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Hyundai undercuts Tesla Model 3 by $9,300 with 2024 IONIQ 6 special cash offer

With a new special cash offer, the 2024 Hyundai IONIQ 6 can be significantly cheaper to buy than the upgraded Tesla Model 3 Highand. Hyundai is offering a $7,500 purchase incentive on the 2024 IONIQ 6. That’s to buy, not for a lease like previous deals.

2024 Hyundai IONIQ 6 offer drastically lowers prices

According to Hyundai’s website, all 2024 IONIQ 6 trims are eligible for a $7,500 Retail Bonus Cash offer. It’s essentially like receiving the full EV tax credit with a new purchase.

The cash offer could bring the IONIQ 6’s MSRP of $38,615 down to just over $30,000 ($31,115) as one of the most affordable EVs on the market. In comparison, the new Tesla Model 3 Highland starts at $40,380 (including destination).

Like the IONIQ 6, Tesla’s Model 3 is no longer eligible for the IRA tax credit. The base and Long Range Model 3 trims lost eligibility after new rule changes kicked in at the first of the year. The Performance version still qualifies for the full $7,500.

With the offer, Hyundai’s IONIQ 6 is nearly $9,300 cheaper to buy than the new Tesla Model 3. The 2024 Hyundai IONIQ 6 is already $4,100 cheaper than last year’s model.

2024 Hyundai IONIQ 6 trim
Estimated Range
Starting Price
SE Standard Range RWD53240$38,615
SE RWD77.4361$43,656
SEL RWD77.4305$46,365
Limited RWD77.4305$51,265
SE Dual Motor AWD77.4316$47,065
SEL Dual Motor AWD77.4270$49,865
Limited Dual Motor AWD77.4270$54,765
2024 Hyundai IONIQ 6 starting price and range

Hyundai said the lower prices are due to “production efficiencies and scale.” In other words, Hyundai is getting better at building EVs and passing the savings onto customers.

According to Hyundai’s website, the deal ends on January 31, 2024. It’s good for all 2024 Hyundai IONIQ 6 trims purchased by the end of the month. Hyundai is also doubling its lease offer with up to $15,000 off the IONIQ 5 electric SUV.

Hyundai IONIQ 5 (left) and IONIQ 6 (right) at Tesla Supercharger (Source: Hyundai)

The news comes after Hyundai sold a record number of vehicles in the US last year. Hyundai sold nearly 47,000 IONIQ 5 and IONIQ 6 models in 2023. Hyundai Motor Group (including Kia and Genesis) ranked second behind only Tesla in US EV sales in 2023.

Top comment by Grant

Liked by 27 people

Wow. I'm loving these EV prices coming down with competition and cheaper manufacturing than ICE vehicles!

View all comments

With around 117,000 EVs handed over last year, Hyundai and Kia accounted for 8% of passenger EVs sold in the US.

The automaker continues to emerge as a brand to watch with dedicated EVs built from the ground up.

If you’ve been eyeing Hyundai’s electric fastback, now may be the time to make a move. We can help you get started today. You can use our link to score great deals on the 2024 Hyundai IONIQ 6 at a dealer near you.

Source: CarsDirect

FTC: We use income earning auto affiliate links. More.

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Avatar for Peter Johnson Peter Johnson

Peter Johnson is covering the auto industry’s step-by-step transformation to electric vehicles. He is an experienced investor, financial writer, and EV enthusiast. His enthusiasm for electric vehicles, primarily Tesla, is a significant reason he pursued a career in investments. If he isn’t telling you about his latest 10K findings, you can find him enjoying the outdoors or exercising

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