Hyundai makes some of the best all-electric cars on the market. Among them is the Hyundai IONIQ 5 SUV, which has been in production for a while and has racked up a few major awards. However, the automaker is introducing a new lease program that some have compared to the way many people upgrade their phones. Admittedly, it’s a pretty attractive deal for people who may be on the fence regarding EVs. 

The Hyundai IONIQ vehicles are already well-liked among EV buyers

So far, the Hyundai IONIQ 5 has sold about 30,318 units in 2024 when it comes to US buyers. As far as all-electric cars go, this is pretty impressive. However, according to Cars Direct, Hyundai wants to make the vehicle even more popular for people looking to lease new SUVs. Of course, leases already allow for flexibility. However, Hyundai has told dealers to allow customers to sign 13 month agreements. 

The automaker is calling this deal for the IONIQ 5 its ultra-fast lease. The overall goal is to allow buyers to experience the vehicle with the hope they’ll decide to buy one down the line. Given that the Hyundai IONIQ 5 has won awards for quality, this could be a solid move on the part of the automaker.

Of course, Hyundai has more to offer beyond the short-term commitment for one of its best all-electric cars. Reports say some customers can get this deal for a $0 down payment and no security deposit. Additionally, the lease would only cost $399 per month for the long-range model. Hyundai has reportedly said, “Like upgrading to the new iPhone every year, customers can now get the latest and greatest vehicle model without feeling trapped or committed to their cars for a long duration.”

The terms of this lease would grant drivers 12,000 miles per year, which is fairly standard. However, some leases allow drivers up to 15,000 miles.