Hyundai has released details of subscription pricing for the 2017 Ioniq Electric, and the all-inclusive deal could finally shake the auto-leasing industry’s penchant for hidden costs, particularly given that the Korean automaker wants to expand the program beyond California.
The all-inclusive pricing deal, called Ioniq Unlimited+, has three tiers corresponding to the car’s three trim levels: Base, Limited, and Limited Ultimate, priced at $275, $305, and $365 per month respectively. Unlike a typical advertised lease, the price isn’t tied to one specific car on a dealer’s lot, there are no acquisition or exit fees, and there are no variables such as the money factors and options that almost always increase the final monthly amount when it’s time to sign. Hyundai includes all taxes, dealer fees, and registration charges and offers unlimited mileage for 36 months. Using Hyundai’s Blue Link telematics system, the car will upload its own mileage and charging stats to Hyundai, which credits the lessor’s monthly bill for charging costs incurred during the lease term. All scheduled maintenance is included in the price, including certain wear items such as wiper blades.
What’s the catch? You’ll need to plunk down $2500, which the state of California then refunds to you as a rebate for purchasing any new electric car. You’ll also need good credit, so if you’re the type to miss payments and default on credit cards, forget it. A clause blocks Uber drivers and similar commercial drivers from taking advantage of the Unlimited plan. (Alternatively, you can buy an Ioniq EV the old-fashioned way, with cash.)
Mike O’Brien, vice president of product planning at Hyundai Motor America, said it wasn’t easy convincing the company’s own finance arm, Hyundai Motor Finance, and its California dealers to accept a no-haggle lease plan. Dealers make more money from leases when they can factor in accessories, extended warranties, and fees that can total thousands of dollars. They can also profit from higher finance charges without your explicit knowledge. But with gas prices so low, electric cars (that aren’t Teslas) aren’t exactly flying off the shelves, so Hyundai, which must sell them to satisfy tough California emissions requirements, needs to move these Ioniqs. Ideally, this type of consumer-friendly leasing will spread beyond one Hyundai EV.
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