Electric vehicle manufacturer Rivian has recently announced an expansion of its leasing program, now offering customers the option to lease its flagship SUV, the R1S. This development follows the introduction of leasing for Rivian’s R1T pickup truck in November 2023.
Although the R1S and R1T models have been available for purchase since 2021, leasing options have only recently become accessible to consumers. Rivian’s leasing program, initially launched with the R1T, has now been officially extended to include the R1S SUV.
See also: Rivian Officially Launches Electric Vehicle Leasing Program in 14 U.S. States
However, Rivian’s leasing program is subject to certain limitations. While the company has expanded availability to residents of Illinois, where the vehicles are manufactured, it remains exclusive to customers in 15 states. These states include Arizona, California, Colorado, Florida, Georgia, Illinois, Massachusetts, Michigan, Missouri, New Jersey, New York, Nevada, Pennsylvania, Texas, and Washington.
One positive aspect for lessees is that both the R1S and R1T qualify for a $7,500 tax credit under the clean vehicle program when leased. This tax credit is automatically applied when leasing through Chase, Rivian’s leasing partner.
See also: Rivian Announces Lease Program for R1T Pickup, Expanding Customer Incentives
Leasing is now available on R1S. Get all the adventure of owning a Rivian with the flexibility of leasing. R1S configurations are also available for immediate purchase in our online shop. No reservation required. https://t.co/W162Acm5zO pic.twitter.com/ZAbJ9GHETi
— Rivian (@Rivian) January 17, 2024
Despite the tax credit, leasing an R1S does come with a substantial cost. The available models for lease are pre-configured on Rivian’s website, with the most affordable option (equipped with a large battery pack, quad-motor, and 21-inch wheels) priced at $93,750. This corresponds to an estimated monthly lease payment of around $1,056 over a 36-month term.
The starting prices for the R1T and R1S are $73,000 and $78,000, respectively. Lessees are required to make a $7,000 down payment, cover the first monthly payment, pay an $895 acquisition fee, and potentially provide a security deposit when signing their lease agreement.
