Why buy a basic compact car when this plush electric SUV costs less than $25,000?

With the price of new cars constantly rising, it is becoming harder and harder to find spacious family crossovers without overspending. If you’re willing to get something with a few miles on the clock, your options open up quite a lot. On top of this, with depreciation on EVs being very steep in the first couple of years, your budget can go even further if you’re willing to make the swap over to an electric crossover.

One of our favorite modern EVs demonstrates this perfectly. Despite coming in what we think is a fantastic package, you can get this spacious crossover for less than the price of a brand new Toyota Corolla. It delivers usable range, quite a lot of power, fast charging times, and interior tech that is fit for a luxury car, all without breaking the bank.

You can get a 2022 Hyundai Ioniq 5 for under $25,000

That’s a lot of car for the money

While EVs do a lot of things really well, they tend to depreciate a lot quicker than traditional gas-powered cars or hybrids. This might not be great for the first owner, but it means that there are some fantastic deals to be had if you’re willing to get something slightly used. The 2022 Hyundai Ioniq 5 is a great example. Despite being only four years old, this spacious electric SUV can now be had for less than the price of a new Corolla.

Practical, fun-loving, and insanely affordable

When brand new, a 2022 Hyundai Ioniq 5 would have cost you between $41,245 and $56,295 depending on which trim you opted for. It is worth noting that a lot of buyers likely took advantage of the federal tax incentive that was active at the time, giving them a tax credit of $7,500. Even taking that into account, though, 2022 models have depreciated quite a lot, which means that used buyers are getting a lot of value for money here.

Even new and at full price, we think that the Ioniq 5 offers pretty fantastic value. It is loaded with modern technology, puts down plenty of power, and feels impressively plush. The base model, the SE Standard Range, comes with a small battery pack and wasn’t particularly popular, which is why we’ve excluded it from the table above.

We think that the SEL is the model to get. It comes equipped with a decently sized battery pack and tons of interior luxuries for the money that you pay. You get things like artificial leather upholstery, a wireless smartphone charging pad, a heated steering wheel, ambient interior lighting, and a hands-free liftgate. Choosing between the single-motor, rear-wheel drive setup and the dual-motor, all-wheel drive setup comes down to what you prioritize most, range or performance.

Hyundai’s compact EV is more fun to drive than most electrified cars

A fine blend of performance and comfort

Credit: Hyundai

One of the biggest criticisms that people lay against EVs is that they lack character and are generally a bit dull to drive, regardless of how quickly they accelerate. This is one of the reasons that we love the Ioniq 5, with Hyundai creating something that genuinely feels fun. If you’re more concerned with comfort than driving verve, the Korean EV still pulls through, with a plush ride quality and quiet cabin.

Quite a lot of pep for a sub-$25k car

SE Standard Range models come with a pretty humble 168-horsepower, single-motor setup. This and its small battery are reason enough to skip this model. Every other model in the lineup comes standard with a 225-horsepower motor instead, powering the rear wheels. While not insanely quick, it offers more than enough grunt to feel fun. Those who are after something a little faster will want to opt for the dual-motor setup, which puts down quite a lot more power.

Hyundai has managed some pretty great driving dynamics here, especially when you consider the Ioniq 5 weighs well over 4,000 pounds with the larger battery pack. Its low center of gravity means that it feels pretty nimble in the corners. It still prioritizes comfort, though, with a soft suspension setup that is capable of absorbing any bumps or bangs with ease.

Not quite as much range as a new model

The base model Ioniq 5 comes equipped with a 58-kWh battery pack, with the EPA rating it for 220 miles of range. Every other model comes standard with a much larger 77.4-kWh battery. We’d skip any models with the smaller battery and make sure to get the larger pack. We would also make sure to check the battery health before you buy a used model to ensure that you’re getting as much range as possible.

As we mentioned before, choosing between the single-motor and dual-motor models really comes down to your priorities. While the dual-motor model offers some serious performance, it is only rated for up to 256 miles on a single charge. Either way, though, the Ioniq 5 charges quickly, with Hyundai claiming that it’ll only take 18 minutes on a DC fast charger to go from 10 to 80 percent charge.

There is plenty of space inside the 2022 Hyundai Ioniq 5

It comes loaded with high-end tech features too

We think that Hyundai’s design team knocked it out of the park with the Ioniq 5. It is one of the most visually satisfying EVs on the market, outside and inside. It is quirky without being gaudy, and it feels spacious and airy on the inside. For the amount of money that used 2022 models go for, you’re getting a sleek, modern crossover that is packed with every modern tech feature you could possibly want.

Hyundai includes some neat design quirks that help make the Ioniq 5 feel particularly spacious

There are few crossovers at this price point that are as practical as the Ioniq 5, new or used. There is tons of room up front, and on the top trim the console can even slide out of the way, making the footwell feel nice and open. Hyundai takes full advantage of the EV setup, with the Ioniq 5 featuring a flat floor. Even taller passengers won’t feel squished in the back seats, with there being tons of legroom on offer. The cargo hold is equally generous.

We really like the interior design of the Ioniq 5, with it feeling more upscale than you’d expect for something at this price point. The materials used throughout are nice, and the build quality is great. Base models come with a good number of standard features, including heated front seats, power-adjustable front seats, and dual-zone automatic climate control. Top trims offer features like ventilated seats, a panoramic glass roof, faux-leather upholstery, ambient interior lighting, and adjustable rear headrests.

Infotainment and technology

Hyundai makes use of a dual-screen setup in the Ioniq 5. Two 12.3-inch screens sit atop the dashboard, sharing a single bezel. One acts as the digital gauge display while the other houses the infotainment system. The top Limited trim also comes equipped with a heads-up display with augmented reality, allowing you to project navigation directions, among other things, straight on to the windscreen.

Apple CarPlay and Android Auto are standard. You’ll have to upgrade to the SEL to get a wireless smartphone charging pad, though, as well as an auto-dimming rearview mirror. Most models come with a pretty mediocre sound system, but a premium Bose system is available as an option.

This EV’s depreciation makes it a bargain for used buyers

Electric crossovers are pretty expensive to buy brand new, which is a big reason why a lot of buyers simply haven’t considered making the switch. However, even the best EVs aren’t immune to steep depreciation, and a lightly used Ioniq 5 can be had for less money than a new Corolla. It is a practical crossover with a ton of character, and we think that even the most stubborn of anti-EV buyers will find it offers quite a lot of bang-for-your-buck.