Rivian is delivering some good news to consumers who prefer leasing over buying. The company announced today that customers can now lease its flagship SUV, the R1S. This news comes on the heels of the start of leasing for the R1T pickup truck late last year.
While the R1S and R1T first started being delivered to buyers in 2021, the option to lease one of these vehicles has only become available recently. Rivian’s leasing program commenced with its all-electric pickup truck in November 2023 and has now officially expanded to include its SUV offering.
Unfortunately, Rivian’s leasing program still has limitations. While the brand has expanded it to customers in one more state, Illinois, where the vehicles are manufactured, it remains exclusive to residents of 15 states. These include Arizona, California, Colorado, Florida, Georgia, Illinois, Massachusetts, Michigan, Missouri, New Jersey, New York, Nevada, Pennsylvania, Texas, and Washington.
Read: Rivian Misses Q4 2023 Sales Target, Is 2024 Going To Get Even Worse?
The good for lessees is that both the R1S and R1T qualify for a $7,500 tax credit under the clean vehicle program when leased. This credit is automatically applied to the full price when leasing through Chase, Rivian’s leasing partner.
Even with the tax credit, leasing an R1S comes at a high cost. The models available for lease are pre-configured on Rivian’s website, and the most affordable option we found (equipped with a large battery pack, quad-motor, and 21-inch wheels) is priced at $93,750. This translates to an estimated monthly lease payment of around $1,056 on a 36-month term.
The starting prices for the R1T begin at $73,000, while the R1S at $78,000. Lessees will be required to make a $7,000 down payment, cover the first monthly payment, pay an $895 acquisition fee, and potentially provide a security deposit when signing their lease agreement.