I test drove Hyundai Ioniq 5 SEL RWD (short review)

I wanted to see how I liked the 2022 Hyundai Ioniq 5 SEL RWD as my EDD is not until mid May, so maybe get into a new car sooner. I very much liked the styling. As a matter of fact, I like the overall looks better than the model Y. Seat covers are very nice design, and very comfortable. I liked the 2 separate 12" dash screens, with the speedometer directly behind the steering wheel. Tremendous amount of headroom.

I drove the non-glass roof version. You have to upgrade to highest level (Limited) to get glass roof like the Y. Car had good acceleration, and was quiet. It had some features not available on the Y, such as side view mirror, blind spot detection, and had an almost perfect view through rear view mirror - much better than Y.

Frunk had almost zero space to put anything but perhaps the portable charger/cable in there. Also, rear cargo space was visually smaller than the Y. Rear seats are on tracks so you can move them forward or back, and also have recline adjustment (nice feature). The at-home charger supplied with the Ioniq is just 115v, with no option available.

Meaning you must buy your own 220v charger, which I saw online, priced around $400 - $500. Hyundai does give you 2 years free charging at Electrify America, but there are hardly any in my area, the closest being about 30 minutes away.

That was enough to rule out buying the Ioniq 5. Imagine taking a trip and having to rely on chargers that are not abundant, and I have read are often inoperable. Another minus is setting regenerative braking. It must be set each time you start the car - it doesn't stay in the mode when it was turned of - big negative. Sticker price was around $47k. I asked the salesman if they sell at msrp and he said they add $3k to sticker, plus $799 dealer fee. I later called another dealer under the same ownership, and they add $1,799 to sticker, plus dealer fee - a $1,200 savings. SEL models come with 19" wheels, while Limited has 20".

I asked my CPA about getting the $7,500 rebate, and he said I would qualify for part of it based on last years tax return, but didn't know if I could get remaining balance the following year. I thought I read that you could, so if anyone knows for sure, please leave a comment below. The dealer knew nothing about the rebate except that it is $7,500. Considering the rebate, the price of the car comes out to around $42k which I feel is a great deal on this car, if you are willing to put up with charging headaches. And our gov't. in all its wisdom, does not offer an instant rebate, therefore making you pay tax on that $7,500 rebate. I think we will be seeing a lot of these on the road soon. They have really just started to deliver them, so limited availability at this time, but they're on their way.

It will be good for Tesla to have some real competition, especially at this price point, which Tesla cannot touch. One last thing... paint colors. They have a nice variety of colors available. I'm so tired of seeing the same Tesla
colors, year in - year out. Hyundai does offer the top level trim Limited model with full glass roof (with retractable electric cover) , ventilated seats, AWD, and a lot more, but those are priced at around $55k or more and reflect a more direct comparison to the model Y. But minus $7,500.

I hope this review is helpful to those considering an Ioniq 5.

“Hyundai Ioniq 5 NE white (6).jpg” by Damian B Oh is licensed under CC BY-ND 4.0.

 

[Corndart]

Thoughts? I have more so called “FUD”

Yes, a random picture without any context, dialog, root cause, et al is certainly providing value to this discussion....

 

[soumak]

You're not factoring in the 7500 EV federal tax incentive. It's a $17.5k + tax price delta. (or more for MYP)

I was looking at this but you cannot buy a hyundai at any dealership that i've seen without a 5 - 10k markup. this basically eliminates the 7500 EV tax incentives.

 

[Doc Brown]

This reports could be left by anyone not even being there ever.

 

[Doc Brown]

Thoughts? I have more so called “FUD”

Welp - that settles it. You win the internet.

 

[Sixth]

if you’re on a road trip - how do you locate chargers in a Tesla?

Technically you don’t, any Tesla can and will redirect you to a Supercharger along your route if your trip exceeds your battery pack’s current SoC. Bringing up map view and sorting by V1,V2,V3 icons will bring up Superchargers in your vicinity or any given area on a map. You can also just say “ navigate to supercharger” or send via the share function through a phone connected to your Tesla.

 

[Sixth]

Yes, a random picture without any context, dialog, root cause, et al is certainly providing value to this discussion....

