For a moment, it seemed like we were past the worst of the dealer markups. I even found a GR Corolla at MSRP, but it looks like some dealerships are still up to old tricks. One Reddit user recently posted that his local California Hyundai store was selling an Ioniq 5 N for a ridiculous $20,000 markup, adding almost 30 percent to the EV’s MSRP.
The Redditor, u/Qball1754, said that he’s a Hyundai influencer and noted that the brand let him know that the vehicle was available at Ontario Hyundai in California. Upon arrival, he saw an $87,685 price tag and said that the dealership staff was less than accommodating of his status as an “Nfluencer.” Jokes about internet personalities aside, it appears the dealer was unwilling to lease the Ioniq 5 N and refused to negotiate the $20K markup.
David De Rigo (the Redditor’s real name) posted on his Instagram account, saying, “First off, my salesperson was super nice and pushed hard to work something out. Aside from that, 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 (I don’t buy it). Other dealerships are gonna charge a higher markup on the car from what I was told, as it’s an ‘exotic,’ Hyundai will not do a lease for the car or any EV credit and finance only. Sales/finance manager were really disrespectful over pricing and me knowing about their allocations and being an Nfluencer.”
While the markups will likely come off as the vehicle becomes more readily available, the upcharges don’t help anyone but the dealer in the meantime. The Ioniq 5 N is a legitimate rocket ship, with a 0-60 mph time of just 3.25 seconds. Even so, it’s a Hyundai, and a $20K markup is a tough pill to swallow for what was already a fairly expensive hatchback. That said, it recently won 2024 World Performance Car of the Year, so that price might appeal to someone.
