The all-electric Rivian R1S can now be leased and not just purchased, the California-based EV startup announced in a post on X (formally Twitter). This means that wannabe customers can benefit from the full $7,500 tax credit that is unavailable when purchasing the battery-powered adventure vehicle (some Rivians are eligible for a $3,750 tax credit when buying, though).
Rivian’s leasing program began toward the end of last year with the R1T pickup and now its SUV sibling joined the list, with monthly payments that start at around $1,000 after a downpayment of approximately $9,000 and another $1,000 deposit when ordering.
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The Rivian R1S can now be leased
Rivian opened the leasing floodgates for its most popular model, the R1S SUV. When leasing, customers can benefit from the $7,500 tax credit that is otherwise unavailable when purchasing a Rivian.
The best deal we found in the New York area was for a ready-made R1S Quad-Motor with the large battery pack, Adventure Package, 21-inch road wheels, Glacier White exterior color, and Black Mountain/Dark Ash Wood interior combo. That’s an 835-horsepower machine that’s capable of going from zero to 60 miles per hour in 3 seconds, as well as tackling some pretty serious unpaved roads. The EPA-estimated range is 321 miles on a full charge.
After paying the $1,000 deposit and the $8,951 amount that’s due at signing, you’re left with a monthly payment of $1,056. The lease lasts for 36 months and has an annual mileage of 10,000 miles, while the vehicle’s total value comes up to $93,750.
Rivian’s website also shows quite a few inventory R1S configurations with the dual-motor powertrain as being eligible for leasing. For custom-built SUVs, leasing isn’t available but Rivian offers some financing options that have terms between 48 and 84 months. The same goes for the R1T pickup, which was Rivian’s first model to benefit from leasing options.
The R1S was the startup’s best-seller last year and the introduction of leasing for inventory units will likely help the company shift more units as it’s working to up its production and delivery game. That said, it's worth mentioning that the program is currently available in the following states: AZ, CA, CO, FL, GA, IL, MA, MI, MO, NJ, NY, NV, PA, TX, and WA.
In 2023, Rivian sold 24,783 R1S vehicles in the United States, making the electric SUV America’s seventh-best-selling EV. The R1T, which came to market before its trunk-bearing brother, saw 17,727 sales last year, according to Cox Automotive, pointing to a shift in both Rivian’s and its customers’ preference for the SUV.
What’s your take on the leasing options for the R1S? Let us know in the comments below.
