The Hyundai Ioniq 5 is one of the newest electric SUV offerings on the market this year, and it is a strong start for Hyundai. It is being marketed as an affordable EV, and it is well on its way to being a major contender in the EV market. How will it stand up to the competition?
Tesla has essentially had a monopoly on the EV market since 2008 but has recently had to contend with the likes of Ford, Chevy, Kia, and more, adding EVs to their lineups. Now, Tesla is going to have to deal with Hyundai as well. One of the Hyundai Ioniq 5’s biggest rivals at the moment is the Tesla Model Y. Here are four reasons to buy a Hyundai Ioniq 5 instead of the Tesla Model Y.
1. The affordability of the 2022 Hyundai Ioniq 5
When the Tesla Roadster was first introduced in 2008, the MSRP was $98,950, which was far too expensive for most people. Like all things tech-related, the price has dropped over time. The cost of Tesla vehicles has come down considerably since then, but they are still among the priciest EVs on the market despite the competition being cheaper and more reliable.
The Tesla Model Y has a starting MSRP of $58,690 before any tax credits, and the Hyundai Ioniq 5’s starting price is $44,000 before tax credits are applied.
2. The Ioniq 5 has faster charging times
One of the main concerns for consumers when it comes to EVs is charging time. Most consumers are used to spending 2 to 3 minutes filling their gas tank at the pump. With an electric vehicle, it’s typically going to take anywhere from 30 minutes to an hour, depending on the size of the charger, how quickly your car can take a charge, and how far you are traveling.
For most daily commuting, this isn’t a real issue. However, if you plan on traveling, you will need to account for charging times. According to Edmunds, the Hyundai Ioniq 5 takes 8.5 hours at 240 V to fully charge. The Tesla Model Y takes 11.5 hours at 240V. Additionally, 5 minutes at an 800V ultra-fast charger gets you 68 miles of range out of the Ioniq 5.
3. Fewer reliability issues with the Hyundai Ioniq 5
Tesla has had problems with reliability recently due to several recalls. In fact, Consumer Reports gave the Tesla Model Y the lowest possible reliability score. The low score is due to the model having a whopping seven recalls by the NHTSA. Most of the recalls were related to electrical systems.
However, the Hyundai Ioniq 5 scored much better than the Model Y, which may improve in the future. Since the Ioniq 5 is brand new this year, there was no prior year to compare it to. Therefore, Consumer Reports based this score on Hyundai’s reliability score across the entire brand and previous EVs, such as the Kona Electric.
4. A better warranty
EV repairs don’t come cheap, so you will want to look for the best warranty when choosing an electric vehicle. Tesla used to have unlimited-mileage warranties for the battery and drive unit. However, there is now a limited warranty.
For the Tesla Model Y, you get a four-year or 50,000-mile basic warranty. The battery and drive unit warranty is eight years or 120,000 miles, whichever comes first, with minimum 70% retention of battery capacity over the warranty period.
For the Hyundai Ioniq 5, you get a slightly better five years or 60,000 miles basic warranty. The battery also comes with a warranty covering 10 years or 100,000 miles, whichever comes first.
Hyundai has come out of the gate strong, and they will be adding to the Ioniq family in the coming years. The Ioniq 6 sedan is expected to launch sometime in 2023 in the states, with the Ioniq 7 SUV following soon after in 2024.