Feel free to browse through the VWID4 FB groups chief. Information is out there, I’m merely pointing these problems exist. The charging issues were also noted by numerous reviewers. Including out of spec ,the race that Maques Brownlee’s team put up and numerous owners.

 

[sleepydoc]

Technically you don’t, any Tesla can and will redirect you to a Supercharger along your route if your trip exceeds your battery pack’s current SoC. Bringing up map view and sorting by V1,V2,V3 icons will bring up Superchargers in your vicinity or any given area on a map. You can also just say “ navigate to supercharger” or send via the share function through a phone connected to your Tesla.

Exactly - the supercharger network is completely integrated into the Tesla navigation system. you can also pull them up on the app. Or on plugshare. Or Apple Maps. Or google maps.

 

[Corndart]

I was looking at this but you cannot buy a hyundai at any dealership that i've seen without a 5 - 10k markup. this basically eliminates the 7500 EV tax incentives.

That's a temporal issue I'd wager. The question is will it get rectified before the sales quota hits and eliminates the 7500...?

 

[Corndart]

Feel free to browse through the VWID4 FB groups chief. Information is out there, I’m merely pointing these problems exist. The charging issues were also noted by numerous reviewers. Including out of spec ,the race that Maques Brownlee’s team put up and numerous owners.

My point is your photo is a poor proxy for something specific and concrete.

 

[Sixth]

we

My point is your photo is a poor proxy for something specific and concrete.

Yet it’s a problem isn’t it? Either way if the problem stems from the car or charger. (Or both) it’s still a problem.

 

[Sixth]

My point is your photo is a poor proxy for something specific and concrete.

My point is your photo is a poor proxy for something specific and concrete.

 

[DanDi58]

that was just one I pulled up. since it triggered you - here’s the San Bruno supercharger checkins. And - it’s just software that tells you where to charge. ABRP does the same for me in other EVs (even in Teslas).

View attachment 767045

I’m not even sure what point you’re trying g to make here. And I don’t need PlugShare to show me where to charge. I just hit the button on my nav and I find the nearest SC. That is working 99.9% of the time.

 

[Zorg]

As saying goes:”You get what you pay for”.

By all account, the ID.4 is a great car whose main problem is really buggy software. Once they fix the SW, it'll be a really good value.

 

[WhiteWi]

By all account, the ID.4 is a great car whose main problem is really buggy software. Once they fix the SW, it'll be a really good value.

Slow and meh design. But it’s subjective.

 

[Wigan]

If you purchase a new plug-in or electric vehicle it may qualify for all or part of the $7500 federal tax credit. You may be able to increase your taxable income for the current tax year so that you can take full advantage of the $7500 tax credit by doing a Roth conversion on a portion of your IRA account or Roll Over IRA account. Consult with your tax planner.

Or just sell a bunch of stocks with capital gains and immediately buy them back.

But the bottom line is the credit is limited to your total tax liability--whatever you owe in federal taxes for the year and it does not carry over. Don't confuse that with what you pay--or get back--when you file your tax return; that's merely settling up the difference between your tax liability and your withholdings.

Suppose when you do your return your federal tax liability is $8,000, but over the course of the year you've had $9,000 withheld. Normally you'd get a $1,000 refund. But since the tax credit reduces your federal tax liability from $8,000 to $500, you'd get $8,500 back.

But if your federal tax liability was $5,000 and you had $6,000 withheld, what would happen is the credit would reduce your tax liability to zero and you'd get your entire $6,000 back. But the 'other' $2.500 of the credit would expire unused.

 

[Zorg]

Slow and meh design. But it’s subjective.

If SW was not so buggy, it'd be a terrific value at $18K below a Y. Not everyone needs sub 5 sec 0-60 (though I really really enjoy it).

 

[jcanoe]

Or just sell a bunch of stocks with capital gains and immediately buy them back.

But the bottom line is the credit is limited to your total tax liability--whatever you owe in federal taxes for the year and it does not carry over. Don't confuse that with what you pay--or get back--when you file your tax return; that's merely settling up the difference between your tax liability and your withholdings.

