Rivian finally started offering leases for its electric R1T pickup in 14 states on Monday, and these leases are eligible for the full $7500 federal EV lease credit – in contrast to the $3750 credit that Rivian buyers are eligible for.
The lucky residents of Arizona, California, Colorado, Florida, Georgia, Massachusetts, Michigan, Missouri, New Jersey, New York, Nevada, Pennsylvania, Texas, and Washington are now able to lease the Rivian R1T. (The R1S SUV isn’t yet available for leasing.) As many folks aren’t ready to fully commit to EV ownership, this option is likely to sway more buyers who are on the fence. It should also be appealing for who are eagerly awaiting their Tesla Cybertruck, or potential Rivian buyers don’t really need a pickup truck for pickup truck stuff and just want something cool.
Leasing a Rivian seems pretty straightforward, and it’s all accomplised on the Rivian website – you can just input your zip code and color preference to determine inventory availability and hit the check-out button. Rivian’s monthly lease cost estimates in my area are between about $800 and $900, with a $5000 down payment plus a non-refundable $1000 deposit. Those numbers are just estimates though, based on someone with an excellent credit score and an annual mileage limit of 10,000 miles. Check out the website for more accurate pricing in your area. A Rivian spokesperson explained the $895 acquisition fee as a payment to the leasing company to initiate the lease.
Though the fine print seems confusing, it’s not that bad. The site states that these lease offers include a $7500 upfront capitalized cost reduction provided by the lessor, which just means it’s up to the customer to seek the $7500 federal EV lease incentive. CNBC reports,
Leasing has become a popular way for customers to try out an electric vehicle without any long-term commitment. Doing so also qualifies a buyer for a full $7,500 federal tax credit under the Inflation Reduction Act, compared to the $3,750 that purchasers of Rivian models currently qualify for.
Leasing is categorized as commercial business under the IRA and therefore exempt from regulations that require the vehicle and battery components to be made in North America. Most EVs for sale today do not qualify for the full tax credit because of where the vehicles or components are built.
Deliveries are expected to take between one and six weeks for a preexisting truck. This is just the company’s first stab at a leasing program, and the Rivian spokesperson said the company plans to expand the program to encompass different models and more markets in the future.