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Compact SUVs are highly popular these days, while consumers are increasingly buying EVs. One drawback of electric cars, though, is they tend to be expensive. However, there’s an affordable electric SUV that’s coming out later this year: the 2024 Chevy Equinox EV. And after the federal EV tax credit, the Equinox EV is the cheapest new compact SUV.

After EV tax credit, the 2024 Chevy Equinox EV is the cheapest new compact SUV

Front view of electric 2024 Chevy Equinox EV, cheapest new compact SUV after EV tax credit
2024 Chevy Equinox EV | Chevrolet

The Chevrolet Equinox has been around for a long time, introduced back in 2004. Now, after two decades of gas-powered propulsion, it’s going electric. The 2024 Chevy Equinox EV is an all-electric model — while the gas-powered version will be discontinued. And with its affordable price point, the electric SUV is financially accessible for the masses — a rarity for EVs.

The starting price of the 2024 Equinox EV is $30,000 MSRP. After the $7,500 federal EV tax credit, the price drops to only $22,500, making the new Chevy model the cheapest new compact SUV. Also, depending on the location, state and local credits and incentives can push the price even lower.

View the cheapest new compact SUVs — taking into account the federal EV tax credit:

  1. 2024 Chevy Equinox EV: $22,500 ($30,000 MSRP before $7,500 EV tax credit)
  2. 2023 Hyundai Tucson: $24,950 MSRP
  3. 2023 Kia Sportage: $26,290 MSRP
  4. 2023 Subaru Forester: $26,395 MSRP
  5. 2023 Chevy Equinox: $26,600 MSRP
  6. 2023 Mazda CX-5: $26,700 MSRP
  7. 2023 Volkswagen Tiguan: $26,950 MSRP
  8. 2023 Nissan Rogue: $27,360 MSRP
  9. 2023 Mazda CX-50: $27,550 MSRP
  10. 2023 Mitsubishi Outlander: $27,895 MSRP
  11. 2023 Toyota RAV4: $27,975 MSRP
  12. 2023 Ford Escape: $28,000 MSRP
  13. 2023 Honda CR-V: $28,410 MSRP
Sunroof in electric 2024 Chevy Equinox EV, most affordable new compact SUV after EV tax credit
2024 Chevy Equinox EV | Chevrolet

While SUVs tend to be more expensive than other vehicle types, the compact SUV segment, as a whole, is relatively affordable. As you can see, there are many models priced below $29,000. However, none of the gas-powered models can match the cheapest one of all — the Equinox EV. After the federal EV tax credit, it costs less than the other models, including the gas-powered version of the Chevrolet SUV.

2024 Chevy Equinox EV: Design, electric motor output, and driving range

While the 2024 Chevy Equinox EV shares a name with its gas-powered predecessor, it differs in many ways. This includes ditching the internal combustion engine in favor of an electric powertrain. And the affordable compact SUV offers two powertrain variants: a single-motor front-wheel drive and a dual-motor all-wheel drive. The single-motor version generates 210 horsepower, while the dual-motor variant doles out 290 horsepower.

For driving range, the Equinox EV can travel between an estimated 250 and 300 miles. The higher figure comes courtesy of a larger battery pack. Also, it has DC fast-charging capabilities, with the ability to add 70 miles of range in 10 minutes.

Futuristic design for the affordable electric SUV

Compared to the outgoing model, the new 2024 Chevy Equinox EX has a more futuristic design, which nicely blends with conventional compact SUV elements. Additionally, like other electric cars, it doesn’t have a traditional grille.

The interior of the Chevrolet electric SUV has a modern look — with a level of refinement and technological sophistication that belies its affordable price. There’s a head-up display with a full-display camera mirror, as well as an infotainment system with the option for a massive 17.7-inch screen. 

Also, other premium amenities include a dual-zone climate control system, a presence-based power liftgate, heated and cooled seats, a sunroof, and a heated steering wheel. Additionally, the affordable SUV offers many driving assistance technologies, including Super Cruise hands-free driving.

The most budget-friendly model in the compact SUV segment is a surprising choice: the electric 2024 Chevy Equinox EV. After the federal EV tax credit, it’s the cheapest new compact SUV.