In-depth reviews

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 interval2021/22 company-car tax cost (20%/40%)
30-415yrs / unlimited milesTBCFrom £74 / £148

As with any electric car, running costs for the Hyundai Ioniq 5 are generally low – but can vary depending on how and when you charge it, with home charging almost invariably working out cheaper than using public points. Servicing should be cheaper and less frequent than for a combustion-engined car, but insurance groups are on the high side – more so than other Hyundai electric models.

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.

Warranty

Even before it started producing electric cars, Hyundai was known for offering 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 official website

Road tax

For the moment, all electric cars, regardless of list price, attract zero road tax in the UK, saving Ioniq 5 drivers a useful few hundred quid a year.

Depreciation

According to CDL Vehicle Information Services (CDL VIS) data from August 2021, the Ioniq 5 is projected to retain from around 53 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 57.85% of its £37,000 list price in that period. The range-topping Ultimate fares least well in percentage terms, retaining 53.46% of its near-£46,500 list price.

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