To dig its teeth into California’s crowded electric vehicle market, its Korean maker has rolled out an “Unlimited+” lease program for the 2017 Hyundai Ioniq Electric.
The plan mimics a subscription service, and adds unlimited mileage allowance, vehicle-charging reimbursement, and a cohesive maintenance plan to the standard lease terms, according to CarsDirect.
While most of the program is pretty cut and dried, there are a few catches that potential lessees should be aware of.
Unlimited+ could be considered a “lease with benefits,” but in fact the program really is a subscription.
Monthly payments are based on the Ioniq Electric’s trim levels: $275 for the Base, $305 for the Limited, and $365 for the Limited Ultimate.
The program does require $2,500 down, but that’s neatly offset by the California Clean Vehicle Rebate, which is $2,500 for most buyers.
Still, as the article notes, interested lessees will have to come up with the $2,500 at first before the rebate is received.
A few taxes and fees are built into the payment as well: initial taxes, title, license, and fees.
These are all covered by the dealer and then reimbursed by Hyundai, but California sales tax is the responsibility of the lessee.
What about the mileage factor of Unlimited+?
This portion truly has no catch: Hyundai will let drivers clock as many miles as they want during the 36-month term. No overage charges—nothing.
The same can’t be said for the charging benefit, though, which doesn’t offer Ioniq Electric drivers unlimited charging.
2017 Hyundai Ioniq Electric (European spec), 2016 Geneva Motor Show
Monthly use will then be calculated by monthly mileage, the vehicle kilowatt-hour-to-mile rating, and the cost per kwh in California.
It’s better, but certainly not entirely “unlimited” as the program proclaims.
Finally, the maintenance benefit covers more items than you might imagine, but also isn’t “unlimited” in the most expansive sense.
Drivers can rest assured that brake pads, wiper blades, headlamps, belts and hoses, fuses, and bulbs are all covered for three years or 50,000 miles.
There’s also coverage for one 12-volt battery replacement during the term of the lease, if required.
While the program isn’t entirely unlimited in all facets, Unlimited+ does provide a few exceptional benefits electric-vehicle owners will likely take advantage of.
How it will work for drivers depends in part on how much driving is anticipated; those who clock high mileage will benefit the most from the program’s benefits.
With a 124-mile EPA-rated range, the Ioniq Electric is among the highest-range mass-priced electric cars that aren’t the Chevy Bolt EV.
Source: Green Car Reports