Here's Why You Shouldn't Buy The Hyundai Ioniq N (At Least Not Right Away)

The Hyundai Ioniq 5 N is a very impressive machine with cyberpunk looks, supercar-grade acceleration, and enough tricks to make your track-day pals believe in the power of electricity. Of course, Of course, it likely isn’t going to be cheap nor likely easy to source at launch. The case against buying an Ioniq 5 N comes from its Korean cousin that offers most of the go-fast goodies at a much lower market price. 

The Hyundai Ioniq N is not scheduled to hit showrooms until March, so pricing hasn’t been released yet. However, since the top-spec Ioniq 5  Limited retails for $54,685 (including a $1,335 destination charge) it’s safe to expect that the Ioniq N will retail a bit closer to its platform-mate, the Kia EV6 GT. That car has an MSRP of $62,925 (including destination), and at that price, it makes the Ioniq N a tough sell. 

Gallery: Hyundai Ioniq 5 N First Drive Photos

Both the Ioniq N and EV6 GT share the same dual-motor setup that will scoot these cars to 60 MPH in under 3.5 seconds. Neither can be accused of being slow. However, the Kia does lack some of the innovative performance gimmicks that make the Ioniq N unique. Those include the N Grin Boost that maximizes acceleration, a set of Pirelli P-Zero tires, various aero bits, and signature features like the N e-shift and N Active Sound, which simulate the “feel” and sound of an eight-speed auto and combustion engine.

The Ioniq 5 N also packs 601 horsepower and up to 641 hp with the full boost engaged, which is a remarkable increase over the EV6 GT’s already substantive 576 hp. If we are honest these features are cool to play with the first few days you own the car and aren’t likely to be noticed by most drivers unless they are pushing the Ioniq 5 N to its full capacity on the racetrack. 

Gallery: 2023 Kia EV6 GT: First Drive

But do you know what most drivers will notice even more? Saving $10,000 or more for what is essentially the same car—or at least, one that offers basically the same level of everyday, real-world performance. Right now, some EVs aren’t exactly flying off the lots, which means automakers and dealers are motivated to move units. 

A market scan of EV6 GTs nationwide reveals many cars advertised with discounts of $10,000 or more off the MSRP. 

Of course, advertised prices don’t tell the whole story and Kia dealers are a bit notorious for playing some games with their online pricing. Recently I sourced an EV6 GT for a client in Calforina. Here’s a spreadsheet showing our top bids: 

You will notice that some stores will neutralize some of their discounts with overpriced accessories, but we did manage to score a deal at $9,000 off MSRP with no-nonsense in California, which historically is not the easiest state for deals. There was also a bid of $11,000 off in the Midwest, but the shipping cost to the West Coast would have neutralized most of that savings. 

I’ve spoken with a few Hyundai dealers and they said they are already “taking names” for the Ioniq 5 N, this is likely a sign that the hot electric SUV will likely suffer from dealer markups like most performance cars do when they launch. Therefore, if you do want to score a “deal” on the Ioniq5 N, patience will be your best strategy. 

The EV6 GT also suffered from markups when it first hit the lots, now that hype has died down and inventory has increased there is a lot of savings to be had. I predict that the Ioniq 5 N will probably follow the same path and have some cash on the hood once inventory outpaces demand.

The Ioniq 5 N will likely be an incredible hype machine when it launches, and I doubt anyone will be dissatisfied with its performance. But if you want something very close to that, a little hunting around for its similarly quick cousin will definitely save you some money. 

Tom McParland is a contributing writer for InsideEVs and runs AutomatchConsulting.com. He takes the hassle out of buying or leasing a car. Got a car buying question? Send it to [email protected].

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