Hyundai Ioniq Hybrid vs Toyota Prius Hybrid: running costs and warranty

Monthly PCP prices depend heavily on spec, while the Toyota Prius is marginally cheaper than the Hyundai Ioniq for company-car buyers

Hyundai Ioniq Hybrid

On a 36-month, 10,000-miles-a-year PCP finance deal with a £2,600 deposit, the top-spec Prius Business Edition+ tested here is £439 per month. That’s a lot more than the Ioniq Premium – the spec to go for to get the best value – which costs £342 per month over 37 months with the same deposit and mileage limit. Even the top-spec Premium SE undercuts the Prius at £414 per month.

With this in mind, it’s best to ignore the four-wheel-drive version of the Prius and go for a front-drive Business Edition+. It carries all the same standard equipment as the car we tested, but ditches the extra electric motor and saves a significant amount of cash, coming in at £376 per month with the same deposit – provided you stick to the smaller 15-inch alloys. These prices were correct at time of the test, but could fluctuate slightly.

For the all-wheel-drive Business Edition version of the Prius, company-car users are liable for a 24% Benefit-in-Kind rate, which works out at £1,383 at 20% tax or £2,766 at 40% during the 2020/21 financial year. The Ioniq Premium SE falls into the same 24% tax band, so its corresponding figures are £1,336 and £2,673 – almost identical.

Toyota Prius

On the insurance front, the Ioniq should be slightly cheaper to cover. The Hyundai sits in groups 10, 11 and 12 depending on specification, while the Toyota occupies groups 13 and 14.

When it comes to trade-in time, our experts reckon the Ioniq will retain around 49% to just over 50% of its value after 36 months and 36,000 miles. The Prius will hold its value much better, however, which goes some way to justifying its higher initial cost: you can expect it to retain around 56% to 61% of its value – a very strong figure that’s akin to some Porsche models.

Both the Hyundai and the Toyota boast five-year/100,000-mile warranty coverage that’s up there with the industry’s very best. Only Kia offers more as standard with its seven-year warranty.