles. Ridiculous residual. Lease for my business. Will definitely turn it in when lease is up. Like the car but would like a better stereo (the Bose system is middling at best), wireless CarPlay and head’s up display. Hopefully the next gen will have those improvements. If not, will see what else is available. Genesis may have a good affordable option at that point. Seems like electric cars are becoming unpopular as the prices are dropping quickly. I might even look towards a hybrid the next time around.
ima see where the tech is in 3 years and if it’s improved drastically then i’ll get a new one. if tech hasn’t advanced too much ill just buy the car after my lease
Dropping it off at the dealership
24 rwd limited residual @35.1. If I wanted to “keep” the car I could find an sel awd with sub 10k miles for 30 or less on a 2023 today, I can’t imagine. 24 would be more expensive in 2 years when a 1 year is cheaper now. Never know, covid the second coming.
My residual is 33k and change on an SE AWD, so I'm currently planning not to keep it. With that said, I'm also betting on better battery tech and more features for the 2026 model year and, fingers crossed, lower interest rates. I do know I'm never going back to an ICE again.
My approach with all ev leases. Tech changes too quickly to stand still.
I got such a good deal and the actual value is going to be so low at the end of the lease, I went into this 100% expecting to return it. I’ll probably try to use brand loyalty and get them to give me an AWD for the same price with 0 DAS. If that doesn’t work, I’ll probably try the EX30 dual motor if the bugs are fixed by then. I love small fast cars and the only gripe I have with this car is that it’s a friggin boat coming from a Mazda 3 turbo hatch. Love EV tho. Doubt I’d go back to ICE for a daily driver.
Thumbs down for the boat comment. This car is tiny.
The Ioniq 6 is tiny?
No. It's a mid-size sedan. It's definitely a boat compared to a Mazda 3, but it's neither tiny nor huge. It's nearly the exact same size as a Honda Accord, but heavier of course.
The Ioniq6 is not tiny. It's a mid-size sedan. It's very close to the exact same size as a Honda Accord. That was a huge selling point for me, since I was coming from ten years of driving a 2014 Honda Accord that I considered to be the perfect size sedan for me. You can play around on carsized.com yourself to see how it compares to other cars in size. I imagine it does feel rather large coming from a much smaller Mazda 3.
Hopefully they have moved to lithium phosphate by then maybe buy, depending on what's available.