Like clockwork, Costco announced exclusive manufacturer incentives for the 2022 holiday season that can be applied toward the lease or purchase of select new vehicles.

From November 1, 2022 to January 3, 2023, existing Costco members are eligible for the following manufacturer incentives:

• $1,250 incentive on 2022 and 2023 Volvo XC40, XC60, XC90, S60, S90, V60 Cross Country, V90 Cross Country, and C40;

• $1,000 incentive on 2022 and 2023 Chevrolet Silverado, Colorado, Blazer, Equinox, Trailblazer, Traverse, Tahoe, and Suburban; and

• $500 incentive on 2023 Chevrolet Bolt EV and EUV.

Chevrolet Equinox Lease Deal

We’ve worked out how this Costco incentive could be used to create a $296 per month lease deal ($0 down payment, plus taxes and fees) on a 2022 Chevrolet Equinox LS in November 2022:

1. Discount: With an MSRP of $27,695, you’ll need to target at least a $400 discount for a selling price of $27,295.

2. Incentives: You’ll need the $1,000 Costco incentive, $1,000 incentive for existing lessees (conquest or loyalty), and $500 Chevy Cyber Cash incentive, for a total of $2,500 in incentives.

3. Money Factor: You’ll need the Tier 1 “buy rate” money factor of .00130 (equivalent to 3.12% APR) through GM Financial. (Some dealers mark up the money factor for additional profit.)

4. Term: This is for a 36-month, 10,000 mile per year lease (58% residual value).

Here’s a link to the Leasehackr Calculator with the inputs pre-filled for this 2022 Chevrolet Equinox LS lease, assuming a Southern California sales tax rate and government fees. You can customize the inputs to reflect your circumstances.

Given the current market, we think a $296 per month lease on a 2022 Chevrolet Equinox is a solid deal and a good option for someone seeking a practical, if basic, crossover SUV to drive around.