The Chevy Equinox EV was America’s third-most-popular electric vehicle last year, behind the Tesla Model Y and Model 3. GM is offering $5,000 off its best-selling EV to kick off the new year, but it’s still not as cheap as you might think.
Chevy Equinox EV discounts reach $5,000 in January
After launching the lower-priced LT trim in late 2024, starting at under $35,000, the Chevy Equinox EV quickly became a hit in the US.
With nearly 58,000 models sold last year, the electric Equinox was the third-best-selling EV, beating out the Ford Mustang Mach-E and Hyundai IONIQ 5. According to Kelley Blue Book, “GM has clearly established its position as the market’s EV leader not named Tesla,” thanks to the Equinox and Cadillac’s growing lineup.
And that’s with EV incentives around half that of the industry average, according to GM. Well, that hasn’t stopped the company from sweetening the deal in 2026.
The 2026 Chevy Equinox EV is now listed with a $5,000 customer cash offer, which is strangely the same as the 2025 model year. The only difference is that the discount on the 2025 model excludes the Black Cloth interior seat trim.
While the cash allowance applies to purchases, leasing may not be your best bet. The base 2026 Chevy Equinox EV LT is available for $437 a month for 36 months with $5,436 due at signing.
The 2025 Chevy Equinox is much cheaper with leases starting at $431 a month for 36 months with $5,430 due at signing.
With the 2025 Hyundai IONIQ 5 listed at just $189 a month, the Equinox looks a little pricey. Even Hyundai’s three-row electric SUV, the IONIQ 9, is less, with leases starting from $369 a month.
To be fair, the entry-level Equinox offers up to 319 miles of EPA-estimated driving range, while the base IONIQ 5 is rated at 245 miles.
Even if you compare the longer-range IONIQ 5, with up to 318 miles of EPA-estimated range, Hyundai’s electric crossover SUV is still way cheaper. The 2025 Hyundai IONIQ 5 SE is available to lease from $199, while the 2026 model is listed at $299.
You can also snag a Tesla Model Y for less. With 5,436 down, the Tesla Model Y can be leased for $420 a month for 36 months.
The Tesla Model Y Standard RWD is priced from $39,990 with an EPA-estimated driving range of up to 321 miles.
Which electric SUV are you choosing? With the new 2027 Chevy Bolt now arriving at dealerships, starting at under $30,000, the Equinox EV will no longer be the most affordable electric model in GM’s lineup.
Interested in seeing one for yourself? Check out the links below to find available models near you or book a test drive.
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