Rivian has launched a leasing program for certain pre-configured models of its fully electric pickup truck, the R1T.
The program is currently available for drivers in 14 states and only applies to the R1T pickup truck, not the company's other vehicle, the R1S full-size SUV. The states include Arizona, California, Colorado, Florida, Georgia, Massachusetts, Michigan, Missouri, New Jersey, New York, Nevada, Pennsylvania, Texas, and Washington.
Rivian R1T at the Normal, Illinois factory. (Credit: Emily Dreibelbis)Rivian chose these states "based on many factors including where our customers are located and where leasing is most popular,” CNBC reports.
You can browse models that are available to lease on the company's website. It appears to apply mostly to pricier configurations; while the R1T starts at $73,000 for the base model, the lease-able models start around $90,000, primarily because of their large battery pack.
Most also have the more powerful quad motor, as opposed to the base dual motor, though you can filter for dual motor to see if any are available.
The estimated payment is typically $899 per month for a 36-month lease, Rivian says, though some configuration options are slightly cheaper, such as the $883 per month below. After reserving one online, you can expect it to be delivered within one to six weeks, likely to a Rivian service center near you.
Rivian R1T leasing website. (Credit: Rivian.com)Rivian says the $7,500 federal tax credit helps keep the monthly payment as low as it is. The Rivian R1T only qualifies for the $3,500 half credit when fully purchased, but there is a loophole in the rules for leasing. Automakers can receive the $7,500 federal tax credit for each vehicle they lease. They then pass on those savings to customers in the form of a lower down payment.
However, unlike the typical tax credit, which the government issues to qualifying customers during annual taxes, this route requires customers to trust that Rivian is indeed passing along those savings. The fine print on the leasing terms states: "offer includes upfront capitalized cost reduction of $7,500 provided by the lessor."
Leasing has become a popular way for customers to try an electric vehicle without any long-term commitment. Limited charging infrastructure and unfamiliarity with EV driving have caused a spike in leased versus owned EVs on the road.
A June 2023 study found that 22% of new EVs on the road are leased (78% purchased), as compared with 13% leased (87% purchased) in June 2022. The Tesla Model 3 also became the first EV to crack the top 10 of most leased vehicles this year; the company also slashed its monthly payment costs to keep the momentum rolling.