A New York driver who once scored a Kia EV6 lease for just $137 a month after incentives found a much different market when that deal ran out.
New electric vehicles were approaching an average list price of $60,000, sending the search in the direction of a used Hyundai Ioniq 5.
Here's what to know
In a first-person account for Jalopnik, the driver said a 2024 lease on a $51,845 Kia EV6 was possible with about $4,000 down, a $7,500 federal incentive, and a $2,000 New York discount. The lease was later extended for six months at $148 per month.
Cox Automotive reported that the average new EV sticker price had climbed to $55,879 in September 2024. At the same time, the author noted CarGurus tracked much lower prices on the used market, including about $20,518 for a 2023 Chevy Bolt, and roughly $27,436 for a 2023 Hyundai Ioniq 5.
Vehicle fit mattered as much as price in narrowing the options. CarGurus showed a 2023 Honda Civic averaging $23,967, leaving the used Ioniq 5 about $3,469 more expensive on average. The shorter Hyundai and its available all-wheel drive kept it appealing to the driver, but only if the cost landed much closer to Civic territory.
More background
Per the driver's calculations, at the national average electricity rate of 18.3 cents per kilowatt-hour, an all-wheel-drive 2023 Ioniq 5 worked out to about $6.22 per 100 miles, since it uses 34 kWh over that distance.
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A 2023 Civic, by contrast, burns 2.9 gallons over that same distance. At a national average gas price of $4.33 per gallon, that comes out to $12.55 for 100 miles. Over 10,000 miles, the EV would save about $633 in fueling costs, they wrote.
It would still take more than 54,000 miles to make up a $3,469 purchase-price difference, the driver wrote. The math gets even less favorable without home charging, as Kelley Blue Book said fast charging averages around 55 cents per kWh, compared with 18.34 cents for home charging.
What can be done?
The approach shifted toward used listings, battery-health information, and a wider search area. They used cars.com because it includes battery information from Recurrent, cast a 500-mile net, and narrowed the search to 2022-24 Ioniq 5 models.
That strategy led to an Ioniq 5 SE listed at $21,900, which is well below its original $49,255 sticker.
Financing still came to $360 per month at 7.69%, which the Jalopnik writer said was manageable for a car they would own, especially because Hyundai's 10-year/100,000-mile battery warranty transferred to the next owner. The driver had already spent about $600 to install a home charger.
The used Ioniq 5 came with compromises, including 36,000 miles on the odometer and an alignment issue, but the household still viewed the purchase as worthwhile. As the driver concluded, "But hey, we're finally getting the EV we always wanted, just a few years after the fact."
Where can I learn more?
If you're comparing a used EV with a cheaper gas car, other accounts dig into the tradeoffs around price, running costs, and timing.
• Across the U.S., EV prices fall faster even as new-car prices still top $50,000.
• After 39,000 miles, a Hyundai owner found the real two-year cost stayed competitive with gas.
• Shoppers watching used EVs may find the 2026 buy window opens as lease returns swell.
• An Ioniq 5 owner said insurance fell twice after replacing an older gas car.
• A Honda Fit owner found a used Bolt feels quicker but less flexible.
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