Hyundai Ioniq 5 running costs & insurance

It's not the cheapest car to insure, but the Ioniq 5 is predicted to hold its value well and will cost a pittance to run as a company car

Overall rating

5.0 out of 5

Running costs & insurance rating

4.0 out of 5

Insurance groupWarrantyService intervalAnnual company-car tax cost (20%/40%)
30-415yrs/unlimited milesTBCFrom £149/£299

As with any electric car, running costs for the Hyundai Ioniq 5 are generally low – but that can vary depending on how and when you charge it, with topping up from your own wallbox at home almost invariably working out cheaper than using public charging points. Servicing should be cheaper, too, and less frequent than a combustion-engined car, but the Ioniq 5 falls into much higher insurance groups than either the Ioniq Electric hatchback or the Kona Electric SUV.

Hyundai Ioniq 5 insurance group

Insurance groupings for the Ioniq 5 start at 31 for the entry-level SE Connect specification with the 58kWh battery and rear-drive layout. Even that is several groups higher than the highest rating (27) for the Hyundai Kona Electric SUV, and the higher-spec versions of the Ioniq 5 will cost even more to cover, with the range-topping Ultimate trim level topping out at group 41. The Ioniq 5 should be slightly cheaper to insure than the closely related Kia EV6.

Warranty

Even before it started producing electric cars, Hyundai was known for having one of the most comprehensive warranties in the business, lasting for five years and with no mileage limit. While that may not be a deal-breaker if you're acquiring your Ioniq 5 on a three-year finance deal and don't spend half your life on the motorway, it's a reassuring statement of confidence in the car's quality nonetheless. Sister brand Kia stretches its cover to seven years on its e-Niro and EV6 electric cars, but there's a 100,000-mile limit.

Servicing

Exact service intervals and costs for the Ioniq 5 have yet to be nailed down, however Hyundai does offer service plans so its customers can spread the cost of regular maintenance with affordable monthly payments. The exact cost varies depending on the duration of the plan and your anticipated annual mileage. A quote can be obtained from Hyundai's website if you provide your car’s registration number.

Road tax

For the moment, all electric cars, regardless of list price, are zero-rated for road tax (VED) in the UK, saving Ioniq 5 drivers a useful few hundred quid a year. For company-car drivers, all fully electric cars are in the 2% Benefit-in-Kind (BiK) tax band until at least April 2024, which promises big savings compared to an equivalent petrol or diesel model.

Depreciation

According to CDL Vehicle Information Services (CDL VIS) data from June 2022, the Ioniq 5 is projected to retain from around 51 to 57% of its new list price after three years or 36,000 miles on the road, depending on exact specification. The variant with the strongest predicted residuals is the entry-level SE Connect, retaining 57.04% of its list price in that period. The range-topping Namsan Edition fares least well in percentage terms, retaining 51.42% of its approximately £46,500 list price.

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