2024 Chevy Equinox EV Lease Costs Twice As Much As Gas Model

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Senior Pricing Analyst

As CarsDirect’s resident pricing expert, Alex offers must-know analyses of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured by The Wall Street Journal, Fox Business, Motor Trend, Automobile Magazine, and more.

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, Senior Pricing Analyst - April 2, 2024
2024 Chevy Equinox EV electric SUV back view red color

Chevy Equinox EV leases could make it a lot more expensive to go electric than you think. Based on a bulletin sent to dealers, the 2024 Chevy Equinox EV is nearly twice as expensive as the gas model. If you're comparing Equinox EV leases versus the Equinox, upgrading could be a very tough sell right now.

Through April 30th, the 2024 Chevy Equinox EV RS can be leased for $569 for 39 months with $2,919 due at signing. That's based on an MSRP of $47,495 for the front-wheel-drive version of the SUV and 10,000 miles a year. The effective cost of this lease deal comes out to $644 a month excluding taxes & fees.

At the same time, the 2024 Chevy Equinox is listed at $299 for 36 months with $1,109 at signing, or $330 a month. That makes Chevy's first lease on the Equinox EV $314 — per month — more expensive than the gas model. Having said that, we think that there are some important details worth knowing about first.

2024 Chevy Equinox EV black interior

Unlike the EV, the gas Equinox lease is for the 1LT trim, which isn't nearly as well-equipped as the RS version of the EV. In a lot of ways, these are two completely different vehicles. There's also the difference in MSRPs ($47,495 for the EV and $30,890 for the gas model offer). But that's not all when you look closely.

Chevy's first Equinox EV lease also includes a $500 discount that you can only get when coming from another GM lease or that of a competitor. If you aren't eligible, expect to make up for it with a higher amount at signing. The gas version of the Chevy Equinox has a similar incentive but worth twice as much at $1,000.

There is a way to get a cheaper Equinox EV lease. As we reported earlier today, Chevy has a $3,000 Bolt loyalty discount on the all-electric Equinox. While we think this could put a sizable dent in Equinox EV lease prices, shoppers may find the brand's newest electric vehicle to be quite pricey amid an ongoing EV price war.

A cheaper LT version of the Equinox EV is due to arrive sometime later this year. With a base price of $34,995, we think it could be worth waiting for. If you're buying rather than leasing and qualify for it, a $7,500 federal tax credit could bring prices down to nearly $27,000, making it an attractive alternative to the gas model.

Explore Chevy Equinox EV Deals

, Senior Pricing Analyst

As CarsDirect’s resident pricing expert, Alex offers must-know analyses of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured by The Wall Street Journal, Fox Business, Motor Trend, Automobile Magazine, and more.

Follow On: Twitter

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