Chevrolet’s 2024 Silverado EV lease prices have raised eyebrows for their steep costs, prompting comparisons with the more affordable Rivian R1T Adventure. According to a bulletin sent to dealers, leasing the Silverado EV RST trim costs $1,449 per month over 39 months, with a substantial $5,679 due at signing based on an MSRP of $96,495 including destination fees and 10,000 annual miles. This results in an effective monthly cost of $1,595 before taxes and fees.
In contrast, leasing two 2024 Rivian R1T Adventure trucks, each equipped with the Dual Motor Large Battery Pack and an MSRP of $75,000, totals $581 per month for 36 months with $7,471 due at signing, translating to $789 per month per vehicle. This comparison highlights that leasing two Rivian R1T Adventures costs slightly less per month than leasing a single Silverado EV RST.
The significant cost difference becomes even more apparent when considering the total outlay: leasing two R1T Adventures, with a combined MSRP of $150,000, is cheaper than leasing the Silverado EV, which has a lower combined MSRP of nearly $97,000.
Experts attribute the high lease costs of the Silverado EV to several factors. Firstly, the absence of lease discounts and a high 7.2% equivalent rate for the 39-month lease deal are notable. Secondly, despite a 55% residual value, Chevrolet reportedly does not pass along a commercial tax credit to consumers, further impacting affordability.
For those considering a shorter 24-month lease on the Silverado RST, the down payment skyrockets to $15,569 at signing, resulting in a monthly payment exceeding $2,000.
