Although it was a midsize SUV up until a few years ago, the Chevy Equinox is now a compact crossover SUV and one of Chevy’s most popular models. Considering how much interior space it allows for cargo despite its small size, however, it’s no surprise that it has retained a great deal of popularity. That being said, if you’re particularly interested in the Chevy Equinox as your next vehicle, it may make sense for you to wait a little while.
There are two major factors to keep in mind if you’re looking at a new Equinox. If you need something right now, then I understand not being able to hold off. And if you are looking for an Equinox right now, you may just be able to score some better than normal deals because this SUV has been selling slowly. The reason why? A mid-cycle update is coming for the 2022 model year with more stylish looks and a more powerful engine option. So if you want a more impressive ride and you can wait until later this year, then your patience will pay off. Let’s dig a little deeper into these factors and see how you can take advantage of them.
2021 Chevy Equinox Sales so Far
Most people don’t really follow sales figures in the auto industry, which makes sense. Unless you’re a shareholder worried about the value of your GM stocks, it really shouldn’t matter to you how many Chevy Equinoxes sold last year or the year before. That being said, this information can sometimes benefit you as a car buyer.
Looking at Chevrolet sales in 2020, the Equinox was its second-highest selling vehicle, behind the Silverado (that’s no surprise, the Silverado is incredibly popular). It’s worth noting that the Equinox was the second-highest selling vehicle for all of General Motors, not just the Chevy brand, which should tell you how popular it is. Chevy sold almost 271k Equinox models in 2020, which is certainly impressive.
However, that number doesn’t tell the whole story by itself: in 2019, Chevy sold more than 346k Equinox models, which means its sales were down by about 22% in 2020. So even though it has retained a lot of popularity overall, it has dropped substantially from the previous year. This has resulted in a surplus of Chevy Equinox models. According to at least one source, Chevy is now sitting at 71 days of supply for the Equinox, about ten days more than it would like.
Sales of Other Chevy Models
It’s important to note that while the Equinox sold fewer models in 2020 than in 2019, this isn’t entirely bad news for the auto manufacturer. For one thing, two of their other crossover SUV models did very well in 2020, and this could have had an impact on the sales of the Equinox. If people are choosing a different model but still buying Chevy, then GM isn’t going to lose too much sleep over it.
The Chevy Trailblazer, which is an all-new small crossover SUV (it’s smaller than the Equinox and starts at a lower price), has been selling extremely well. Demand for the Trailblazer has greatly exceeded the inventory that Chevy managed to produce, especially with all of the issues the auto industry faced in 2020. Sales of the similarly-sized Trax dipped significantly in 2020, and Chevy has apparently shifted some manufacturing focus from the Trax to the Trailblazer.
Similarly, the Chevy Blazer, a midsize SUV with comparable interior cargo space but a higher price than the Equinox, has had a huge sales boost in 2020. Sales for the Blazer were up by more than 60% in 2020, though it still sold fewer than 95k total models last year. So, even though sales were down for the Equinox, they were up for the Trailblazer and Blazer. Interestingly, when you look at the specific numbers, the sales of the Equinox were down by roughly 75,000, while the increased sales of the Blazer and introduction of the Trailblazer totaled around 70,000.
What this Means for You
However, my point in all of this is that sales of the Equinox have been down in general and that Chevy has excess inventory. They only want to be sitting on about 60 days worth of product, but they’re up to more than 70 right now. Unless something changes soon, there’s a very good chance you’ll be seeing excellent incentives and deals on the Chevy Equinox.
In other words, if you’re interested in a 2021 Chevy Equinox, don’t buy one unless there’s a good deal on it. Look at the MSRP and prices at dealers in your area, and watch for a price drop. I can’t guarantee it will happen, but everything is in place for it.
The 2021 Chevy Equinox
Speaking of the 2021 Chevy Equinox, let’s take a quick look at it and what it has to offer right now (this will make sense in a moment). The current Equinox has one engine available: a 1.5L turbo 4-cylinder engine that offers up to 170 hp and 203 lb-ft of torque. It’s not a bad engine, by any means, but it’s certainly not awe-inspiring. Previous model years had an available 2.0L I-4 engine that delivered up to 252 hp and 260 lb-ft of torque for a much more impressive overall driving experience.
The 2021 Equinox has four trims available: the standard L, an LS with a few extra features, the LT trim with improvements throughout, and the Premier, which includes leather details and advanced safety features. These are all pretty good, but seeing the distinction between some of them can be a little tricky, and it can be hard to tell which is right for you.
Expected Updates for the 2022 Equinox
A mid-cycle update for the Chevy Equinox has been in the works for a while now and was actually supposed to be offered on the 2021 model. However, with 2020 turning into such a mess, this update was delayed a year and is now expected for the 2022 Chevy Equinox. This is a big deal for a couple of reasons, beyond simple updates like refreshed front and rear fascias. Perhaps the biggest part of this update is that a new and improved 2.0L I-4 engine will be available, providing a more thrilling driving experience missing from the 2021 model.
A new RS trim level is also going to be introduced for the 2022 Equinox. The RS trim features a unique front grille with black exterior accents and a sport focus, including an RS-branded shift knob with leather details – plus black 19-inch wheels and a quad-tip exhaust. Similar RS trims have been very popular on other Chevy vehicles: one-quarter of Trailblazer sales have been RS models. With its sport focus and more powerful engine, a 2022 Equinox with the RS trim is definitely an attractive prospect.
Is it Worth the Wait?
This really depends on what you’re looking for and if you’re in a situation where you can wait. If you absolutely need a vehicle now or in the next couple of months, then your best bet would be to watch for a price drop on the 2021 Equinox. But, if you’re in no rush and price is less important to you than features and performance, then waiting for the 2022 Equinox is definitely the way to go. The RS trim and impressive 2.0L engine will be well worth it, and we can expect many other features as well.