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Hyundai Ioniq 5 2023 price increases by $1,500 — before the dealer raises the price by $10,000

The 2023 Hyundai Ioniq 5 gets a price boost of around $1,500 for its second model year, but that could prove insignificant besides losing eligibility for the federal EV tax credit and associated dealers prices continue to increase.

The base 2023 Hyundai Ioniq 5 SE Standard Range starts at $42,745 with destination, while the top Limited AWD version starts at $57,795 with destination. These prices — and those of most trim levels in between — represent a $1,500 increase over comparable models in 2022, according to CarsDirect. The only exception is the SEL trim level, which will be increased by $1,200 in 2023.

2023 Hyundai Ioniq 5

2023 Hyundai Ioniq 5

Hyundai has made some changes for the 2023 model year — and all-wheel drive models have increased range. Hyundai estimates a range of 266 miles — an increase of 10 miles from the 2022 model — with a combined improved efficiency rating of 98 MPGe (110 MPGe city, 87 MPGe highway).

Maximum towing capacity has also increased from 1,650 lb to 2,300 lb. Additionally, battery heating and battery pre-conditioning functionality are now standard, meaning peak inclement weather performance can be improved and peak fast charging speeds more accessible.

2023 Hyundai Ioniq 5

2023 Hyundai Ioniq 5

The Ioniq 5 2023’s effective cost has also increased as it no longer qualifies for the $7,500 federal EV tax credit. Under new rules introduced in the Inflation Reduction Act (IRA) passed in August, qualifying electric vehicles must be assembled in the United States and have a large stock of parts and raw materials. in North America — this is not the case in Korea – Ioniq 5 assembled.

On top of that, dealers are still marking the popular EV. A quick survey of listings reveals a number of pending 2023 price increases of $5,000 or more, including a $10,000 review request level for all Ioniq 5s, lifting the price of the Ioniq 5s. a premium model to $68,375. While test drive of Ioniq 5 are all positive and although it has earned some great crash test ratingsSuch premium rates are difficult to justify.

Mark dealer for 2023 Hyundai Ioniq 5

Mark dealer for 2023 Hyundai Ioniq 5

With loss of $7,500 EV tax credit, progress for US-built EVs can be accelerated for Hyundai. While with a $10,000 surcharge still seems to be the going rate, it looks like this is likely to continue as Ioniq 6 coming soon sedans.

However, there is an alternative right now. The Kia EV6 is a sibling to the Ioniq 5, and if you like style it’s somewhat easier to getbased on Hyundai’s various regulations regarding qualified electric vehicle dealers.

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