It wasn’t that long ago that EVs were seemingly categorized as luxury cars by default, not for any reasons pertaining to performance or comfort, but simply for the pricing. In 2022, when the industry was dealing with severe supply chain shortages, a battery-powered car could easily cost you $17,000 more than you’d spend on a combustion-powered vehicle.
Now that we’re seeing leased models flooding the used car lots, pricing is no longer a key reason to skip over an EV. With or without those tax credits in place, second-hand models like the Hyundai Ioniq 6 have become quite affordable.
The 2023 Hyundai Ioniq 6 Is Still A Solid Buy
2024 Hyundai Ioniq 6 SE Standard Range sunriseHyundai
The Ioniq 6 has been left mostly unchanged since its debut for the 2023 model year. The car received a facelift in 2025, with some attractive new headlights, and updates to the interior, including a redesigned steering wheel. But, there’s nothing here that makes the earlier version of the car any less desirable. In terms of performance, it’s still the same car Hyundai launched for 2023.
Standard Range SE models produce 149 horsepower from a single motor in rear-wheel drive. All-wheel drive models more than double that number, at 320 hp, no matter the trim. Everything else produces 225 hp in rear-wheel drive, whether it’s an SE, an SEL, or a Limited.
Comparing the Ioniq 6 to a 2023 Tesla Model 3, the Tesla offers greater horsepower at every trim level, starting you off at 257 hp in rear-wheel drive in the Standard Range. The Model 3 goes up to 393 hp in the all-wheel drive long range, and 430 hp in the all-wheel drive Performance model. In terms of numbers, the Model 3 is more impressive, but the Ioniq 6 is more affordable, as we’re about to explore.
Range Anxiety Is A Smaller Concern Now Than It Was A Decade Ago
2024 Hyundai Ioniq 6 SE Standard Range side angle in silver while parkedHyundai
Range varies from 240 miles on a full charge, in the Standard Range SE models, to 361 miles in the SE Long Range RWD. Range anxiety is only a concern if you live in a truly charger-starved part of the country.
The 2016 Tesla Model S P100D was the first EPA-certified EV to break 300 miles in range, and that number was further normalized by cars like the 2021 Ford Mustang Mach-E. In other words, these early-2020s EVs are a sweet spot for range and price, having gotten over the first big depreciation humps, while outpacing most 2010s EVs by leaps and bounds.
The Ioniq 6 Has Lost Nearly Half Its Market Value In Just Three Years
2024 Hyundai Ioniq 6 RearHyundai
Our price-tracking tool currently sees an entry-level 2023 Ioniq 6 trending at just $22,644 from an MSRP of $41,600. Meanwhile, a 2023 Model 3 trends at $26,096, from an initial MSRP of $38,990. The 361-mile SE RWD is the real winner, trending at $22,107, which is less than the entry-level model, making it a no-brainer upgrade.
By and large, EVs have proven to be fast depreciators, losing up to 60% of their initial value in the first three years, compared to ICE cars which may lose up to 40% on average. Teslas tend to be a little more stubborn than the rest of the segment, though, tending to lose, at the worst, somewhere around 45% off the sticker after three years.
To be clear, we’ll happily recommend a used Model S to anyone who’s after a Tesla. But, the 2023 Ioniq 6’s used price, undercutting a $27,580 2026 Nissan Altima by $4,963, makes it one of the most appealing second-hand purchases in the EV segment.
Checking the used market for some viable, low-mileage models, here’s what we turned up.
- A 41,174-mile SEL is selling for $24,590 in California.
- A 28,383-mile SEL is selling for $24,990 in Arizona.
- A 31,960-mile SEL is selling for $26,590 in Oregon.
- An 8,331-mile Limited is selling for $32,590 in Georgia.
- A 31,370-mile SEL is selling for $22,787 in New Jersey.
These numbers are only provided to give you an example of what’s out there. There’s no telling what will be available in your area, and in your price range, when you’re ready to buy.
That being said, the above list should help to illustrate that we’re not talking about 100,000-mile beaters when we say that you can get a used EV for less than the cost of an entry-level Nissan. Some of the models selling for under $25,000 have barely had their seats broken in. When the initial lease is up, drivers tend to drop these cars like a hot potato, no matter how many miles they have left in them.
EVs Have Proven Very Reliable (This One, Especially)
2024 Hyundai Ioniq 6 Front DrivingHyundai
Anyone who’s put off buying an EV because they felt the segment was an unproven commodity, we hear you. Cars are expensive, and we’ve made the recommendation ourselves to wait until a car has been on the market for a few years before you buy.
But, the uncharted waters that were the EV segment have now been charted, and it turns out that these are some of the safest and most reliable cars on the market.
Checking in with CarEdge, the site estimates an annual maintenance cost of just $272, with RepairPal listing $122–$179 diagnostics as the most common fixes. The car’s Quality & Reliability rating of 76/100 from JD Power (for the 2024 model) could be a bit higher, but when we cross-reference it with CarComplaints, we find that there’s only one problem on file for the 2023 model, for a defective 12v battery at 33,600 miles, and this problem was serviced at the dealer at no charge to the driver.
The Traction Battery Will Go Someday, But Not Today
2024 Hyundai Ioniq 6Badge Close-UpHyundai
Traction batteries have a built-in expiration date. You might be able to keep an engine or transmission going forever by replacing the parts, but once an EV or hybrid battery is dead, it’s dead. This may seem like a good reason to not buy a used EV, but the battery in a three-year-old model with fewer than 50,000 miles on the odometer isn’t burning out anytime soon.
These battery packs are guaranteed for eight years, and likely to last anywhere from 10 to 20 years. With that kind of longevity, an Ioniq 6 could easily outlast the median 14-year-old age of a typical car on an American highway, according to Hedges & Company.
Chances are, the battery is going to outlast the car, and, by the time it’s ready for disposal, you would have already rebuilt your transmission and replaced the engine in a comparable ICE vehicle, anyway. Traction battery expiration is worth worrying about in an eight, 10, or 15-year-old EV, but it’s not worth your concern when the car is still on its first set of tires.
The Ioniq 6 Is Cheap To Own
2024 Hyundai Ioniq 6 SE Standard Range front nearside quarterHyundai
If we add our $272 maintenance estimate to $2,364 a year for full-coverage insurance (according to CarEdge, and assuming a 40-year-old driver with good credit and a clean record), and an EPA estimate of a measly $550 a year to keep the car charged up, we’re only spending $3,188 a year in ownership costs.
That number is assuming we’re buying full coverage and driving 15,000 miles a year. If your commute is a short one, and if you’re comfortable driving around with basic liability, you could conceivably be spending less money on your car every month than you spend on all those streaming subscriptions.
Patient buyers don’t always luck out, but we did this time. If you’ve waited for used EV prices to fall, they’ve officially fallen. What’s more, it’s already been proven that electric cars are safe and reliable, and range anxiety has largely been solved by expanding infrastructure and improved range. In other words, there’s never been a better time to grab that EV you’ve been waiting to buy.
Sources: Hyundai, H&C, CarEdge, RepairPal, CarComplaints, FuelEconomy.gov.
