The Chevy Equinox EV has quickly become one of the most important electric vehicles in the U.S. market. Last year, it ranked as America’s third-best-selling EV, trailing only the Tesla Model Y and Tesla Model 3. Now, General Motors is kicking off the new model year with a $5,000 customer cash incentive, aiming to keep momentum strong.
After the lower-priced LT trim launched in late 2024 with a starting price under $35,000, demand surged. Nearly 58,000 Equinox EVs were sold last year, outpacing rivals like the Ford Mustang Mach-E and Hyundai IONIQ 5. According to Kelley Blue Book, GM has firmly positioned itself as the EV market leader outside of Tesla—largely thanks to the Equinox EV and Cadillac’s expanding lineup.
Pricing: discounts help, but leasing tells a different story
For 2026, the Equinox EV once again carries a $5,000 cash offer, similar to the 2025 model. On paper, that keeps purchase pricing competitive. Leasing, however, is less convincing.
The base 2026 Equinox EV LT leases for $437 per month for 36 months, with $5,436 due at signing. The 2025 model is only marginally cheaper at $431 per month with similar upfront costs. In contrast, competitors are undercutting Chevrolet aggressively:
2025 Hyundai IONIQ 5: leases from $189 per month
2026 Hyundai IONIQ 5: leases from $299 per month
Tesla Model Y: around $420 per month with similar money down
This makes the Equinox EV look expensive in a lease-focused market, even with incentives.
Specs and range: where the Equinox fights back
Where the Equinox EV regains ground is range. The entry-level model delivers up to 319 miles of EPA-estimated driving range, significantly more than the base IONIQ 5’s 245 miles. Even when compared to the long-range IONIQ 5 (318 miles), the Equinox remains competitive.
The Tesla Model Y Standard RWD, priced from $39,990, offers up to 321 miles of range, placing it nearly on par with the Equinox—but at a higher purchase price.
For buyers who prioritize fewer charging stops and longer highway trips, the Equinox EV’s range advantage is meaningful.
Who the Equinox EV is best for
The Equinox EV makes the most sense for:
Buyers planning to purchase rather than lease
Drivers who value long range over quick lease deals
Families seeking a familiar compact SUV shape
First-time EV owners who want GM’s dealer network and service support
It’s less appealing for bargain hunters focused purely on monthly lease payments, where Hyundai and Tesla currently offer stronger deals.
Final outlook: solid product, tougher competition
With the 2027 Chevy Bolt arriving under $30,000, the Equinox EV will no longer be GM’s most affordable electric vehicle. Still, it occupies an important middle ground: more space and range than the Bolt, but less expensive than larger EVs.
The Equinox EV remains a strong all-around electric SUV—but as competitors sharpen pricing and incentives, its value proposition increasingly depends on how you buy, not just what you buy. For the right customer, it’s still a smart choice. For others, the deals elsewhere may simply be too good to ignore.
