2024 Hyundai Ioniq 5True Cost of Ownership in Canada
320 hp all-electric. Full cost breakdown including import duty (6.1%), VAT (5%), insurance, fuel at C$1.2/L, maintenance, and depreciation.
Purchase Price
$47K
Base: $42K
Annual Total
$16K
Insurance + fuel + maintenance
Import Duty
$3K
6.1% of base price
VAT
$2K
5% applied
Annual Insurance
$2K
Avg for this country
5-Year Total
$129K
Purchase + 5yr running costs
2024 Hyundai Ioniq 5 — Full Cost Breakdown in Canada
Every cost component from purchase to 5-year ownership. All figures in USD equivalent.
| Cost Component | Amount (USD) |
|---|---|
| Base Price (MSRP) | $42K |
| Import Duty (6.1%) | $3K |
| VAT / Sales Tax (5%) | $2K |
| Total Purchase Price | $47K |
| Annual Insurance | $2K |
| Annual Fuel Cost | $0 |
| Annual Maintenance | $2K |
| Annual Depreciation | $12K |
| Registration & Road Tax | $600 |
| Total Annual Running Cost | $16K |
| 5-Year Total Cost of Ownership | $129K |
| Cost Per Kilometer | $1.096 |
For informational purposes only. All figures are estimates. Not financial advice. Prices and costs may change without prior notice.
Hyundai Ioniq 5 Fuel Cost Calculator — Canada
Adjust your annual mileage and local fuel price to calculate your exact fuel costs.
Adjust Your Usage
⚡ Electric Vehicle
The Hyundai Ioniq 5 runs on electricity. No fuel costs apply. Charging costs vary by electricity tariff in Canada.
$0 Fuel Cost
Electric vehicle — no gasoline required
Hyundai Ioniq 5 Depreciation Curve
The Hyundai Ioniq 5 loses approximately $24K (57%) of its value over 5 years.
Year-by-Year Value
| New | $42K | 100% |
| Year 1 | $30K | 72% |
| Year 2 | $26K | 62% |
| Year 3 | $23K | 54% |
| Year 4 | $20K | 48% |
| Year 5 | $18K | 43% |
Depreciation based on electric segment averages.
Hyundai Ioniq 5 vs. Competitors in Canada
How does the Hyundai Ioniq 5 compare to similar cars available in Canada?
Hyundai
Ioniq 5
Base Price
$42K
Annual Cost in Canada
$16K
Tesla
Model 3
Base Price
$42K
Annual Cost in Canada
$5K
Hyundai
IONIQ 6
Base Price
$39K
Annual Cost in Canada
$5K
BMW
i4
Base Price
$56K
Annual Cost in Canada
$8K
Annual costs estimated for Canada market. Import duty (6.1%) and VAT (5%) applied to all models.
🇨🇦 Owning a Car in Canada
Insurance varies hugely by province.
Moderate for Canada
Annual car costs = 34% of average Canada income ($48K/yr)
Average Annual Income
$48K
In Canada
Fuel Price
C$1.20/L
Gasoline dominant
Avg Car Insurance
$2K
Per year
Import Duty
6.1%
On vehicle value
VAT / Sales Tax
5%
Applied at purchase
Driving Side
Right-hand
North America
Popular Car Brands in Canada
Hyundai Ioniq 5 in Canada — Frequently Asked Questions
Common questions about owning a Hyundai Ioniq 5 in Canada.
The 2024 Hyundai Ioniq 5 has a base price of $42,000 USD. In Canada, after 6.1% import duty and 5% VAT, the total purchase price is approximately $46,790 USD (C$46,790 CAD).