Hyundai IONIQ 5 N - am I mad?
Discussion
Hi all,
Current owner of the new gen M240x and long-time 6 cylinder motor addict, however, a number of reasons are making me consider my first EV. I *really* like the look of the IONIQ 5 N, even if 650ps in a hatchback is totally ludicrous.
Context - I'm a private buyer and can't take advantage of a company salary sacrifice scheme (my London based company acts like employees don't drive), so this purchase will be more expensive for me, hence trying to make this purchase pragmatically.
I've spoke to a local dealer today and I have some thoughts I'd appreciate your input on:
1. Just released / available to order for circa April delivery @ £65K. This is a lot of money regardless of car, but if you'd have said a few years back I'd be considering a 65K Hyundai, I'd have laughed out loud. This a halo car and deals are zilch at the moment. Saw 0% finance deals on IONIQ 5 range but confirmed today this model isn't included in that deal but still offers "competitive" 8.9% APR. No thanks.
Do you envisage good deals 6M - 12M into lifecycle much like you see across other brands / models? Look at Kia's EV6 GT (circa 600 BHP) - high list price but now we're seeing some very good deals on price savings / low APR finance. New Polestar 2 the same, which gives me hope.
2. Second had values for this model - risky? Tied into agreement when market is in flux. It's unknowns relating to point 2 that have me concerned, whereas traditional German stuff you know where you stand.
3. Do you think this will remain a niche car / lower than expected sales? I'm hoping this will encourage Hyundai UK to put some incentives behind it, at which point I'd be legging it down to place an order. I just can't work out if that's likely to happen or if I'll still be waiting in a year thinking I should have just gone ahead and ordered.
4. Is anyone else considering buying the Ioniq 5 N? Appreciate many will say "for that £ you could have XXX" but I've had multiple German cars and fancy a change.
Cheers.
M
Current owner of the new gen M240x and long-time 6 cylinder motor addict, however, a number of reasons are making me consider my first EV. I *really* like the look of the IONIQ 5 N, even if 650ps in a hatchback is totally ludicrous.
Context - I'm a private buyer and can't take advantage of a company salary sacrifice scheme (my London based company acts like employees don't drive), so this purchase will be more expensive for me, hence trying to make this purchase pragmatically.
I've spoke to a local dealer today and I have some thoughts I'd appreciate your input on:
1. Just released / available to order for circa April delivery @ £65K. This is a lot of money regardless of car, but if you'd have said a few years back I'd be considering a 65K Hyundai, I'd have laughed out loud. This a halo car and deals are zilch at the moment. Saw 0% finance deals on IONIQ 5 range but confirmed today this model isn't included in that deal but still offers "competitive" 8.9% APR. No thanks.
Do you envisage good deals 6M - 12M into lifecycle much like you see across other brands / models? Look at Kia's EV6 GT (circa 600 BHP) - high list price but now we're seeing some very good deals on price savings / low APR finance. New Polestar 2 the same, which gives me hope.
2. Second had values for this model - risky? Tied into agreement when market is in flux. It's unknowns relating to point 2 that have me concerned, whereas traditional German stuff you know where you stand.
3. Do you think this will remain a niche car / lower than expected sales? I'm hoping this will encourage Hyundai UK to put some incentives behind it, at which point I'd be legging it down to place an order. I just can't work out if that's likely to happen or if I'll still be waiting in a year thinking I should have just gone ahead and ordered.
4. Is anyone else considering buying the Ioniq 5 N? Appreciate many will say "for that £ you could have XXX" but I've had multiple German cars and fancy a change.
Cheers.
M
Edited by MCarpentier1 on Monday 15th January 11:33
Edited by MCarpentier1 on Monday 15th January 11:33
Edited by MCarpentier1 on Monday 15th January 11:35
If you buy a pre-registered car or maybe one that's 12-18months old the saving will be very substantial.
We are back to more normal levels of depreciation now the parts and supply shortages have gone.
You will love the EV's smooth effortless and quiet performance.
I'd try a few other brands before committing.
We are back to more normal levels of depreciation now the parts and supply shortages have gone.
You will love the EV's smooth effortless and quiet performance.
I'd try a few other brands before committing.
No, you're not mad at all.
