According to a recent study on electric vehicle prices, it was found that luxury brand EVs cost more than internal combustion engine equivalents, but mass-market or mainstream brand EVs cost much more than their ICE counterparts. However, one exception to that trend is the upcoming Chevy Equinox EV if its announced base price holds true.
A J.D. Power report states that while EVs now account for 8.4 percent of new vehicle purchases and leases in the United States, 76 percent of these new electric vehicles were sold by luxury brands. According to J.D. Power, the biggest reason for that result is relative affordability.
More specifically, the average premium vehicle buyer is paying 0.4 percent more for an EV than a comparable ICE-powered vehicle. By comparison, the average mass-market brand buyer is paying 18 percent more to own an electric vehicle.
On average, new vehicles in the compact electric utility segment are priced $10,000 to $20,000 higher than comparable ICE-powered vehicles. One exception is the Chevy Equinox EV, which is projected to be introduced toward the lower end of the price curve.
As for how exactly the Chevy Equinox EV plays into this, the Bow Tie brand’s upcoming all-electric crossover was introduced with an approximate $30,000 starting MSRP for the entry-level 1LT trim. In comparison, the ICE Chevy Equinox’s price ranges from $28K to $35K. As a sidenote, after General Motors announced its decision to drop the 1LT trim level from the Chevy Blazer EV lineup in July, a petition was created challenging The General to maintain the Equinox EV’s base 1LT trim level and $30K entry price.
As a reminder, the first Equinox EV variant to be produced will be the limited-edition 2RS, scheduled to arrive this fall. The 1LT, 2LT, 3LT and 3RS trims will follow in the spring of 2024.