Chevrolet has introduced a significant discount of $5,000 on its best-selling electric vehicle, the Equinox EV, as part of its promotional efforts for the new year. This move comes after the Equinox EV achieved remarkable sales, ranking as the third-most-popular electric vehicle in the United States last year, trailing only behind the Tesla Model Y and Tesla Model 3.
The Equinox EV quickly became a favorite among consumers after the release of its more affordable LT trim, which launched at a price of under $35,000 in late 2024. This strategic pricing contributed to nearly 58,000 units sold in 2023, surpassing competitors like the Ford Mustang Mach-E and Hyundai IONIQ 5. According to Kelley Blue Book, General Motors (GM) has firmly established itself as a leader in the electric vehicle market, second only to Tesla, largely due to the success of the Equinox and the expanding Cadillac lineup.
Current Offers and Market Comparison
As the automotive landscape continues to evolve, GM has opted to maintain the $5,000 customer cash offer for the 2026 model year, mirroring the discount introduced for the 2025 model. The key distinction lies in the fact that the 2025 discount does not apply to models with the Black Cloth interior seat trim. This discount is applicable to purchases, although those considering leasing may find more competitive options elsewhere.
For the base 2026 Chevy Equinox EV LT, leasing terms are currently set at $437 per month for 36 months, with an initial payment of $5,436. Conversely, the 2025 Chevy Equinox offers a slightly lower lease price, starting from $431 per month under similar terms. In comparison, the 2025 Hyundai IONIQ 5 presents a markedly lower leasing option at just $189 per month. Even Hyundai’s upcoming three-row electric SUV, the IONIQ 9, has a lease starting from $369 per month, highlighting a competitive pricing landscape.
While the entry-level Equinox provides an impressive EPA-estimated driving range of up to 319 miles, the base IONIQ 5 is rated at 245 miles. Even when comparing higher-range models, such as the IONIQ 5, which can reach up to 318 miles, the Hyundai remains a more budget-friendly option. The 2025 IONIQ 5 SE is available for lease at $199, while the 2026 version is listed at $299.
In addition, the Tesla Model Y offers a competitive lease option as well, allowing customers to lease the Standard RWD model for $420 per month for 36 months with a down payment of $5,436. Priced from $39,990, the Model Y boasts an EPA-estimated driving range of up to 321 miles.
Future of Chevy’s Electric Lineup
Looking ahead, the introduction of the new 2027 Chevy Bolt model, starting at under $30,000, indicates that the Equinox EV may soon lose its status as the most affordable electric vehicle in GM’s lineup. This shift reflects the growing competition in the electric vehicle market, where affordability and range are critical factors influencing consumer choices.
For those interested in experiencing the Equinox EV firsthand, details about available models and test drive options can be found through local dealerships. As the automotive industry continues its transition towards electrification, the dynamics of pricing and consumer preferences will play a pivotal role in shaping the future of electric vehicles.
