When it comes to electric crossovers the default choice for many is the Tesla Model Y. However, numerous price increases means even the most basic version of Tesla's electric crossover will now set you back over $60,000. Meanwhile, the Hyundai Ioniq 5 has just arrived in the US and offers similar levels of practicality to the Y as well as great tech and stylish looks - and all for a lot less money. Is the Tesla still your best bet? Edmunds decided to find out.
Starting off two Ioniq 5 batteries are available, a 58 kWh pack and a 77 kWh pack. The smaller pack will only be available as part of a RWD setup meanwhile the larger one can be equipped in both RWD and AWD guise.
The base Ioniq 5 starts at around $41,000 - effectively $33,500 after the Federal Tax Credit (which Tesla no longer qualifies for) has been applied. This means an entry-level Ioniq 5 is just over half as much as an entry-level Model Y. That said, the base Model Y Long Range still has AWD and a 75 kWh battery pack so that's not really a fair comparison. The $48,225 (after FTC) Ioniq 5 Long Range AWD in top-spec Limited trim is a better fit and is what Edmunds chose for this comparison. That's still around $14,000 less than the cheapest Model Y.
