You can now buy a Hyundai IONIQ 6 for less than a Tesla Model 3

July 22, 2023

Which electric sedan would you buy? With Hyundai’s recent price cuts, the IONIQ 6 is now cheaper to buy than the Tesla Model 3. However, you might want to act fast. The deal ends on July 5, 2023.

Hyundai introduces new $5K IONIQ 6 price cut

According to a letter sent to Hyundai dealers last week (via Cars Direct), several IONIQ 6 trims are eligible for $5,000 in retail bonus cash.

On Hyundai’s website, the $5,000 featured cash offer applies to the SE Standard Range, SE, and SEL models. Meanwhile, Buyers of the premium IONIQ 6 Limited are eligible for a $2,000 cash offer (up from $1,000 previously). The promotion cannot be combined with any other offers.

The discount is available now through July 5, 2023. Hyundai is lowering the price by 33% compared to its previous $3,750 offering.

At $5,000 off, you could get your hands on a new IONIQ 6 (SE Standard Range) for around $37,715 (regular starting at $42,715). The promotion also applies to its first electric vehicle, the IONIQ 5 electric SUV.

In comparison, the Tesla Model 3 starts at $40,240 on top of a new three months of free unlimited Supercharging offer.

electric sedan Starting price Price after
Hyundai IONIQ 6 SE
(Standard range )
$42,715 $37,715 240 mi 135
Hyundai IONIQ 6 SE $45,500 $40,500 361 mi 140
Hyundai IONIQ 6 SEL $47,700 $42,500 305 mi 117
Tesla Model 3 RWD $40,240 $40,240 272 mi 132

Top comment by Tom D

Can't say that I think that the headline is accurate once you consider the $7500 credit that the Tesla Model 3 is eligible for. That said, if you compare the Ioniq 6 RWD Long Range with the Model 3 LR, I'd say that the Ioniq 6 is quite competitive when you look at cost versus what you're getting for the money. So folks can debate which one is cheaper, but the bottom line for Hyundai is that the $5k discount makes the Ioniq 6 competitive with the Model 3 -- after that, it comes down to features, appearance, interior trim, etc.

Keep in mind all Tesla Models, including the Model 3, now qualify for the $7,500 tax credit. Although it’s now a better time to buy the IONIQ 6, Hyundai is still offering a $7,500 lease incentive to remain competitive in lieu of the tax credit.

On the other hand, Hyundai is slashing IONIQ 6 financing rates from 2.75% APR for 60 months to 1.49%. The automaker states:

Effective 6/14/2023 – 7/5/2023 Special Low 0.99% APR (up to 36 months) at $28 per $1,000 financed for qualified buyers. Special Low 0.99% APR (up to 48 months) at $21 per $1,000 financed for qualified buyers. 1.49% Annual Percentage Rate (APR) up to 60 months. 1.99% Annual Percentage Rate (APR) up to 72 months. APR financing available, subject to credit approval by Hyundai Motor Finance to very well qualified buyers and not available on balloon financing.

Compared to the previous 2.75% APR, this could amount to nearly $1,700 in savings on a four-year loan for a $45,000 car.

If you’re ready to buy you’re new Hyundai IONIQ 6 at a nearby dealer for a great price, you can use this link to reach out today.

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You can now buy a Hyundai IONIQ 6 for less than a Tesla Model 3