While some automakers are dialing back their EV production, General Motors is ramping things up and hoping to “flood the zone” with a bunch of new EVs across a wide range of prices. In 2024, that push will be led by the all-new Chevrolet Equinox EV, which looks to be a compelling package of features, range, and price. That being said, I wouldn’t go rushing down to your local Chevrolet dealer just yet. Some dealers are hoping to cash in on the initial hype and are advertising markups anywhere from $2,000 to $5,000 over MSRP.
This, of course, runs counter to the Equinox EV's mission of being an affordable electric option for the masses. The crossover boasts an impressive range of up to 319 miles for the front-drive versions, whereas the AWD cars drop down to a still respectable 285 miles of range. Chevrolet launched the 2LT trim models with a starting price of $43,295 (excluding destination), but a cheaper LT model with a starting price of $34,995 (same) will hit showrooms later this year.
Our first drive impressions of the Equinox EV were pretty positive. Chevrolet seems to have finally dialed in the sweet spot for its Ultimum platform to offer a feature-packed car at a reasonable price.
Currently, Chevrolet has a few rebates on the table that would offer additional savings on top of the $7,500 Federal Tax credit (for buyers who qualify.) On Chevrolet’s website, there is a national offer of $1,000 offer for current competitive EV and PHEV owners. This is essentially a conquest rebate for buyers who have electrified cars from other brands. However, most dealers in various regions are advertising either a $2,500 or $3,000 current GM EV owner rebate in addition to a $1,000 Costco member rebate.
But the dealers are also out to get their markup money, too, to the tune of thousands of dollars over the sticker price.
While these premiums aren’t nearly as egregious as the ones we saw from Ford dealers during the Mach-E launch, the EV market is very different than it was then. Any market premium is a tough sell when competing automakers have serious discounts on the hood of relatively new models.
The Equinox EV is also proving to be a lesson in the difference between what's advertised online and what you may be asked to purchase. Culver City Chevrolet has this unit advertised on AutoTrader for around $11,000 off MSRP:
However, their website tells a different story. That $11,000 off assumes the $7500 federal tax credit that buyers “potentially” qualify for. The dealer is really only offering $1,000 off the MSRP before the factory programs are applied.
Perhaps you may be tempted by offers like this one in Michigan with an advertised price of over $12,000 off the MSRP:
However, the dealer’s website again reflects a different sale price.
Again, we have the assumed $7,500 federal tax credit baked into that advertised AutoTrader price in addition to the factory programs. A deeper dive into the fine print reveals some caveats: “Sale price includes GM Preferred price, employee vehicle allowance, Purchase Bonus Cash and other applicable north central region rebates. Must qualify for GM Employee discount, others will be slightly higher.”
Like a lot of domestic Michigan dealers, they assume the buyer has a family contact who works for the automaker which would qualify that customer for the super steep employee pricing code. But that's certainly not true of everyone. (Also, this model is labeled as an LT, but that isn't on sale yet, so it's likely a 2LT instead.)
There is a clear pattern for EV prices: As inventory builds up and initial demand wanes, prices come down. For example, this Blazer EV has almost $8,000 in dealer discounts before additional rebates are applied, and that car had some silly markups when it first went on sale last year:
Tom McParland is a contributing writer for InsideEVs. He runs AutomatchConsulting.com, which takes the hassle out of buying or leasing a car. Got an EV buying question? Send it to Tom@AutomatchConsulting.com.
