Hyundai Ioniq 5 review: is the price still right in 2026?

How the Ioniq 5 fits in 2026

When the Ioniq 5 arrived in Australia in 2022, it was a category-creator: a retro-futuristic family EV from a mainstream brand at a previously-unthinkable price point. The 2026 update is a meaningful reshuffle — Hyundai dropped the smaller 63 kWh battery option, standardised on the larger 84 kWh pack across the range, and raised the base price by $6,400. That’s a meaningful repositioning: the Ioniq 5 has moved up the market.

The competitive landscape has hardened in parallel. The Kia EV6 (its mechanical twin) has had its own update with more equipment. The BYD Sealion 7 and the Tesla Model Y both undercut on price. Polestar’s 4 and the BMW iX1 fight for the premium end. So the Ioniq 5’s case is no longer “category creator” — it’s now “premium-feeling mainstream EV with class-leading charging.”

We’ve focused on the Dynamiq RWD ($76,200 list, around $82,000 drive-away in most states) for this review — the base 2026 variant, which Hyundai has renamed “Elite RWD” mid-cycle in some markets. It’s the volume seller. For the full Ioniq 5 lineup, including the AWD Techniq and Epiq, see the Hyundai Ioniq 5 model page.

What’s good

The interior is the best at the price. Reviewers consistently call the cabin the Ioniq 5’s standout strength — high-quality materials, properly-spec’d seats, an actually flat rear floor, and a square, family-friendly boot. CarExpert specifically notes the “luxurious, spacious interior.”

800V ultra-fast charging is class-leading. The Ioniq 5 (and its EV6 twin) can hit 233 kW DC peak — comfortably the highest in this price bracket. A 10-80% charge takes ~18 minutes on a 350 kW charger. For long-distance drivers this is a serious differentiator over the Tesla / BYD competition.

Real-world efficiency is honest. CarExpert’s test recorded 16.4 kWh/100 km — better than Hyundai’s own 18.1 kWh/100 km claim. That’s a defensible figure across the 84 kWh pack and translates to a real-world range comfortably over 450 km.

What’s not

The price rise is significant. Up $6,400 over MY25 — Hyundai has effectively pushed the entry-level model into territory previously occupied by the mid-trim. For the same money, the Kia EV6 Air RWD now looks like a more sensible buy with seven years of warranty.

The lane-keep system is overly assertive. CarExpert specifically called out the lane-keep “grabbing the steering wheel without warning.” It’s switchable but doesn’t fully retain its setting between drive cycles. Several reviewers consider it the worst-tuned safety system in the segment.

It feels heavier than its specs suggest. At 2.0–2.2 tonnes kerb weight it should be agile, but CarExpert noted it “feels unexpectedly heavy and overworked” — particularly on twisty roads. The base RWD is better than the heavier AWD trims, but no Ioniq 5 feels light on its feet.

Where it lands among rivals

• Hyundai Ioniq 5 vs Kia EV6. The mechanical twin. EV6 has a more car-like driving position, seven-year warranty, and a slightly smaller boot (480 L vs 527 L). Ioniq 5 has the boxier, more practical body and slightly better front-seat space. For value the EV6 wins on warranty; for practicality the Ioniq 5 nudges ahead.

• Hyundai Ioniq 5 vs Tesla Model Y. Ioniq is more premium inside and has faster DC charging. Tesla is more efficient, has Supercharger access, and runs $4k cheaper. Pick the Ioniq for the cabin; the Model Y for the running costs.

• Hyundai Ioniq 5 vs BYD Sealion 7. The Sealion 7 undercuts heavily ($60k vs $76k) with a longer warranty. The Ioniq has better fast-charging and a more refined cabin. Value goes to the BYD; polish to the Hyundai.

Who should buy one

• Buyers who’ll regularly use a 350 kW DC charger — 800V architecture genuinely matters
• Families who value back-seat space and a square boot over driving dynamics
• Anyone choosing between Ioniq 5 and EV6 who prefers the more upright SUV body
• Buyers who appreciate genuinely premium-feeling interior materials at the price

Who should pass

• Value-led shoppers — the MY26 price rise has hurt the case; consider the Kia EV6
• Driving enthusiasts — try the BMW iX3 or Polestar 4 for sharper dynamics
• Buyers who want seven-year warranty for peace of mind — the EV6 has it
• Anyone allergic to over-eager driver-assist systems

What I’d want for next year

Calibrate the lane-keep so it stops grabbing the wheel without warning. Either match Kia’s seven-year warranty or reduce the price rise. Right now the Ioniq 5 is being asked to compete on premium-feel alone — and the value gap to the Kia is closing.

Verdict

The Ioniq 5 is still one of the most premium-feeling EVs at the price — distinctive design, genuinely class-leading 800V charging, and a cabin that punches above its weight. But the MY26 price rise has shifted the value equation: the Kia EV6 is now cheaper with a longer warranty and very similar underpinnings. The base Dynamiq RWD remains the rational pick — premium experience without the AWD weight penalty. Just don’t let the badge stop you cross-shopping the EV6.