Hyundai Ioniq Electric running costs
|Insurance group||Warranty||Service intervals||2019/20 company-car cost (20%/40%)|
|TBC||5yrs / unlimited miles||1yr / 10,000 miles||From £942 / £1,885|
With a starting price of £29,450 (a figure which includes the Government-funded discount of £3,500), it’s hard to call the Ioniq electric ‘value for money’. The standard, 40kWh version of the Nissan Leaf is much cheaper, and while it delivers a little less range, buyers are unlikely to notice the difference in the real world.
However, the official figures suggest that the updated Ioniq Electric is the more efficient of the two: its 194 miles of range are provided by a 38.3kWh battery, while the Leaf returns less despite having more capacity at its disposal.
The Ioniq Electric’s on-paper efficiency of five miles per kilowatt-hour (kWh) is right up there with what we’ve seen from our Kia e-Niro long-term test car, and our first drive in the Netherlands suggested the official estimate is close to what you’ll experience in the real world.
We saw a steady fives miles per kWh – even on the motorway – throughout our test drive, although the warm conditions were near-perfect. In the UK’s milder climate, we’d expect to see a little less range on a typical day.
There’s a really big potential saving on the horizon for company-car drivers: company-car Benefit-in-Kind tax for zero-emissions cars is set to fall to 0% in the 2020/2021 financial year, and this will apply retroactively to cars registered before 6 April 2020.
BiK then rises to 1% for these cars the following year, hitting 2% the year after that. With the rate set at 16% for 2019/20, this effectively means a saving of £1,054 and £2,109 for 20 and 40% taxpayers respectively in 2020.
Hyundai Ioniq Electric insurance group
Insurance groupings for the Hyundai Ioniq Electric have yet to be confirmed, although the previous version of the car sat across groups 16 and 17. Given the higher list price and added performance of the latest version, we’d expect a new Ioniq Electric to be slightly more expensive to insure than before.
The Hyundai Ioniq Electric can’t stretch to the seven-year/100,000-mile warranty afforded to buyers of the Kia Soul EV, however it’s not far off with a five-year, unlimited-mileage guarantee. Hyundai’s battery warranty is even better, offering cover for up to eight years or 125,000 miles, whichever comes first.
The Ioniq Electric should be easy to service, as it’s electric powertrain contains far fewer parts than are found in petrol and diesel equivalents. This means there’s a lot less inside that can go wrong, potentially saving you money in the long run.
The only thing to bear in mind is that only 27 Hyundai dealerships in the UK are currently able to service the Ioniq Electric. Therefore, it’s advisable to make sure there is one within reasonable travelling distance.
Road tax – otherwise known as Vehicle Excise Duty (VED) is currently free for all electric cars and the Ioniq Electric is no exception.