Rivian Leasing Launches For Electric Pickup: Here's What You'll Pay
EV maker Rivian Automotive has announced a new way to pay for its electric truck, giving customers the option to lease rather than buy. However, the new leasing program is only launching in 14 U.S. states, so you'll need to live in one of the following locations to take advantage of the option: Arizona, California, Colorado, Florida, Georgia, Massachusetts, Michigan, Missouri, New Jersey, New York, Nevada, Pennsylvania, Texas, and Washington state.
Furthermore, leasing is currently only available for one model — the "really, really good" R1T all-electric pickup truck. This powerful vehicle was the company's first EV to roll off the assembly line and can hold its own against its gas-powered competitors. The automaker, founded in 2009 and based in California, says it plans to expand its leasing platform to other models (such as the R1S SUV) and in additional locations.
Eligible customers can lease the R1T for $899 per month, and "very well-qualified lessees" can lease a Rivian R1T Adventure Package for 36 months with 30,000 total miles — if they take delivery before 2024. The deal includes $6,794 due at signing, with tax, title, license and registration, and other additional fees. Some customers may not qualify for a security deposit waiver, and end-of-lease charges may be incurred for vehicle wear, excess mileage (30 cents per mile), and a $495 disposition fee.
Drivers have been requesting a leasing option from Rivian
TechCrunch reports that the company has said "leasing has been one of the most requested financing options," so even with limited eligibility, it's likely that many people will be taking advantage of the new way to pay for a Rivian R1T — especially since the electric SUV is currently the most popular model that Rivian makes.
More people have been buying Rivians and other EVs, partly due to slashed prices as companies like Rivian and Tesla battle one another for market share. A federal EV tax credit has also incentivized drivers to go electric; the credit still works for lessees, and Rivian customers can save $7,500 using the government program. It's become easier to own a Rivian R1T since the company recovered from supply chain issues that previously plagued its EV production schedule. Earlier this month, Rivian said that demand has been high enough to justify increasing its production forecast for the year to 54,000 units — 2,000 higher than the previous estimate. With leasing now an option for potential new customers, Rivian might see that number grow.