The $34,995 Chevrolet Equinox EV Is Worth A $25,000 Tax Deduction
The Chevrolet Equinox EV is looking like one of the best electric vehicle deals.
The compact electric SUV delivers an excellent combination of passenger space and range at a price that will start at $34,995 when the entry-level model goes on sale later this year.
And that’s before you subtract the federal electric vehicle purchase tax credit it is eligible for, which is $7,500 and brings that down to $27,495.
Even the currently lowest-priced $43,295 2LT trim that is $35,795 after the credit is tough to beat. But you could save even more money than that.
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Despite its relatively small size, the Equinox EV weighs nearly 5,000 pounds, due in large part to its heavy 85 kWh battery pack, and has a gross vehicle weight rating (GVWR) of 6,060 pounds. The all-wheel-drive model is a bit heavier.
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That puts the Equinox EV over the limit for a Section 179 tax deduction. The provision allows for vehicles with a GVWR over 6,000 pounds that are used for business to have part or all of their purchase price deducted. It’s primarily used for large trucks, but several smaller electric vehicles are eligible, including the Chevrolet Blazer EV, Tesla Model X and BMW iX.
The Equinox EV isn’t a bad hauler, however. It has 57.2 cubic-feet of cargo capacity with the second row seats folded down and is rated to tow up to 1,500 pounds when properly equipped. The front-wheel-drive model’s powertrain is rated at 213 hp, but the all-wheel-drive version has 288 hp and the added traction that goes with the power going to four tires.
The range ratings are 319 miles with front-wheel-drive and 285 with all-wheel-drive, but that doesn’t take towing into account. Even with a significant drop in efficiency, they should be able to cover a fair amount of distance with a trailer attached.
This article should not be considered tax advice and you should reach out to a tax professional for the latest information if you are considering purchasing a vehicle with the Section 179 deduction in mind.
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