Rivian Offers Deep Discounts on R1T Leases
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 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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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. 🚗🚗🚗
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.