Now you can buy a used Ioniq 5 for the price of a new Corolla

Understand how a used Ioniq 5 can cost the same as a new Corolla and what this means for those looking for an affordable EV.

What is changing in the used EV market

The used EV market is maturing rapidly, with vehicles coming off leases dropping in price. Today, it is possible to find a used Hyundai Ioniq 5 for the same price as a new Corolla.

Current used Ioniq 5 price

The average used price for the 2023 Ioniq 5 varies by configuration.

• SE Standard Range: $20,130
• SE: $22,334
• SEL: $23,512
• Limited: $27,851

If we compare, a new Ioniq 5 costs between $35,000 and $45,075 (not considering the XRT). Thus, choosing a three-year-old model can result in savings of approximately $15,000 to $17,000.

Comparison with the Corolla

A new Corolla has an MSRP of $22,925, placing the used Ioniq 5 close to this range for those buying used.

Which version is most worthwhile?

It is advisable to avoid the Standard Range and prioritize a version with a larger battery. For the best value, the SEL offers a more powerful engine, a larger battery, and also includes synthetic leather seats, ambient lighting, a heated steering wheel, and a wireless charger.

Performance, range, and technology

The 2023 Ioniq 5 comes with several engine options:

• RWD Standard Range: 168 hp, 110 MPGe, 220 miles
• RWD Long Range: 225 hp, 114 MPGe, 303 miles
• AWD Long Range: 320 hp, 99 MPGe, 260 miles

Standard Range models use a 58 kWh battery. The others use 77.4 kWh and, with DC fast charging, go from 10 to 80% in about 18 minutes, adding up to 68 miles in five minutes of fast charging.

Interior and technology

Modern interior with a dual 12-inch digital dashboard, Apple CarPlay/Android Auto connectivity, wireless charging, and digital key. The space is ample, with a flat floor that facilitates comfort during charging.

Conclusion

With the price of used EVs falling, the Ioniq 5 presents itself as an attractive entry point for those wanting an EV, with low operating costs and robust equipment. The price coincidence with the new Corolla shows how the market is maturing for top-tier options at prices close to those of the most basic cars.

Note: all numbers presented reflect the data available in the sources cited in the original material, without data alteration.

What is your opinion? Would you buy a used Ioniq 5 for the price of a new Corolla? Leave your comment below with your considerations.