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The Value Equation: The 2023 Hyundai IONIQ 5

2023 Hyundai IONIQ 5 front 3/4 view

Let me start here. If you haven't read what I wrote in April of 2022 about the Hyundai IONIQ 5, please click this link and do that now. The car I drove then is identical to the 2023 we'll be talking about in this piece apart from two things (more on that in a minute) and there's an in-depth look at its astonishingly quick charging (10% to 80% in 18 minutes) that explains why the IONIQ 5 is arguably the best EV on the market at the moment.

The two things that have changed from the 2022 IONIQ 5 Limited AWD and the 2023 IONIQ 5 Limited AWD?

First is range. Up from 260 miles per charge to 266.

Second is the base price. 2022's $55,725 including destination is now $57,795.

Worse, because of specific content provisions in the new EV tax credit, the IONIQ 5 is no longer eligible for $7,500 in credits. Meaning the price is the price. What could be had for $48,225 after the credit last year is now almost ten grand more expensive. There's one loophole, as Inside EVs reported: Lease it. In a lease, the credit goes to the dealer, who can apply it to the lease deal and pass the savings on to the lessee.

2023 Hyundai IONIQ 5 rear liftgate open

2023 Hyundai IONIQ 5 rear seat

2023 Hyundai IONIQ 5 front seats

2023 Hyundai IONIQ 5 front seat detail

2023 Hyundai IONIQ 5 instrument panel

There is, as always with Hyundai, an enormous amount of standard equipment (a comprehensive suite of active safety features, 20-inch alloy wheels, a panoramic fixed-glass roof with sunshade, active grille shutters, LED headlamps, daytime running lights and taillights, rain-sensing wipers, proximity key with pushbutton start, head-up display, remote smart parking assist, heated and ventilated front seats, ambient interior lighting, a heated, leather-wrapped steering wheel, dual automatic temperature control, wireless device charging, navigation, and a Bose Premium audio system.

2023 Hyundai IONIQ 5 digital cluster and steering wheel

2023 Hyundai IONIQ 5 center stack

Carpeted floor mats ($210) were the only extra-cost option on our tester, so the bottom line of the window sticker reads $58,005.

2023 Hyundai IONIQ 5 front view

2023 Hyundai IONIQ 5 side view

2023 Hyundai IONIQ 5 rear view

The 2023 Hyundai IONIQ 5 is still a great vehicle---the one EV I would buy with my own money---but a price closer to $60,000 than $50,000 is a major hurdle, and that's a shame.


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