Drive the Ioniq 5 for 310,000 Won per Month... Hyundai Lowers EV Installment Rates

"Hyundai EV Burden Down Promotion" Launched

On January 23, Hyundai Motor Company announced that it will significantly reduce the interest rates on installment products in accordance with the electric vehicle (EV) subsidy contest. This move appears to be a response to both Kia's recent reduction in EV prices and the growing competition from Chinese electric vehicles.

Hyundai Motor Company announced on the 23rd that it will significantly reduce the installment product interest rates in accordance with the electric vehicle (EV) subsidy contest. Eligible models include the Ioniq 5 (from the left), Ioniq 6, and Kona Electric. Hyundai Motor Company

The 'Hyundai EV Burden Down Promotion' is a 36-month balloon installment product that allows customers to defer a portion of the principal equal to the guaranteed used car value. At the end of the term, customers can return the vehicle and settle the deferred amount.

The eligible models are the Ioniq 5, Ioniq 6, and Kona Electric. Hyundai has reduced the interest rate from the previous 5.4% to 2.8% (a decrease of 2.6 percentage points) for mobility installment plans, easing the financial burden for customers.

For the Ioniq 5 Standard model, the selling price is 47.4 million won. With a maximum discount of 3 million won applied through trade-in conditions, early-bird purchase benefits, and production month discounts, and after reflecting the average national and local government subsidies, customers can use the vehicle for 36 months with a monthly payment of 310,000 won. This is 50,000 won less per month compared to the previous promotion.

For the Ioniq 6, the monthly payment has dropped from 330,000 won to 260,000 won, and for the Kona Electric, from 240,000 won to 230,000 won, making it possible to drive an EV for a monthly payment in the 200,000 won range. The Ioniq 5 and Ioniq 6 offer interest savings of approximately 2.5 million won, while the Kona Electric offers about 2.1 million won in interest savings.

When considering vehicle discounts such as trade-in conditions, early-bird purchase benefits, and production month discounts, along with the interest savings, the total purchase benefits amount to 5.5 million won for the Ioniq 5, 6.5 million won for the Ioniq 6, and 6.1 million won for the Kona Electric.

A Hyundai Motor Company representative stated, "We have prepared this low-interest promotion so that customers purchasing EVs during the subsidy contest period can maximize both the subsidy and vehicle discount benefits," adding, "We hope that EV buyers can take full advantage of these financial benefits to reduce their burden."