Ever since it went into production earlier this year, the 2024 Chevrolet Equinox EV has been a tough sell because of the arguably bad lease deals offered by General Motors. The Equinox EV is the most affordable battery-powered car in GM’s portfolio, retailing for $43,295 for the base 2LT trim, so it should be the cheapest one to lease, too.
That has finally happened now, albeit with some important fine print at the end of the page. Nevertheless, the compact battery-powered crossover is cheaper than its gas-powered counterpart
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The cheapest Chevy EV is finally affordable to lease
When the first lease offer for the 2024 Chevrolet Equinox EV emerged a few months ago, it was terrible. Who would have paid over $600 per month for a compact crossover, especially when the bigger Blazer EV was cheaper to lease? Now, though, GM has finally given the Equinox EV the lease deal it deserved.
According to a dealer bulleting seen by CarsDirect, Chevrolet is offering a new $1,500 so-called conquest cash incentive for owners and lessees of any non-GM vehicle, which can be bundled with an existing lease conquest bonus for a total of $2,500 in savings.
The result? The 2024 Equinox EV 2LT can be leased for $239 per month on a 24-month term with $3,029 due at signing and a 10,000-mile annual limit, leading to an effective monthly cost of $365 per month. That’s $30 less than the gas-powered Equinox that has nothing in common with the EV version, and it’s also $75 less than the entry-level Blazer EV which has long had much better lease deals than the Equinox EV.
Not anymore, however, as Chevrolet has finally given its most affordable EV the pricing structure it needs to be competitive. When it went on sale, the Equinox EV cost double to lease, making it a no-go for many who were looking to get into the EV space–the larger Blazer EV was a much better deal for many months when leasing despite having a much higher MSRP.
What about that asterisk, though? Well, if you don’t qualify for the two conquest incentives, the Equinox EV’s lease goes up to $349 per month with $3,079 at signing, which results in an effective monthly cost of $477 for 24 months.
Gallery: 2024 Chevrolet Equinox EV
Furthermore, if you’re in the right place at the right time, you could still get a brand-new Blazer EV for much less than its smaller brother. Our own Mack Hogan recently signed the lease on a 2024 Blazer for $271 per month with $2,000 down, meaning an effective monthly cost of $354. Our friends at Auto Buyers Guide got an even better deal for a Blazer, paying the equivalent of $264 per month with zero down.
With up to 319 miles of range on a full charge for the front-wheel drive version, the 2024 Chevrolet Equinox EV is currently the most affordable EV in America with over 315 miles of range, according to the automaker. It’s also the indirect replacement for the discontinued Chevrolet Bolt EUV which will get a new generation next year with Ultium tech and a lithium iron phosphate (LFP) battery pack to keep the costs down.
