2026 Hyundai Ioniq 5 gets near-$10k discount despite EV tax credit ending

The 2026 Hyundai Ioniq 5 is about to get a lot more affordable, even without the federal EV tax credit.

Hyundai has slashed prices by nearly $10,000, instantly making its top-selling electric crossover one of the best deals in the segment.

Starting at just $35,000 for the Standard Range model, the Ioniq 5 now undercuts many rivals while still offering long range, fast charging, and modern tech.

For buyers worried that EVs were slipping out of reach as tax credits disappeared, Hyundai’s new pricing changes the equation.

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One of the most affordable EV crossovers

Hyundai confirmed that the 2026 Ioniq 5 lineup will be, on average, $9,155 cheaper compared to the outgoing model year.

The steepest cuts apply to the SEL trims in both rear- and all-wheel-drive versions, where consumers can now save $9,800.

With the Standard Range rear-wheel-drive model now at $35,000 (down from $42,600), the Ioniq 5 becomes one of the most affordable EV crossovers on the market.

That puts it directly up against mainstream competitors like the Tesla Model Y and the Chevrolet Equinox EV.

The ending of the EV tax credit led to a surge in sales for the Ioniq 5

The timing is no coincidence.

The federal $7,500 EV tax credit expired on September 30, sparking a surge of buyers in the third quarter.

Hyundai reported that its electric sales doubled compared to the same period last year, with the Ioniq 5 alone moving 21,999 units, up from 11,590.

September was especially strong, with 8,408 sales, which was a 152 percent jump year-over-year.

To keep that momentum going, Hyundai is leaning on both price cuts and short-term incentives.

For October, 2025 Ioniq 5 models will still carry a $7,500 cash incentive, effectively mimicking the old tax credit.

This is something that Ford and GM are offering as well, in order to offer more affordable EVs post tax credit.

Meanwhile, the new 2026 Hyundai Ioniq 5 will carry lower prices from the start, giving buyers two ways to save depending on which version they choose.

Hyundai says its strategy reflects not just affordability but also a long-term commitment to building EVs in the US at its Hyundai Motor Group Metaplant America facility.

By producing locally and driving up sales volume, the company has been able to lower costs while strengthening its foothold in a competitive EV market.

For consumers, the message is clear: even without a tax credit, the 2026 Hyundai Ioniq 5 is designed to stay within reach.

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