Hyundai IONIQ 5 vs Chevy Equinox EV: Which makes the better lease?

The new and improved Hyundai IONIQ 5, or the hot-selling Chevy Equinox EV? Which electric SUV makes the smarter lease? Here’s the rundown.

Over 607,000 electric vehicles were sold in the US in the first half of 2025, thanks to some big discounts. Many automakers are currently offering generous savings, as Trump’s “One Big Beautiful Bill” is set to end federal EV incentives at the end of September.

According to Cox Automotive’s latest EV Market Monitor report, EV incentives reached a record of nearly $8,500 in June, or about 15% off the average transaction price (ATP).

That’s more than double the incentives offered on gas-powered vehicles. Seven electric vehicles had an ATP below $40,000, including the Chevy Equinox EV. The Equinox EV was the top-selling EV in the price range.

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Starting at just $34,995, GM calls it “America’s most affordable 315+ range EV.” The electric Equinox has already propelled Chevy to become the number two EV brand in the US behind Tesla.

Through the first half of the year, the Chevy Equinox EV accounted for nearly a third of GM’s electric vehicle sales. And it could have sold even more. A dealer in California reached out to Electrek, claiming they had to wait over a month to receive Equinox EV models. It’s now on track to be among the top three selling EVs in the US.

Which EV to lease: Chevy Equinox EV or Hyundai IONIQ 5

With leases starting at just $289 per month, it’s no wonder the electric SUV is flying off the lot. The offer is for 24 months with $3,909 due at signing.

Alternatively, you can opt for 0% APR financing for 60 months, which Chevy is offering on all 2025 electric vehicle models.

The base 2025 Chevy Equinox EV LT starts at $34,995 with up to 319 miles of range. The interior boasts up to 57.2 cu ft of space and a 17.7″ infotainment screen.

How does it compare to the IONIQ 5? Hyundai has upgraded its best-selling electric SUV with major improvements, including increased range (now up to 318 miles), a revamped interior and exterior, and a built-in NACS port to access Tesla Superchargers.

After cutting lease prices again this month, the 2025 Hyundai IONIQ 5 is currently listed at just $179 per month.

However, that’s for the base SE mode, which has an EPA-estimated driving range of 245 miles. The longer-range IONIQ 5 SE RWD, with 318 miles range, can still be leased for just $199 per month right now. Both offers are for 24 months with $3,999 due at signing.

Hyundai is also throwing in a complimentary ChargePoint Level 2 home charger with the purchase or lease of a new 2025 IONIQ 5. All IONIQ 5 trims are listed with 1.99% APR financing for up to 60 months.

The 2025 Hyundai IONIQ 5 offers up to 59.3 cu ft of cargo space with a dual 12.3″ driver display and infotainment system setup.

Both the Hyundai IONIQ 5 and Chevy Equinox EV are hard to pass up right now, with lease prices expected to be as low as they will ever be.

Looking to snag the savings while they last? You can use our links below to find offers on the Chevy Equinox EV and Hyundai IONIQ 5 near you.