With new EVs rolling out, Chevy is looking for new ways for buyers to go electric. Chevy is offering no payments for 120 days on the new Equinox and Blazer EVs. However, there’s more to the deal you should know.

After ending production of the current-generation Bolt EV last December (don’t worry, a new Bolt is coming next year), Chevy is looking to a new era.

Based on GM’s Ultium platform, the new Equinox and Blazer EVs are now being delivered to customers. According to GM, the Equinox EV is the “most affordable” in its segment, with over 300 miles of range.

The 2LT, starting at $43,995, is already on the market. Meanwhile, orders for the lower-priced ($35,000) 1LT version are expected to open later this year.

After a stop-sale ended in March, Chevy slashed Blazer EV prices by up to $6,520, with a new starting price of just over $50,000. A lower-priced (under $50K) model will debut later this year.

Both new Chevy electric models are eligible for the $7,500 EV tax credit. With the credit included, Equinox prices fall as low as $35,795, while the Blazer EV can be bought for as low as $42,695.

Chevy is offering no payments for 120 days on new EVs

To up the ante, Chevy is offering buyers no payments for up to 120 days for purchasing the new Equinox or Blazer EVs.

However, according to online auto research firm CarsDirect, the deal may not be as good as it seems.

2024 Blazer EV trim	Old MSRP	New starting price	Difference	EPA Range	Starting price with $7,500 tax credit
2LT AWD	$56,715	$50,195	-$6,520	279	$42,695
RS AWD	$60,215	$54,595	-$5,620	279	$47,095
RS RWD	$61,790	$56,170	-$5,620	320 (GM-est)	$48,670

For example, the “Promo rate” on the 2024 Equinox is 5.99% for 72 months. For the Blazer EV, it’s 7.79% for 72 months. To make it worse, GM Financial allows dealers a 1.5% markup, meaning the Blazer EV could see a rate as high as 9.29% APR.

That would mean over $15,400 in interest on a $50,000 six-year loan (before taxes and fees). Despite the 120-day deferral, you will still be building interest.

Although new models qualify for the full EV tax credit, GM is offering $7,500 “Ultium Promise Bonus Cash” on older models.

For those shopping for a new Equinox or Blazer EV, ask the dealer if the model you’re looking at qualifies for the tax credit or not.

Chevy Equinox EV trim	Starting Price	Starting price with $7,500 tax credit included
1LT FWD	$34,995	$27,495
2LT FWD	$43,295	$35,795
2RS FWD	$44,795	$37,295
3LT FWD	$45,295	$37,795
3RS FWD	$46,795	$38,295

For a lower rate, Chevy is offering as low as 3.9% on the Equinox EV for 60 months. But that’s not part of the no payment for 120 days deal. Meanwhile, Tesla’s Model Y, with a current interest rate of 0.99% for 72 months, is still hard to beat.

If you’re shopping for a new vehicle, we can help you find the right model at the best price. You can use our links below to find deals on new EVs at a dealer near you.