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I have mentioned this a couple of times when writing much broader articles, but a reader comment earlier today made me realize that this is really not broad knowledge.
A lot of people saw the news that Hyundai was offering several thousand dollars of discounts on the fully electric IONIQ 5 after the US tax credit for EVs was ended — because Hyundai put out a news release on that. The company stated:
“Hyundai Motor America today announced substantial pricing reductions across the 2026 IONIQ 5 lineup, reinforcing the brand’s commitment to making EVs more accessible and competitive in the rapidly evolving EV market.
“The repositioning effort includes model price reductions ranging from $7,600 to $9,800, enabling Hyundai to better align with current market dynamics and support increased U.S. production volume. These changes come as part of a broader strategy to maintain the IONIQ brand’s leadership in the electric vehicle space while responding to shifting consumer expectations and competitive pressures.”
While exploring EV prices and range, I happened to noticed that the incentive had changed to a “$11,000 Retail Bonus Cash or $0% APR for up to 72 months.” However, I clicked on the little “i” with the circle around it to see more details and the first line is as follows: “$11,000 Retail Bonus Cash available on all Hyundai 2025 IONIQ 5 purchased from dealer stock between 10/02/2025 and 11/03/2025.”
So, clearly, the situation at the moment is that if you want up to $11,000 off of an IONIQ 5 from this incentive, you should get into a dealership and try to get that before November 3. The situation after November 3 is less clear. Are there going to be Hyundai IONIQ 5 price cuts ranging from $7,600 to $9,800 on 2026 IONIQ 5 models compared to 2025 IONIQ 5 models? That seems to be what the press release is saying.
At the end of the day, of course, you can get a car for what a dealer will sell it to you for. As we saw after the COVID-19 lockdowns, dealers can jack up prices by $10,000+ if that’s what buyers are willing to pay. On the flip side, if the market stagnates or drops, you can negotiate a dealer down quite a bit on the asking price. As Steve Hanley has written from his experience previously in the auto sales business, if a car has been on the lot for a while, you can really get it at a steal. Some people claim that they can get great deals on cars from their savvy and firm negotiating tactics. Most of us feel like we got ripped off and need to take a couple of showers after buying a vehicle at a car dealership.
I don’t have a crystal ball and can’t tell you the best way to approach buying a Hyundai IONIQ 5 if that’s what you’re in the market for, but the $11,000 cash incentive that’s on offer until November 3 sure does look good. It feels like the EV deal of the moment, and it’s very tempting to jump on it. The keys here are: “Must take delivery from new retail stock by 11/03/2025. Please see your Hyundai dealer Retailer for full offer details.” Good luck.
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