Loads of cheap Ioniq 6 used on AT - too good to be true?

[Pistonheadsdicoverer]

23 between 22 and 25K, 23 reg
https://www.autotrader.co.uk/car-search?battery-ra...

Nothing above 40K miles, warranty till 2028.
That's a £45K car. Why is it so cheap? I can't imagine horror stories (a la Audi or Jaguar).
It is simply that people don't like it and GFV took a big drop.

PS: Quite a few Ioniq 5 as well...
https://www.autotrader.co.uk/car-search?battery-ra...

[Yahonza]

The biggest hit in depreciation is for EV's, which is why you'd be mad to buy one new.
One the other had these are good value. Need to have a home charger to make the maths of owning one work though.

[Pistonheadsdicoverer]

Yahonza said:

The biggest hit in depreciation is for EV's, which is why you'd be mad to buy one new.
One the other had these are good value. Need to have a home charger to make the maths of owning one work though.

Hyundai ones are depreciating faster than other EVs I'm looking at.
I'd say even faster than the Jag iPace.
FWIW, I have an EV on lease and a home charger.
Given that there's no exciting leases I am considering a 2nd hand drive at some point.
A 2023 Ioniq would have warranty till 2029 compared to 3 years for something like the Ariya

[theicemario]

Really like these. One of the neighbours has one in dark blue over cream.

Shame they're so flipping long though.

[hidetheelephants]

A number of them reaching the end of lease deals at the same time, similar class vehicles from Tesla are plentiful and being discounted, chinese competitors offering cheaper new alternatives, maybe new lease deals are competitive so this depresses the used value, not sure if the charging system failures affecting Ioniq 5s affected these too if so that may have an effect; there was a period where poor supply of replacement parts meant vehicles were immobilised for long periods.

[ChocolateFrog]

25k for a near 3yo Hyundai doesn't exactly scream dirt cheap to me.

[BlindedByTheLights]

And the fact they look like a squished beetle.

[Otispunkmeyer]

Pistonheadsdicoverer said:

23 between 22 and 25K, 23 reg
https://www.autotrader.co.uk/car-search?battery-ra...

Nothing above 40K miles, warranty till 2028.
That's a £45K car. Why is it so cheap? I can't imagine horror stories (a la Audi or Jaguar).
It is simply that people don't like it and GFV took a big drop.

PS: Quite a few Ioniq 5 as well...
https://www.autotrader.co.uk/car-search?battery-ra...

Probably the looks? I think the 5 suffers the same. My brother got a 5 for very good money and it had hardly been used. I happen to like the 5 and I liked the 6 even more but I know many people who go the opposite way, with the 6 getting quizzical looks. It's a saloon as well which probably works against it.

If I was in the market for one, I'd have one right away.

[Jader1973]

One of the used car supermarket things in Australia has a load of them too - similar pricing and mileage.

I wonder if they are all either ex-company cars or ex-rentals?

[Pistonheadsdicoverer]

ChocolateFrog said:

25k for a near 3yo Hyundai doesn't exactly scream dirt cheap to me.

I don't know of many cars that lost 40% of their SRP in less than 36 months.
Remember that this is a 45K car, so 20K in 3 years is a lot in my books.
I am in the market for something similar so if there's anything else worth looking at, I am all ears.

[Pistonheadsdicoverer]

Otispunkmeyer said:

Probably the looks? I think the 5 suffers the same. My brother got a 5 for very good money and it had hardly been used. I happen to like the 5 and I liked the 6 even more but I know many people who go the opposite way, with the 6 getting quizzical looks. It's a saloon as well which probably works against it.

If I was in the market for one, I'd have one right away.

I love the shape, very Porsche at the back. Beauty lies in the eye of the beholder.

[spreadsheet monkey]

Pistonheadsdicoverer said:

Remember that this is a 45K car.

Is it *actually* a £45k car?

Most of the first owners take these as a salary sacrifice lease deal, saving 40% of the lease cost if they’re higher rate tax payers.

There are probably a lot of discounts and incentives knocked off that £45k price as well, when the lease is calculated.

[Pistonheadsdicoverer]

spreadsheet monkey said:

Is it *actually* a £45k car?

Most of the first owners take these as a salary sacrifice lease deal, saving 40% of the lease cost if they re higher rate tax payers.

There are probably a lot of discounts and incentives knocked off that £45k price as well, when the lease is calculated.

Surely the same applies to other expensive cars? If I have to buy it outright, then yes, it would cost £45K. I look at the P11D, as for any leasing deals. Otherwise, it's a rabbit hole.

[CubanPete]

Yahonza said:

The biggest hit in depreciation is for EV's, which is why you'd be mad to buy one new.
One the other had these are good value. Need to have a home charger to make the maths of owning one work though.

Because most are bought on salary sacrifice, it's not a real starting point for depreciation.

[Mouse Rat]

Loads stocked when new
Cheap lease deals
Ugly

[Matt_T]

Why did Hyundai make the 5 and the 6? Both about the same size and class and also the same price?
Surely it would have been better to make a mid-size SUV instead of the 6?

[raspy]

Pistonheadsdicoverer said:

spreadsheet monkey said:

Is it *actually* a £45k car?

Most of the first owners take these as a salary sacrifice lease deal, saving 40% of the lease cost if they re higher rate tax payers.

There are probably a lot of discounts and incentives knocked off that £45k price as well, when the lease is calculated.

Surely the same applies to other expensive cars? If I have to buy it outright, then yes, it would cost £45K. I look at the P11D, as for any leasing deals. Otherwise, it's a rabbit hole.

No it would not cost you 45k to get a brand new one! Brand new ioniq 6 cars are being advertised with over 10% discount off the rrp. I bet you could negotiate an even bigger discount from a dealer. The marketplace is very competitive now, and it's not exactly a newly launched model.

[spreadsheet monkey]

Pistonheadsdicoverer said:

spreadsheet monkey said:

Is it *actually* a £45k car?

Most of the first owners take these as a salary sacrifice lease deal, saving 40% of the lease cost if they re higher rate tax payers.

There are probably a lot of discounts and incentives knocked off that £45k price as well, when the lease is calculated.

Surely the same applies to other expensive cars? If I have to buy it outright, then yes, it would cost £45K. I look at the P11D, as for any leasing deals. Otherwise, it's a rabbit hole.

Sure, but on an electric car you can take it as a salary sacrifice deal, and pay for the lease out of your gross salary. If the lease cost is (say) £700 a month over 3 years, then 40% of that is £10k, so that's effectively a £10k subsidy from the government.

I like the Ioniq 6, but the small boot is a dealbreaker for me, and I'd probably end up considering a Ioniq 5 or Kia EV6 instead.

[RandomCarChat]

Mouse Rat said:

Loads stocked when new
Cheap lease deals
Ugly

Pretty much sums it up.

The 5 and 6 are both fantastic cars though, I really like them and have spent time with a friends MY25 5. Perfect everyday white goods transport, ride suffers a little bit with the weight but they are spacious and have comfy seats front and back.

[SweptVolume]

Matt_T said:

Why did Hyundai make the 5 and the 6? Both about the same size and class and also the same price?
Surely it would have been better to make a mid-size SUV instead of the 6?

Reading this comment on PistonHeads makes me so sad. EV's need to be sleek and aerodynamic even more than ICE's do, so as an object, the 6 makes perfect sense.