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Are we currently living in the golden age of electric vehicles? It may not seem like it because of a lack of charging infrastructure, but options and incentives have never been better for EVs in American history. In fact, millions of consumers are already missing out on incentives that are currently being phased down and phased out. Some consumers aren’t even aware of how much money they can save on popular electric SUVs like the 2022 Hyundai Ioniq 5 Limited. Hyundai produced the best electric SUV of the year. Here’s why you should purchase the final trim level before it’s too late.

There will never be a better time to buy a 2022 Hyundai Ioniq 5 Limited because of this incentive

A liquid blue 2022 Hyundai Ioniq 5 Limited
The 2022 Hyundai Ioniq 5 Limited is parked | Charles Singh for MotorBiscuit

The United States government specifically developed an incentive program to promote the sale of electric vehicles in America. This incentive helps automakers sell electric vehicles and helps consumers buy them by offering a tax credit that they can redeem for the tax season following the purchase of an eligible EV.

The current full federal electric vehicle tax incentive stands at $7,500. Automakers like Tesla no longer qualify for the incentive after reaching a predetermined sales threshold. Other popular automakers are creeping up on that sales threshold and many consumers aren’t aware.

Toyota recently met the first sales milestone that begins the phasing down process of the incentive offer. Now consumers can only redeem a tax credit worth $3,750 on eligible Toyota EVs and PHEVs.

There has never been a better time to buy the 2022 Ioniq 5 Limited because it will never be this affordable again once the federal eclectic vehicle tax credit is phased down. The Ioniq 5 Limited starts at $51,100. The final trim level is more than what most Americans spend on a new vehicle, but the tax credit brings its price closer to $43,600.

The Hyundai Ioniq 5 Limited is a steal for under $44K

A blue 2022 Hyundai Ioniq 5 electric SUV is parked.
The 2022 Hyundai Ioniq 5 | Hyundai

According to Kelley Blue Book, the average new vehicle in America sold for $46,404 in January. That’s over $2,000 more than the Hyundai Ioniq 5 Limited’s price of $43,600.

The 2022 Hyundai Ioniq 5 Limited comes standard with all-wheel drive, leatherette seating surfaces, and a 12.3-inch touchscreen display. It also includes a large glass panel called the Vision Roof on the vehicle’s roof, heated and ventilated front seats, and a driver seat with a relaxation function.

The Ioniq 5 Limited comes with a premium Heads-Up Display with Augmented Reality functions. It also features standard wireless device charging and brake regen paddle shifters.

You could regret not buying a 2022 Hyundai Ioniq 5 Limited while it’s this affordable

There are few things in life that are worse for an automotive enthusiast than missing out on a good deal on a vehicle. When Hyundai’s federal EV tax credit incentive is eventually phased down, buyers will be forced to pay closer to $47,350 for the Ioniq 5 Limited. Suddenly the final trim level seems further out of reach when you can no longer count on the full incentive.

Few electric SUVs on the market provide as much value as the Ioniq 5 Limited does for under $44K. If you miss out on the golden opportunity to buy one, you may regret it.

Read more about the Hyundai Ioniq 5 in the next article below.


2022 Hyundai Ioniq 5 Limited vs. 2022 Ford Mustang Mach-E California Route 1