The $1000 Hyundai Ioniq 5 option that costs $4000
Customers should choose wisely when selecting the colour of Hyundai's new electric car.
A $1000 option on the 2021 Hyundai Ioniq 5 electric car could end up costing more than $4000 in NSW thanks to a pricing blunder.
The NSW Government currently pays a $3000 subsidy on zero-emission vehicles priced less than $78,000.
The figure is inclusive of the vehicle's purchase price and dealer delivery fee, but exclusive of registration and stamp duty costs.
A 2021 Hyundai Ioniq 5 all-wheel drive starts from $75,900 plus on-road costs. The dealer delivery fee is quoted at $1430, bringing the total cost to $77,330 – just $670 below the threshold.
However, if a customer picks the only factory option – Gravity Gold Matte paint for $1000 – the price rises to $78,330, pushing it $330 over the threshold.
At the $78,330 price, buyers then miss out on the $3000 stamp duty rebate from the NSW Government, meaning the $1000 option will in fact cost customers more than $4000.
A spokesperson for Hyundai in Australia told Drive: "We were able to get every combination of Ioniq 5, except for all-wheel drive with matte paint, under the under the cap."
The confusion has sparked debate within electric car communities online, with one customer reaching out to Drive – a practicing accountant – claiming customers had changed their minds after realising the cost.
In total, there are 12 different configurations of Ioniq 5 offered in Australia, with 11 being below the NSW government threshold.