Hyundai Ioniq 5 review: 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
| Insurance group | Warranty | Service interval | Annual company-car tax cost (20%/40%) |
|---|---|---|---|
| 29-40 | 5yrs/unlimited miles | 2yrs/20,000 miles | From £172/£345 |
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 for a combustion-engined car, plus company-car drivers will enjoy the 2% Benefit-in-Kind (BiK) rate the Ioniq 5 attracts until at least April 2024, which promises big savings compared to an equivalent petrol or diesel model.
Hyundai Ioniq 5 insurance group
Depending on the exact trim level you go for, the Ioniq 5 has an insurance group rating of 29 to 40. Those are significantly lower ratings than its sister cars – the Kia EV6 and Genesis GV60 – attract, as well as most versions of the Nissan Ariya, Toyota bZ4X and Ford Mustang Mach-E.
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 Niro EV and EV6 electric cars, but there's a 100,000-mile limit.
Servicing
The Ioniq 5 only needs to be serviced once every two years or after 20,000 miles, whichever comes first. Hyundai offers 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. From 2025, however, electric-car owners in the UK will have to pay road tax.
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.
