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Hyundai’s award-winning SUV is making waves thanks to a unique distinction — and its sticker price is surprisingly low

The automaker took home the award of MotorTrend’s SUV of the Year for 2023.

The automaker took home the award of MotorTrend’s SUV of the Year for 2023.

Photo Credit: iStock

The electric vehicle market has been dominated by Tesla for many years, but Hyundai is making its own strides in the industry. 

Specifically, Hyundai has made waves by having its Ioniq 5 be named MotorTrend’s SUV of the Year for 2023. Part of what makes this win special is that before this year, no fully electric vehicle had gained the distinction.

How much does the Ioniq 5 cost?

Hyundai’s Ioniq 5 has a starting MSRP of $41,650 — a good bit lower than the average cost of a car in 2023. 

Based on that price, it would qualify for the Inflation Reduction Act’s EV tax credit of $7,500; however, because it’s not assembled in North America, it does not qualify.

What is the range of the Hyundai Ioniq 5?

One of this vehicle’s main benefits is its incredible range. Hyundai claims that this EV can travel over 300 miles (303 estimated, to be exact, for the top-rated version) between charges. 

To put this in perspective, that’s almost the exact driving distance between Pittsburgh and Philadelphia. Under adequate conditions, the car should easily make the trip from Cincinnati to Detroit. 

What are the other benefits of owning an EV like the Ioniq 5?

Hyundai’s website makes sure to highlight the financial benefits of driving an EV, like the Ioniq 5. 

Via the website’s “IONIQ 5 Savings Calculator,” the brand estimates that based on a fuel price of $3.91 per gallon and an annual driving distance of 10,000 miles (among a few other assumptions), you could expect to save a tad under $3,800 over the first five years of ownership. Most of these savings come from spending way less to refuel your car.

Beyond monetary savings, owning an EV is superior because it’s way better for the environment. 

Hyundai estimates via the calculator’s “Emissions” function that by driving an Ioniq 5 compared to a more standard gas-powered vehicle, you could prevent nearly 22,000 pounds (given certain assumptions) of planet-warming carbon pollution from spewing into our air, basically cutting your pollution by two-thirds. 

Whether or not you have brand loyalty to Hyundai or are looking for a fuel-efficient SUV, it’s clear that the future of transportation is electric.  

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