Equinox EV vs. gasoline-powered Equinox - Comparing ownership costs

Does the EV version of the Chevrolet Equinox cost less to own?

While the initial purchase cost of an Equinox EV may be higher than that of its gasoline-powered equivalent, ownership costs are much lower, once energy and maintenance costs are factored in.

In fact, the savings start as early as the first month in all cases!

The ‘breakeven point’ (the annual mileage at which the Equinox EV becomes more cost-effective) is very low, generating savings starting from 6,200 kilometres per year. (See below for details.)

The Chevrolet Equinox EV is representative of the popularity of electric vehicles in Quebec. Almost as soon as it hit the market in 2024, it immediately became the best-selling new electric vehicle in Quebec. In 9 times out of 10 Quebecers opted for the electric version of this model.

Taking all powertrain variants together, the Chevrolet Equinox EV was the 3rd best-seller (14,421 units), just behind the Toyota RAV4 (16,343 units, almost half of which were plug-in rechargeable hybrids (PHEVs)).

Cheaper each month ... right from the beginning!

During the first 5 years (with financing over 60 months), an electric vehicle can generate savings, depending on the number of kilometres driven. Remember, the further you need to travel, the more it pays to go electric! (This does not include any possible difference in insurance costs. You will need to check prices, based on your personal situation).

Even if you include the installation of a home charging station (at a cost of approximately $1,000), opting for the EV Equinox over the gasoline-powered version could save you between $300 and $6,000 over the first 5 years.

If you keep it for just 5 years, the Equinox EV would begin to generate savings once you pass the 14,500 km/yr mark (the ‘breakeven point,’ where an EV becomes more advantageous).

Major savings once the vehicle is paid off

Once the final monthly payment has been made (after 60 months), the benefits of going electric become even more significant.

The longer you keep your vehicle, the more you'll save. Going electric can pay off handsomely over time!

After 10 years, having opted for the Equinox EV over its gas-powered equivalent could result in savings of between $10,000 and $22,000 (including the prior installation of a home charging station).

After 10 years, the breakeven point for the Equinox EV is very low. You would only need to drive 6,200 km/yr for the Equinox EV to start generating savings, compared with its gasoline-powered equivalent.

Calculation details

The purchase price of the Equinox EV is still higher than that of the equivalent gas-powered model. The cost (including taxes and subsidies*) would be more than $7,100 higher.

But it costs only a fraction of the price for energy to operate and maintain it.

These costs are estimated based on a typical charging breakdown of 90% at-home charging, 5% public Level 2 charging (240 V), and 5% fast charging (100 kW). Costs may vary, based on use. The model's fuel consumption is taken from the Natural Resources Canada Fuel Consumption Guide ‘combined rating’ (55% city, 45% highway). Costs may vary according to options, vehicle use and driving habits.

These costs are based on the combined fuel consumption rating (55% city and 45% highway) as indicated in the Natural Resources Canada Fuel Consumption Guide. The price of gasoline has been set at $1.62/l (the 2024 average price in Quebec, according to the Régie de l'énergie website). Costs may vary, based on vehicle use and driving habits.

Do your own calculations

We encourage you to do your own personal analysis, comparing the models of your choice, based on your own personal numbers, such as the number of kilometres driven annually, length of ownership (and, where applicable, vehicle depreciation), plus insurance costs.

You might be pleasantly surprised!

To view the methodology used for our calculations, go to the following page : Comparison of ownership costs - Methodology

* Prices and subsidies in effect as of April 2025.