- Chevy has crazy lease deals on the Equinox EV and Blazer EVs right now.
- You can lease one for under $10 per month.
- This is probably one of the cheapest EV deals you'll see in a while.
It's no secret that EVs can get pretty expensive. Heck, the average transaction price skyrocketed over $55,000 this year. But what if I told you that you could experience the future of electrified mobility for less than the cost of a sandwich?
Sales-y pitch, I know. However, that's not an exaggeration. It turns out that General Motors has some absolutely insane lease deals right now (hat-tip to Reddit). Thanks to the perfect blend of markdowns, buyer incentives and end-of-quarter discounts, you can get in the driver's seat of a brand new Chevy Equinox EV LT like this one in Washington, DC, for under $10 per month, with a down payment of $2,500.
Breaking Down The Pricing
I know that seems virtually impossible for any car, let alone an EV, so let's figure out exactly what's going on to make sense of such an insane deal.
The total sticker price of the Equinox EV I found above was $45,090 after options and delivery. However, the dealer has the vehicle listed for a substantially discounted $36,974. (That's presumably taking the $7,500 EV tax credit off of the price, among other discounts.) Then, on top of those discounts, GM allows for a $1,750 lease cash allowance and $1,250 Costco Executive Member discount. After the $2,500 down payment, this brings the total adjusted capitalized cost—that's the agreed-upon value of the vehicle for leasing purposes—to $32,669 before any additional incentives for other industries, like educators, healthcare professionals, college graduates, the military and first responders.
Here's where things get good. The estimated monthly cost? A whopping $4.41 per month.
No, that's not a typo. And no, it's not the only cheap Equinox EV or Blazer EV out there right now (although it is the cheapest I could find in the Northeast and Mid-Atlantic regions). The lease term itself is for 24 months and 10,000 miles per year, though you can massage the length, mileage, and down payment for a bit extra added onto the monthly bill.
There are also some great deals on the Chevy Blazer EV, albeit not as cheap as the Equinox EV. The cheapest Blazer LT AWD in the DC Metro Area is around $24 per month, though there's only a handful of those available before shooting up to over $100. Similar deals on Equinox EVs and Blazer EVs seem to be available across the country, though prices vary by state and dealer. As always, we recommend soliciting quotes in writing from multiple dealerships before shopping in person.
What You See Is What You Get
A few other similar vehicles can be had for monthly costs ranging from $9 to well under $100. In fact, I counted 27 vehicles within 100 miles of D.C. that were able to be leased for under $100 per month, all with a similar down payment of around $2,500.
This isn't some national fire sale, though. Different metro areas have different availability. For example, the cheapest leases in Atlanta and Chicago scoot up to just under $160 per month, while Los Angeles has at least one vehicle at $82 per month. Meanwhile, the folks down in Austin get down with some $34/month units. So you may not be able to get quite as screaming a deal in your local area, but shopping around could prove to be beneficial.
Now, keep in mind that the down payment adds the equivalent of around $104 per month on top of the cost, so that $4.41 monthly payment is actually costing you around $108.58 to lease. Still, that's a hell of a deal on a brand new EV.
Let's say you're not a big fan of leasing—that's okay too.
If you'd rather buy the EV outright instead, the same Equinox EV will run you as low as $25,098.74, which is nearly $20,000 off the sticker price. With the same down payment of $2,500, you'd be looking at an auto note of around $425 per month at 5% interest. Sure, it's not as shiny as a car for the monthly price of a Big Mac, but it's still a magic number that even the most seasoned EV manufacturers are targeting. Plus, you actually get power windows with this one.
GM has sold a ton of its EVs lately. Even with crazy-swinging tariffs and global EV demand slowing down, the automaker continues to sell its EVs because they're exactly what folks want—affordable, practical and not shaped like some sort of futuristic blob. And with the federal EV tax credit baked into the lease pricing (while it's still around), GM can make these prices extremely attractive without nuking the sticker price, which is part of the reason a short-term lease is so affordable.
Now I'm not pressuring you to go out and snatch up a new car. Panic buying isn't a great way to buy anything, but you do have to take delivery by the end of the quarter (today) to qualify for all of these lease incentives. So if you're in the market and ready to pull the trigger, this Equinox EV lease deal could be exactly what you've been looking for.
