2024 Hyundai IONIQ 5 now $7500 cheaper

The 2024 Hyundai IONIQ 5 is now more affordable than ever following confirmation of a new entry-level version of the popular mid-size electric SUV.

Crucially, apart from undercutting the top-selling and award-winning Tesla Model Y (from $69,300), the addition of a cheaper new IONIQ 5 variant allows Hyundai to take advantage of state-based EV rebates and ensure buyers can leverage the federal government’s FBT exemption for EVs priced below the luxury car tax threshold (currently $89,332).

Hyundai Australia has revamped and expanded its MY24 IONIQ 5 line-up to include a new base model grade – referred to simply as IONIQ 5 – priced from $64,500 plus on-road costs.

Accompanying the new range-opener are minor price changes for the existing IONIQ 5 Dynamiq and Epiq, while the mid-range Techniq has been discontinued (see the price list below).

As before, the Hyundai IONIQ 5 is being sold online directly by the Korean brand, so there’s no negotiating on prices.

But Hyundai has dropped the requirement to place a $2000 refundable deposit to test drive the IONIQ 5 (yes, it was crazy). Now you can roll into a dealership and ask to sample what is one of the best Hyundai models ever made.

Hyundai has also freed up more IONIQ 5 supplies, meaning buyers won’t have to wait long to take delivery.

“Accessibility to IONIQ is improving,” says Hyundai Australia COO John Kett. “We’ve now got access to more vehicles.”

Kett says the company hopes to double its IONIQ EV sales in 2024, to about 4000 vehicles.

Almost half of Australia’s 163 Hyundai dealers currently sell and service the IIONIQ 5, although all are being prepped to sell EVs.

And accompanying the revised IONIQ 5 range is the imminent release of a new IONIQ commercial, as part of the company’s increased focus on the EV sub-brand.

Of course, the IONIQ 5 variant a lot of people are waiting for is the high-performance IONIQ 5 N flagship – the most technically advanced and powerful Hyundai ever unleashed.

Pre-orders officially opened online on September 15 and Hyundai is initially holding 126 deposits for the $111,000 IONIQ 5 N, first local deliveries of which are due in early 2024.

A facelifted Hyundai IONIQ 5 range is also expected to be released next year.

For now, the new entry-level variant is the first IONIQ model in Australia to get the smaller 58kWh battery pack that reduces the claimed driving range to 384km.

That base rear-wheel drive IONIQ 5 also makes less power from its single electric motor; there’s only 125kW to play, although torque output is healthier at 350Nm.

Those wanting more can option the Extended Range 77.4kWh battery pack for another $6000 ($70,500 plus ORCs). It increases the range to 507km and peak power to 168kW (torque is unchanged at 350Nm).

Each IONIQ 5 comes with 19-inch alloy wheels, a powered driver’s seat, 360-degree camera, wireless phone charger, smart key entry, ambient lighting, a 12.3-inch digital instrument cluster and matching central infotainment screen incorporating Apple CarPlay and Android Auto.

There’s also a suite of active safety gear including autonomous emergency braking, blind spot monitoring, rear cross traffic alert, safe exit assist and speed sign recognition.

Stepping up to the IONIQ 5 Dynamiq now means shelling out $76,000 plus ORCs, which represents a $4000 increase over the same model previously. It retains the same single-motor rear-drive set-up, making 168kW and 350Nm.

However, as with the base variant, the Dynamiq now gets a heat pump and battery heating system as standard to improve efficiency.

The Dynamiq is also now available in dual-motor all-wheel drive form, which adds a front motor and ups the price to $80,500. It makes a combined 239kW/605Nm and reduces the WLTP range to 454km.

Dynamiq models add 20-inch alloys, powered tailgate, powered passenger seat, heated front seats, alloy pedals, Bose eight-speaker audio and a head-up display.

The flagship Epiq grade still tops the IONIQ 5 line-up and costs $79,500 as a single-motor rear-drive (a new addition to the range) or $84,000 for the dual motor all-wheel drive (down $981).

It adds a panoramic sunroof, memory settings for the front seats, heated rear seats, rear side shades, heated steering wheel, ventilated front seats and a ‘relaxation’ setting for the front seats that allows them to be folded flat when charging.

While the dual-motor Epiq is slightly more affordable than before, it now does without the digital side mirrors as standard; instead they’re now a $3000 option.

Matte paint can be optioned on the Dynamiq and Epiq for $1000.

How much does the 2024 Hyundai IONIQ 5 cost?
Standard Range RWD – $64,500 (new)
Extended Range RWD – $70,500 (new)
Dynamiq Extended Range RWD – $76,000 (+$4000)
Dynamiq Extended Range AWD – $80,500 (new)
Epiq Extended Range RWD – $79,500 (new)
Epiq Extended range AWD – $84,000 (-$981)
N – $111,000 (new)
* Prices exclude on-road costs

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