Suppose when you do your return your federal tax liability is $8,000, but over the course of the year you've had $9,000 withheld. Normally you'd get a $1,000 refund. But since the tax credit reduces your federal tax liability from $8,000 to $500, you'd get $8,500 back.

But if your federal tax liability was $5,000 and you had $6,000 withheld, what would happen is the credit would reduce your tax liability to zero and you'd get your entire $6,000 back. But the 'other' $2.500 of the credit would expire unused.

When you convert all or a portion of a traditional or roll over IRA to a Roth IRA most filers would owe 15% federal income tax on the long term capital gains. You may have enough assets in your IRA to convert an amount that generates $7,500 in long term capital gains tax (i.e. 15% of the profit from the sale of the asset.) A key benefit of a Roth IRA is the money in the Roth IRA grows tax free; no additional income tax is owed when you withdraw money from a Roth IRA after retirement.

This would apply if you were to purchase a Hyundai Ioniq 5, Mustang Mach E or VW ID.4 or other EV that still qualifies for the federal full tax credit.

Consult a tax advisor.

 

[DanDi58]

If SW was not so buggy, it'd be a terrific value at $18K below a Y. Not everyone needs sub 5 sec 0-60 (though I really really enjoy it).

And not everyone needs (or wants) a MY. I've always felt like the ID.4 is intended to be more of a competitor for the Escape/RAV4/CR-V than the MY. And I saw somewhere that 2/3 of ID.4 buyers are new to VW, so seems like they are getting the buyers they want. They intended it to be an easy transition from an ICE to an EV, which is a good strategy for them. They should really be able to ramp up sales (supply chain issues notwithstanding) once they get them building in TN.

 

[PineNut]

When you convert all or a portion of a traditional or roll over IRA to a Roth IRA most filers would owe 15% federal income tax on the long term capital gains. You may have enough assets in your IRA to convert an amount that generates $7,500 in long term capital gains tax (i.e. 15% of the profit from the sale of the asset.) A key benefit of a Roth IRA is the money in the Roth IRA grows tax free; no additional income tax is owed when you withdraw money from a Roth IRA after retirement.

This would apply if you were to purchase a Hyundai Ioniq 5, Mustang Mach E or VW ID.4 or other EV that still qualifies for the federal full tax credit.

Consult a tax advisor.

If you want to owe $7500 of income tax in order to take full advantage of a $7500 EV tax credit, I agree an IRA to Roth IRA conversion can be a good way to go.

However, any time you take money out of an IRA (except for an 401K/IRA to 401/IRA rollover) the money taken out is taxed as regular income. This also applies to a conversion. That is one disadvantage of an IRA in that there is no distinction between what you contributed and what your investments made. Once you withdraw (or convert) you are taxed at 10%, 12%, 22%, 24%...37% depending on your taxable income bracket, rather than at the lower capital gains rates.

One other issue to consider is that in order to later take money out of your Roth IRA without a penalty then your original Roth IRA account must have been created at least 5 years earlier, or else you are subject to a 10% penalty on top of the regular income tax rates.

I agree that it's a good idea to consult a tax advisor and/or financial consultant in order to make sure the tax implications are fully understood and what conversion amount makes the most sense.

Anyway, back to the Ioniq 5. As I mentioned earlier I really liked the car but have heard of a couple of other disadvantages. One is there is no rear wiper (might have been already mentioned) and I hear the front headlights can accumulate snow and could get blocked. The EV6 is also missing a rear wiper but the shape of the car (aerodynamics) helps reduce dirt build-up on the rear window although having a wiper would be better.

 

[sleepydoc]

There are some cars that are clearly worse than others but in most cases it comes down to personal values, needs and wants. For many people, a large part of their purchase decision is image. VW has an image, as do Hyundai, Kia, Ford and Tesla. Tesla’s image is also wrapped up in Elon Musk and there are many people who refuse to buy a Tesla because of that. If you look at the non-EV market there are a few ’unique’ cars out there but in general there are many similar cars in each segment, all with good sales. EVs will be no different.

I always find it amusing how defensive many people on TMC get about their Tesla. As soon as someone says anything good about another brand or anything bad about a Tesla they jump all over it, taking it as a personal affront.