Rivian Expands Leasing Options To Include Flagship R1S SUV
by AutoExpert | 19 January, 2024
Rivian is rolling out leasing options for its flagship SUV, the R1S, expanding its leasing program that initially kicked off with the R1T pickup truck late last year. While the R1S and R1T have been available for purchase since 2021, the leasing option has only recently become available.
The leasing program, initiated in November 2023 with the R1T, has now been extended to include the R1S. However, there are still limitations to Rivian's leasing program.
Although it has expanded to include Illinois, where the vehicles are manufactured, it remains exclusive to residents of 15 states. These states include Arizona, California, Colorado, Florida, Georgia, Illinois, Massachusetts, Michigan, Missouri, New Jersey, New York, Nevada, Pennsylvania, Texas, and Washington.
On a positive note for lessees, 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 to the full price when leasing through Chase, Rivian's leasing partner.
Despite the tax credit, leasing an R1S involves a substantial cost. Pre-configured models on Rivian's website start at $93,750 for the most affordable option (equipped with a large battery pack, quad-motor, and 21-inch wheels). This translates to an estimated monthly lease payment of around $1,056 over a 36-month term. The R1T starts at $73,000, and the R1S starts at $78,000.
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.
