Hyundai Ioniq 5 price drops nearly $10k

EV price drops

A few days ago, we commented that the loss of the $7,500 federal tax credit for the purchase of a new EV would likely result in price drops across the industry to keep sales flowing.

It took Hyundai less than 24 hours to do exactly that. And the cut is big!

Edmunds.com is reporting that, as of October 1st, the company is cutting the price of 2026 Ioniq 5 models by as much as $9,800, depending on the vehicle’s trim level. The average price reduction for all 2026 Ioniq 5 models is $9,155 with a minimum reduction of $7,600.

Hyundai is also offering its own $7,500 incentives for remaining 2025 inventory. Car and Driver ranks the Ioniq 5 as the 5th best selling EV in the U.S. in 2025 so far.

Federal tax credits helped manufacturers get the EV part of the industry off the ground. The first round of credits did the job well, supporting Tesla and others in their early years and a second round helped spur demand from competitors.

Now its time for the EV industry to stand on its own. We believe the advantages of filling a “tank” at home coupled with lower maintenance costs among others are more than enough to continue moving the industry forward.

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Remember that only proper service and repair procedures will ensure the safe and reliable operation of your car. In addition, proper safety procedures and precautions, such as the use of safety goggles, the right tools and the equipment should be followed at all times to eliminate the possibility of personal injury or improper service which could damage the vehicle or compromise its safety.

Technology is always changing and what is current and accurate today may be literally out-of-date and inaccurate tomorrow. And when it comes to the current state of flux in the auto industry, nothing is more true.

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