Rivian Offers Deep Discounts on R1T Leases

Chris Teague
by Chris Teague

Rivian’s vehicles might be popular and offer cool features, but they’re far from affordable. That will change, at least for lessees, for a little while, as the automaker is offering deep discounts on some models.


The R1T’s lease prices go as low as $559, making it less expensive monthly than some full-size gas models. That price includes $7,500 in lease cash and applies to the R1T Standard Adventure Package truck. It also requires a $7,454 down payment to start the 36-month lease. It’s worth noting that the company does not offer leases in all states, including here in Maine.

Rivian is far from the only automaker implementing lease discounts to drive business. Hyundai, Kia, General Motors, and Ford have all offered price cuts in recent months. That said, the others sell gas vehicles and hybrids that can bolster their bottom lines as EV demand grows more slowly than hoped.


Rivian has also offered trade-in incentives to owners of competitive gas vehicles to drive sales, but it will be a while before its new platform arrives, bringing smaller, more affordable models to its catalog. Despite layoffs, the situation isn’t bleak for the automaker yet, though 2024 will be a pivotal year.

Even with layoffs, life at Rivian appears to be slightly less hectic than at Tesla, which has had enough rollercoaster ups and downs in recent months to make anyone’s head spin. The company recently fired its entire Supercharger staff, only to rehire them shortly after, and there’s no telling where its Robotaxi or affordable EV plans will lead this year into next.


[Images: Rivian]


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Chris Teague
Chris Teague

Chris grew up in, under, and around cars, but took the long way around to becoming an automotive writer. After a career in technology consulting and a trip through business school, Chris began writing about the automotive industry as a way to reconnect with his passion and get behind the wheel of a new car every week. He focuses on taking complex industry stories and making them digestible by any reader. Just don’t expect him to stay away from high-mileage Porsches.

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  • 3SpeedAutomatic 3SpeedAutomatic on May 22, 2024

    Better to have cash in hand as opposed to a vehicle sitting on a dealer lot absorbing capital.

    Therefore, the $7500 is a way to get some immediate cash from the vehicle. The steady $559 is another stream of cash over an extend period of time. I'm sure Rivian will immediately sell/factor these leases to a financial firm for discounted cash upfront. Such arrangements hurt a manufacturer in the long run, but the EV manufactures (both legacy and nouveau) are running scared for cash due to the plateau in sales. 🚗🚗🚗

  • Jkross22 Jkross22 on May 22, 2024

    All in this lease is $810-840/month after tax. Not horrible but by no means is this a deal. It's also a 30k mile lease, meaning you'll likely be paying more at the end for the extra miles plus the $500 disposition fee.


    So it's about 30 grand for the 3 years. No gracias.

  • VoGhost Matt, I'm curious why you write that inventory levels are low at 74 days. Typically, 60 days is the benchmark for normal inventory.
  • Jeff Arthur Dailey--If you really want to see a similarity between Chevy and Cadillac look at the 71 Chevy Caprice compared to the 71 Cadillac Deville more similar in looks than the 61s. Motor Trend even had an article comparing them and stating that you could buy a comparably equipped 71 Caprice and save thousands. The 1971 Chevrolet Caprice/Impala: Value-Priced, Cadillac ... YouTube · Rare Classic Cars & Automotive History 16 minutes, 53 seconds Feb 3, 2024
  • Buickman mostly cut and paste information. where is Jack Baruth when you need him?
  • ToolGuy In a perfect world (we don't have that), and a stable world (also no), one might expect the used EV pricing curve to follow the new EV pricing curve but with a lag. Overall that might be sort of what we are seeing but I will have to noodle on it more. (I know you can't wait.)
  • ToolGuy Ok after listening to the podcast (and re-listening to the relevant part while doing a painting job in the hot sun, won't make any significant pronouncements at this point) I was curious about the methodology. ¶ Here you go: "Methodology iSeeCars analyzed over 2.2 million 1- to 5-year-old used cars sold in May 2023 and 2024. The average listing prices of each car model were compared between the two time periods, and the differences were expressed as both a percentage difference from the 2023 price as well as a dollar difference. Heavy-duty vehicles, low-volume vehicles, vehicles discontinued as of the 2023 model year, and vehicles in production for fewer than four of the last five model years for each period were excluded from further analysis." ¶ So for any specific model, you have age and mileage and condition factoring in (think of the volume curve for 'new' models over the past 5 years). ¶ The overall averages have a -lot- of model mix going on. ¶ Random question: is the 'listing price' the listing price (likely) or the actual transaction price? (It matters if the listing prices were too optimistic a year ago, i.e., some of the 'drop' would represent more realism in the listing prices.)
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