I bought an EV6 GT new (had to wait 18 months and got one of the first in the UK in jan 2023). Mine has depreciated by probably £10K in year, not catastrophic and really just a return to normality after mad markets we've had the past few years.
The thing is, it has saved me around £5K in petrol so effectively I've spent an additional £5Kin order to be impatient.
I guess the thing about a used EV is that there's really not much you can do to abuse them, there's no running in, or over-revving etc. so I you can wait you could probably save a bit.
Oh and me coming from a background of big V8 BMW's and 911's, you won't be disappointed by the Ionic if it's half as good as the EV6 GT, they're staggering cars, and really fun to drive, despite what the EV naysayers would have you believe!
I bought an EV6 GT new (had to wait 18 months and got one of the first in the UK in jan 2023). Mine has depreciated by probably £10K in year, not catastrophic and really just a return to normality after mad markets we've had the past few years.
The thing is, it has saved me around £5K in petrol so effectively I've spent an additional £5Kin order to be impatient.
I guess the thing about a used EV is that there's really not much you can do to abuse them, there's no running in, or over-revving etc. so I you can wait you could probably save a bit.
Oh and me coming from a background of big V8 BMW's and 911's, you won't be disappointed by the Ionic if it's half as good as the EV6 GT, they're staggering cars, and really fun to drive, despite what the EV naysayers would have you believe!
Thanks for the reply guys. You're confirming what I knew to be true but been trying to convince myself otherwise!
If I wait until September 24 at least, hopefully we'll see pre-registered cars with an significant price reduction or at least deals to be had. Appreciate waiting even longer would be better.
I'm most cautious about purchasing a high price Hyundai new and the values sinking second hand, so I can see it's financially prudent to let someone else take the hit.
I'll be going to see it as soon as the demo is available in the next couple of months. The salesman said we'll review deals then, so let's see if it's worth green lighting now or waiting. Regardless, it's highly likely you'll see pictures of an IONIQ 5 N at some point in 2024.
If I wait until September 24 at least, hopefully we'll see pre-registered cars with an significant price reduction or at least deals to be had. Appreciate waiting even longer would be better.
I'm most cautious about purchasing a high price Hyundai new and the values sinking second hand, so I can see it's financially prudent to let someone else take the hit.
I'll be going to see it as soon as the demo is available in the next couple of months. The salesman said we'll review deals then, so let's see if it's worth green lighting now or waiting. Regardless, it's highly likely you'll see pictures of an IONIQ 5 N at some point in 2024.
I'd be amazed if there aren't better deals to be had in 12 months time.
It's not like niche performance petrol cars like the Civic Type R or GR86, there's no reason for production to be limited, Hyundai will be building as many as they can sell.
And it's normal that those who buy when a model first launches pay more, whereas there are deals available a year or two later.
Unless something unpredictable happens to the market, IMO it's a question of how much you're willing to pay extra to have one now, which only you can answer.
Have they fixed the theft issues?
Kia/hyundai have a big problem with those cars being stolen in seconds. Thieves are able to unlock and drive away almost instantly.
I've read that the rolling codes to unlock can be brute forced (very small number of codes and no lock out on multiple failures) followed bu plugging into the obdc port and spoofing the immobiliser.
google 'ioniq gameboy' - the plug in device used is supplied in a gameboy case
Kia/hyundai have a big problem with those cars being stolen in seconds. Thieves are able to unlock and drive away almost instantly.
I've read that the rolling codes to unlock can be brute forced (very small number of codes and no lock out on multiple failures) followed bu plugging into the obdc port and spoofing the immobiliser.
google 'ioniq gameboy' - the plug in device used is supplied in a gameboy case
I'm really hoping something promising is offered on the financing from these. My local dealer has done me some cracking deals on our last 3 Hyundai but at the moment the best he could offer me was £15k deposit and £870/month for 3 years (12k miles/year). Whilst finance costs are high at the moment and the car does have a lot of performance to offer, £46k to 'rent' the car for 3 years is madness.
TooLateForAName said:
Have they fixed the theft issues?
Kia/hyundai have a big problem with those cars being stolen in seconds. Thieves are able to unlock and drive away almost instantly.
