Electric Cars

The electric vehicle market is currently witnessing a surge in attractive offers, making it an opportune moment for consumers to consider leasing. With federal incentives on the verge of expiring, manufacturers are providing significant discounts, leading to a competitive landscape for popular models. This analysis evaluates two prominent electric SUVs, the Chevrolet Equinox EV and the Hyundai IONIQ 5, by examining their lease terms, specifications, and market positions, to assist potential lessees in making an informed decision. Both vehicles present unique advantages, from the Equinox EV's affordability and rapid sales to the IONIQ 5's enhanced features and very low monthly payments, reflecting a broader trend of accessibility in the EV sector.

The first half of 2025 saw over 607,000 electric vehicles sold across the United States. This impressive volume was significantly bolstered by various incentives, as the impending conclusion of federal EV benefits by the end of September, due to the “One Big Beautiful Bill,” has prompted automakers to offer substantial savings. According to a recent Cox Automotive report, incentives for electric vehicles reached an unprecedented average of nearly $8,500 in June, representing approximately 15% off the average transaction price. This figure is more than double the incentives typically offered for gasoline-powered vehicles. Notably, seven electric models were available at transaction prices below $40,000, with the Chevy Equinox EV leading sales in this accessible price bracket.

Priced from just $34,995, the Chevy Equinox EV is marketed by General Motors as the most affordable electric vehicle in America offering over 315 miles of range. Its success has swiftly elevated Chevrolet to the second position among EV brands in the U.S., trailing only Tesla. In the first six months of the year, the Equinox EV alone accounted for nearly a third of GM's total electric vehicle sales. Demand has been so robust that one California dealer reported wait times exceeding a month for new Equinox EV inventory. This high demand positions the Equinox EV to potentially rank among the top three best-selling electric vehicles in the U.S. soon.

For those considering a lease, the Chevy Equinox EV offers competitive terms starting at $289 per month for a 24-month agreement, with an initial payment of $3,909 due at signing. Alternatively, Chevrolet provides 0% APR financing over 60 months for all its 2025 electric vehicle models. The base 2025 Equinox EV LT model, starting at $34,995, provides an estimated 319 miles of range and features a spacious interior with up to 57.2 cubic feet of cargo capacity and a large 17.7-inch infotainment screen. Various trims are available, each with different starting prices, ranges, and corresponding monthly lease rates, such as the LT FWD at $289/month, LT AWD at $351/month, RS FWD at $416/month, and RS AWD at $453/month.

In comparison, the Hyundai IONIQ 5 has received significant enhancements for its 2025 model year, including an increased range of up to 318 miles, a refreshed interior and exterior design, and the integration of a North American Charging Standard (NACS) port, providing access to Tesla Superchargers. Hyundai recently lowered lease prices, with the improved 2025 IONIQ 5 now available from $179 per month. In certain regions, particularly California and other Zero-Emission Vehicle (ZEV) states, offers can be as low as $159 per month. While the $179 offer is for the base SE model with a 245-mile range, the longer-range IONIQ 5 SE RWD, offering 318 miles, is available for $199 per month. Both offers require $3,999 due at signing for a 24-month lease. Additionally, Hyundai is providing a complimentary ChargePoint Level 2 home charger with the purchase or lease of a new 2025 IONIQ 5, and all trims are eligible for 1.99% APR financing for up to 60 months. The 2025 Hyundai IONIQ 5 boasts up to 59.3 cubic feet of cargo space and a dual 12.3-inch driver display and infotainment system setup.

As federal incentives for electric vehicles approach their expiration, both the Hyundai IONIQ 5 and the Chevy Equinox EV are presenting exceptionally competitive lease opportunities that are unlikely to be matched in the future. These circumstances create a compelling window for consumers to capitalize on significant savings when transitioning to an electric vehicle.