Electric vehicle (EV) maker Rivian today announced it has launched a vehicle lease program in select U.S. states. the new offer will allow buyers to take advantage of President Biden’s Inflation Reduction Act-related EV incentives and allow them a lower level of ownership commitment than an outright vehicle purchase.
Other new EV brands like Lucid, VinFast and Polestar already offer leasing.
“Leasing has been one of our most requested financing options from our customers, and we’re excited to begin offering it today. Our leasing program offers the adventure of owning a Rivian with more options and flexibility,” a Rivian spokesperson told Newsweek.
Customers are now able to lease their choice of R1T pickup truck based on configurations available on Rivian.com.
Rivian
“Rivian extending a leasing option to select R1T configurations is a significant move. Leasing is a compelling option for many consumers, particularly those looking to get into an EV, as it allows lessees to qualify for the full $7,500 federal tax credit under the Inflation Reduction Act guidelines without being tied to a long-term ownership commitment,” Paul Waatti, manager of industry analysis at AutoPacific, told Newsweek.
Well qualified lessees who take delivery before the end of 2023 can lease a new R1T Adventure Package model for 36 months for $899 per month. There is a 30,000-mile limit for the length of the lease.
That model ($87,000 base price), which includes Quad-Motor all-wheel drive, a large battery pack, 21-inch wheels, premium paint (+$2,500), a premium interior package (+$2,000), premium wheels (+$2,500) and destination fee (+$1,800), must retail for $95,800 to qualify for the deal according to the company’s website.
The R1T Quad-Motor AWD model has an Environmental Protection Agency-rated 328 miles of all-electric range that makes it the longest-range electric pickup truck sold today.
It can move from zero to 60 miles per hour in 3.0 seconds thanks to its 835 horsepower and 903 pound-feet of torque.
This version of the R1T is the company’s most capable and comes complete with nine drive modes: All-Purpose, Snow, All-Terrain, Sport, Rally, Drift, Rock Crawl, Soft Sand and Conserve.
It features yellow-accented badging and yellow brake calipers, which differentiate it from the black and silver color schemes of other Rivian R1T models.
That deal also requires the buyer to put down $6,794 cash at signing. The total includes $5,000 in capitalized cost reduction, a $899 first payment and $895 acquisition fee. There is no security deposit.
The lessor includes an upfront capitalized cost reduction of $7,500, as part of the provisions afforded by Inflation Reduction Act rule making.
At the end of the lease, buyers may be dinged for more money if the car has excess wear and tear or has traveled more than the allotted mileage. A $495 disposition fee may also be applied.
Leasing is not available in all states. Customers may lease Rivian vehicles in Arizona, California, Colorado, Georgia, New York, Massachusetts, Michigan, Missouri, Florida New Jersey, Nevada, Pennsylvania, Washington and Texas.
“Ultimately, a leasing option broadens R1T’s appeal by offering a more affordable ownership option with flexibility,” Waatti said.
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