2020 Chevrolet Equinox: True Cost of Ownership (5-Year Breakdown)
The 2020 Chevrolet Equinox is a compact SUV that hits the sweet spot between practicality and affordability, making it one of the best-selling crossovers in America. With its car-like ride, respectable fuel economy, and reasonable sticker price, it appeals to commuters, small families, and anyone trading up from a sedan without breaking the bank.
Monthly cost breakdown
The 2020 Equinox depreciates at a slightly above-average rate for the segment, retaining roughly 42-46% of its value after five years — meaning a $20,000 purchase today will be worth approximately $8,500-$9,200 at resale. It trails slightly behind the Honda CR-V and Toyota RAV4 in long-term value retention.
Pros
- Relatively low insurance costs compared to segment rivals like the Ford Escape or Jeep Compass
- Fuel economy of 26-32 MPG (combined depending on trim and engine) keeps monthly fuel costs manageable for a small SUV
- Affordable purchase price at $20,000 leaves room in budget for a solid extended warranty or maintenance fund
- Parts and labor costs are low due to widespread GM dealer network and high parts availability across the US
Cons
- Depreciation is steeper than Japanese compact SUV rivals, costing you more at trade-in time
- The 1.5L turbo engine's oil consumption and timing chain concerns can generate unexpected repair bills beyond routine maintenance
- Reliability scores from J.D. Power and Consumer Reports are middling (around 2.5-3 out of 5), slightly below the class average
- Extended warranty is strongly recommended given known powertrain concerns, adding $1,200-$2,000 to overall ownership cost
Common problems to watch for
- Timing chain stretch and engine oil consumption issues on the 1.5L turbocharged four-cylinder, particularly before 60,000 miles
- Infotainment system (Chevrolet MyLink) freezes or reboots unexpectedly, a known software-related annoyance
- Transmission shudder or hesitation reported on some units with the 6-speed automatic, often improved with a fluid flush
- HVAC blower motor failures and intermittent AC performance issues reported around the 50,000-80,000 mile range
- Rear hatch latch and power liftgate sensor failures are a recurring complaint on 2019-2021 Equinox models
The verdict
At $20,000 the 2020 Equinox offers genuinely competitive monthly costs and solid everyday utility, but its middling reliability reputation and faster-than-average depreciation mean it's not the smartest purely financial bet in the compact SUV class. If you go in with eyes open — budget for a powertrain warranty and an oil consumption check at purchase — it's a reasonable and practical choice. Shoppers who can stretch to a used CR-V or RAV4 at a similar price will likely see lower long-term costs, but the Equinox holds its own for buyers prioritizing upfront affordability.
Best for: Budget-conscious buyers or small families who want a versatile, comfortable daily driver and prioritize low monthly payments over long-term resale value.
Other model years
How it compares
Frequently asked questions
Is the 2020 Chevrolet Equinox reliable?
It earns middling reliability ratings — roughly 3 out of 5 from Consumer Reports — with the 1.5L turbo engine's oil consumption and timing chain being the most common concerns. A pre-purchase inspection and oil consumption test are strongly recommended.
How much does it cost to insure a 2020 Chevrolet Equinox?
Expect to pay roughly $1,400-$1,800 per year (approximately $117-$150/month) for full coverage, which is below average for the compact SUV segment and one of the ownership cost bright spots.
What is the fuel economy of the 2020 Equinox and what will I spend on gas?
The 1.5L AWD version averages about 26 MPG combined; at current national average gas prices near $3.40/gallon and 12,000 miles/year, expect to spend roughly $1,300-$1,400 annually on fuel.
How much will a 2020 Equinox depreciate over 5 years?
Purchased at $20,000, the Equinox is projected to be worth approximately $8,500-$9,500 after five years, representing a depreciation loss of around $10,500-$11,500 total — the single largest cost of ownership.
Should I buy an extended warranty for a 2020 Chevrolet Equinox?
Yes, strongly consider it — the known 1.5L turbo oil consumption and timing chain issues mean powertrain repairs can run $2,000-$4,000 out of pocket, making a third-party or GM-backed extended warranty a smart financial hedge.
How does the 2020 Equinox compare cost-of-ownership wise to a Toyota RAV4 or Honda CR-V?
The RAV4 and CR-V both hold value better (retaining 50-55% after 5 years) and score higher on reliability, meaning lower long-term repair costs — but they typically cost $3,000-$5,000 more to purchase used at a comparable mileage, narrowing the real-world cost advantage.
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Estimates are AI-generated guidance based on typical costs for this year, make and model.