How to Hack An Amazing Chevy Equinox EV Deal for Under $200/Month, $0 Down
Updated August 4, 2024
This month, GM Financial continued their supported lease program on the 2024 Chevrolet Equinox EV, valid through August 31, 2024.
Equinox EV is a comfortable, well-equipped crossover with 319 miles of range — comparable to a Tesla Model Y for a fraction of the cost. It’s an excellent vehicle to lease thanks to the trifecta of high residual value, low money factor, and targeted incentives.
If you stack the right incentives, you can get one for under $200 per month with $0 down, plus taxes and fees.
Here’s how you hack an Equinox EV lease deal!
Choose the 24-month term. GM Financial is offering the highest residual values on the 24-month lease: 80% of MSRP at 10,000 miles per year. Adjust the residual down by 1% for a 12,000 mile per year lease, or by 3% for a 15,000 mile per year lease. Since the cost of a lease is determined primarily by the amount of depreciation, a high residual value helps lower the monthly payment. Use Rate Findr to find program and incentive data for Equinox EV.
Stack incentives. GM offers a host of targeted incentives that help reduce the cost of the lease. The maximum stack is $5,500 in incentives from GM.
$500 — GM Card Signup
$1,000 — Current Lease
$1,000 — GM Supplier (search employer eligibility here) OR $500 Healthcare/Teacher/First Responder/Military Discount
$1,500 — Conquest (own/lease a non-GM vehicle 2010 or newer)
$3,000 — Bolt EV/EUV owner/lessee (cannot be stacked with Conquest)
Negotiate a discount. In addition to incentives from GM, you may be able to negotiate a discount off MSRP. For our example, we are targeting a dealer discount of $2,900 off MSRP.
Consider a one-pay lease. GM Financial offers a one-pay lease option that will save about $1,000 over the cost of the 24-month lease.
Use Leasehackr Calculator to put together a target deal. The cost of your lease will depend on numerous factors, such as the discount you negotiate, the incentives you qualify for, local taxes and fees, vehicle MSRP, and desired annual mileage. We recommend using Leasehackr Calculator to create a target deal to aim for when shopping for an Equinox EV, or any vehicle for that matter.
Here’s an example of a 2024 Chevrolet Equinox EV 2LT ($43,195 MSRP) lease assuming California registration and 7.75% taxes, a $2,900 dealer discount, and $0 down payment, plus first month’s payment, registration, taxes, and document fees due at signing.
No incentives: $338/month plus tax
GM Card + Conquest: $252/month plus tax
GM Card + Conquest + Current Lease: $209/month plus tax
GM Card + Conquest + Current Lease + GM Supplier: $166/month plus tax
GM Card + Current Chevy Bolt + Current Lease + GM Supplier: $102/month plus tax
Have questions? Join the conversation on Leasehackr Forum!