I've read that the rolling codes to unlock can be brute forced (very small number of codes and no lock out on multiple failures) followed bu plugging into the obdc port and spoofing the immobiliser.
google 'ioniq gameboy' - the plug in device used is supplied in a gameboy case
If that is a real issue then be worth checking insurance quotes before going ahead.Kia/hyundai have a big problem with those cars being stolen in seconds. Thieves are able to unlock and drive away almost instantly.
I've read that the rolling codes to unlock can be brute forced (very small number of codes and no lock out on multiple failures) followed bu plugging into the obdc port and spoofing the immobiliser.
google 'ioniq gameboy' - the plug in device used is supplied in a gameboy case
J1990 said:
I'm really hoping something promising is offered on the financing from these. My local dealer has done me some cracking deals on our last 3 Hyundai but at the moment the best he could offer me was £15k deposit and £870/month for 3 years (12k miles/year). Whilst finance costs are high at the moment and the car does have a lot of performance to offer, £46k to 'rent' the car for 3 years is madness.
That is mental!J1990 said:
I'm really hoping something promising is offered on the financing from these. My local dealer has done me some cracking deals on our last 3 Hyundai but at the moment the best he could offer me was £15k deposit and £870/month for 3 years (12k miles/year). Whilst finance costs are high at the moment and the car does have a lot of performance to offer, £46k to 'rent' the car for 3 years is madness.
That's inline with what I'm being quoted. You can play around with the figures on the Website looking at different variables but you can't get around the fact there's no dealer contribution and the APR is high compared to rest of range. All I need to see is a few £1000 off like you see on new Kia EV6 GT's (Autotrader) + ideally 2.9% like Kia is offering and I'll press go. 0% would be even better!
Sellers market at the moment, that's why they aren't budging on the finance. The reason you posted this thread is why it might work in the short term 
I think it looks great.. I do like the IONIQ 5. The N looks stonkingly good.
Finance might get better as the year goes on, with interest rates predicted to come down a bit. I don't think it would necessarily get radically cheaper though, since it's the halo model. I'd be surprised if it got 0% finance.
I can think of worse things to lose money on. You're a long time dead, etc.
I think it looks great.. I do like the IONIQ 5. The N looks stonkingly good.
Finance might get better as the year goes on, with interest rates predicted to come down a bit. I don't think it would necessarily get radically cheaper though, since it's the halo model. I'd be surprised if it got 0% finance.
I can think of worse things to lose money on. You're a long time dead, etc.
Sheepshanks said:
TooLateForAName said:
Have they fixed the theft issues?
Kia/hyundai have a big problem with those cars being stolen in seconds. Thieves are able to unlock and drive away almost instantly.
I've read that the rolling codes to unlock can be brute forced (very small number of codes and no lock out on multiple failures) followed bu plugging into the obdc port and spoofing the immobiliser.
google 'ioniq gameboy' - the plug in device used is supplied in a gameboy case
If that is a real issue then be worth checking insurance quotes before going ahead.Kia/hyundai have a big problem with those cars being stolen in seconds. Thieves are able to unlock and drive away almost instantly.
I've read that the rolling codes to unlock can be brute forced (very small number of codes and no lock out on multiple failures) followed bu plugging into the obdc port and spoofing the immobiliser.
google 'ioniq gameboy' - the plug in device used is supplied in a gameboy case
I bought an EV6 GT in September. Pretty much the same car. It’s absolutely stonking, supercar quick, like nothing I have driven before and sticks like s
t to a blanket. Brilliant drive and I love it.
The bad points. Kia are a total shower of st who don't want to know if you have a problem so take the warranty with a massive pinch of salt. The dealers are as bad. Can’t comment on whether Hyundai are as bad but they are the same company.
Range is not brilliant but then it’s a 600hp car so it is what it is. Look into “Zombie mode”, google it. It’s not fixed with the software updates and they are still turning out E-GMP platform cars with this fault and stonewalling owners.
t to a blanket. Brilliant drive and I love it.The bad points. Kia are a total shower of s
t who don't want to know if you have a problem so take the warranty with a massive pinch of salt. The dealers are as bad. Can’t comment on whether Hyundai are as bad but they are the same company. Range is not brilliant but then it’s a 600hp car so it is what it is. Look into “Zombie mode”, google it. It’s not fixed with the software updates and they are still turning out E-GMP platform cars with this fault and stonewalling owners.
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