The Ioniq 5 N markups are here and one customers experience could sully the whole Hyundai brand for some
5 hours ago
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- Hyundai dealers are marking up the Ioniq 5 N to the point that it’ll likely be out of the reach of most buyers.
- The prices they’re asking are more than 25% above what the car already costs according to Hyundai.
- Buyers have a few tools to help them avoid dealers who mark up their cars.
One Hyundai dealer in California is reportedly asking $87,685 for an Ioniq 5 N. That’s a full $20,000 on top of the car’s MSRP. It’s not even the only dealer putting a five-figure markup on the hot EV.
Initially posted to Reddit, a simple photo exposes the big markup added by Ontario Hyundai, located in Ontario, California. In plain bold letters, it reads “ADDED MARK-UP III $20,000.” That’s a 29.5 percent markup on a car that Hyundai tells its customers should cost $67,685.
More: Kia EV9 Markups Are Out Of Control, Push EV To Nearly $85k
Interestingly, the original poster on Reddit claims that the dealer is blaming Hyundai. “my experience wasn’t the best, there’s a 20k markup that is non-negotiable and was told corporate made the decision on it since it was delivered like that,” they say. That’s not the end of it though. They also claim that the “Sales/finance manager were really disrespectful over pricing.”
The original poster spoke to Jalopnik about the incident and ultimately said “I’ve never felt that disrespected by a dealership before. And to hear them talk about screwing me over just to make a sale, I couldn’t believe it.”
Hyundai for its part told Carscoops that it discourages charging above MSRP. In a statement it said, “Hyundai dealerships are independent businesses that ultimately decide on the final vehicle price with customers. However, Hyundai consistently reminds its dealers of the need for complete transparency with our customers. We strongly reinforce that prices posted on websites should align with pricing in the store, and we strongly discourage our dealers from charging prices above MSRP as it can have a negative impact on the customer experience and brand loyalty.”
To be clear, $87,685, the ask for this Hyundai Ioniq 5 N, is more than Porsche asks for a brand new 718 Boxster S ($82,400). This dealer isn’t alone though. Another one in Escondido slapped a $10,000 markup on its 5 N. It even breaks down the taxes and pricing to the point that it says the final price will be $86,742. That’s quite the chunk of change for what is touted as a relatively approachable and affordable performance car.
The reaction by fans in the comment sections online tells a clear story. People want Hyundai to step in and do something about the situation. “If Hyundai doesn’t control this situation their EV N product line will go extinct faster than Crystal Pepsi,” said one person. “It’s a shame because the dealer could actually move units if they just priced things fair,” said another.
One more specifically called for direct-to-consumer sales, something that could put dealers, and markups, out of business. “I can’t wait for company’s to get rid of dealerships and start selling directly to consumers like Tesla,” they said. Regardless of how Hyundai deals with its dealers, the reality is that everyday consumers have tools that can help. Searching outside of one’s local area for a good deal is easy and sites like Markups.org help the community weed out greedy dealers.
