Most Chevy Equinox EV Shoppers Chose A Lease In Q1 2025

During Q1 of the 2025 calendar year, the majority of Chevy Equinox EV shoppers opted to lease over traditional financing or a cash purchase.

Per a recent report from global information services company Experian, 56 percent of all new Equinox EV customers leased their vehicle during the first quarter of the year. By contrast, only 32 percent were financed, while just 12 percent were outright cash purchases.

This preference to lease among Chevy Equinox EV customers aligns with a broader trend across the EV segment. Experian’s report indicates that lease penetration for electric vehicles hit nearly 60 percent overall, making up almost a quarter of all new vehicle leases during the quarter.

So what’s the appeal of a lease over a cash purchase or financing? For starters, the average lease payment for the Chevy Equinox EV was significantly lower than the average loan payment. Not only that, but lease payments for the Equinox EV were also lower than the average monthly payment for the ICE-based Chevy Equinox, as well.

Other mass-market EVs, such as the Honda Prologue and Volkswagen ID.4, also saw very high lease ratios, with 88 percent of ID.4 customers opting to lease, and nearly 90 percent of Honda Prologue customers opting to lease. While this may reflect attractive lease incentives, it also suggests something of a strategic approach by consumers, who may be concerned about long-term battery performance, software support, and uncertain resale values. As such, leasing could allow buyers to hedge against the perceived risks associated with EV ownership.

As a brand, Chevrolet ranked fourth overall in terms of lease volume for Q1 of 2025, falling behind Honda, Tesla, and BMW.

Looking forward, the high volume of Chevy Equinox EV leases inked at the start of 2025 means a wave of pre-owned units is likely to return to the market over the next two to four years. And if supply outpaces demand, resale values will likely drop as well.