A lot is riding on the shoulders of the 2024 Chevrolet Equinox EV crossover. With the discontinuation of the Bolt EV and Bolt EUV, it’s now Chevrolet’s cheapest all-electric model and General Motors has high hopes of attracting more customers who want the latest battery-powered, somewhat affordable crossover.
But the pricing strategy, at least at the moment, doesn’t seem to do the entry-level Equinox EV any favors because, as it turns out, it’s more expensive to lease an Equinox EV than a larger Blazer EV.
To lease or not to lease the Equinox EV?
The first lease deal for the 2024 Chevrolet Equinox EV is in, but it’s not looking so good. Compared to the larger Blazer EV, the monthly lease fee for the Equinox EV is bigger than the Blazer EV.
Yes, you read that correctly. Even though the Equinox EV is currently $2,700 cheaper to buy than the Blazer EV, it’s actually dearer to lease. In fact, you could even get an all-wheel drive Blazer EV for less money per month than a front-wheel drive Equinox EV, as CarsDirect found out recently.
The 2024 Chevy Equinox EV in front-wheel drive RS trim is listed at $569 per month with a $2,919 down payment and a 39-month term. That means the effective monthly fee is $644. By comparison, the Blazer EV in front-wheel drive LT trim is listed at $469 with a $2,819 down payment, bringing the effective monthly cost to $541. The all-wheel drive Blazer RS has a lease deal of $549 per month with a $2,869 down payment. That’s $623 per month, $21 less than the smaller, front-wheel drive Equinox EV.
So, what gives? Well, it’s worth mentioning that the cheapest version of the Equinox EV, known as the LT, isn’t yet on sale. That will come later this year with a starting price of $35,995 and an estimated driving range of 319 miles on a full charge.
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Then, there’s the issue of residual value. As reported by CarsDirect, the Equinox EV’s first lease deal is based on a residual value of 53% and a 7.39% APR. Furthermore, there’s no lease cash for Chevy’s entry-level EV and, to make matters worse, the lease price includes a discount that’s only available if you’re coming from another lease. If not, the down payment goes up by $500. However, GM is offering a $3,000 discount on the Blazer EV for Chevy Bolt owners and lessees that isn’t available for the Blazer EV.
Meanwhile, the Blazer EV lease for the LT trim is based on a 52% residual value and a $1,000 loyalty cash incentive, and there’s also a much better interest rate of 3.24%.
