Hyundai Ioniq 5 vs Chevrolet Equinox EV: cost to own in Michigan
Electricity & gas updated · Michigan averages (estimates)
Over five years in Michigan, the 2026 Hyundai Ioniq 5 costs about $51,491 to own versus $46,224 for the Chevrolet Equinox EV — a gap of roughly $5,300 in the Chevrolet Equinox EV's favor. The biggest swing is depreciation ($25,945 vs $20,997); on energy, the Ioniq 5 is rated 31 kWh/100mi against the Equinox EV's 29. Both use Michigan's average electricity rate here — open either model's Michigan page for the full calculator and your utility's time-of-use plan.
Over 5 years in Michigan, the Chevrolet Equinox EV costs about $5,300 less to own.
Hyundai Ioniq 5
$51,500
5-yr cost to own · $10,300/yr
Chevrolet Equinox EV
$46,200
5-yr cost to own · $9,240/yr
5-year cost breakdown
| 5-year cost | Hyundai Ioniq 5 | Chevrolet Equinox EV |
|---|---|---|
| Depreciation (5 yr) | $25,945 | $20,997 |
| Energy (5 yr) | $4,946 | $4,627 |
| Insurance (5 yr) | $17,150 | $17,150 |
| Maintenance (5 yr) | $2,750 | $2,750 |
| Registration (5 yr) | $700 | $700 |
| Incentives | − $0 | − $0 |
| 5-year total cost to own | $51,491 | $46,224 |
Frequently asked questions
- Is the Ioniq 5 or the Equinox EV cheaper to own in Michigan?
- Over five years the Chevrolet Equinox EV is cheaper — about $46,224 versus $51,491 for the Ioniq 5, a difference of roughly $5,300 once depreciation, energy, insurance, maintenance, and fees are counted.
- Which is more efficient, the Ioniq 5 or the Equinox EV?
- The Ioniq 5 is rated 31 kWh/100mi and the Equinox EV 29 kWh/100mi (lower is better), so annual charging runs about $989 vs $925 at Michigan rates.
- How accurate is this Ioniq 5 vs Equinox EV comparison?
- Electricity prices come from EIA data refreshed monthly; depreciation, insurance, and incentives are estimates you can edit on each model's state page. Treat it as a ballpark for comparison, not a quote.