Rivian’s making it easier get into one of their EVs, kicking off its leasing program. The lease option for the R1T Adventure Package is priced at $6,794 at signing, plus $899 a month for 36 months with 30,000 total miles allowed.
Rivian opened options to lease its R1T pickup in several states through the company’s website rivian.com. The lease program is available to residents of Arizona, California, Colorado, Florida, Georgia, Massachusetts, Michigan, Missouri, New Jersey, New York, Nevada, Pennsylvania, Texas and Washington.
The move should help the company move more metal now.
Under the Inflation Reduction Act, leased vehicles are eligible for the full $7,500 tax credit, even though the same vehicle might be eligible for only half that amount if purchased directly. Most Rivian models exceed the price cap for full tax credit.
The vehicles Rivian is offering for lease are generally priced above $90,000 MSRP. Also, leased vehicles are eligible for the tax credits without the North American battery sourcing and assembly requirements imposed on purchased vehicles by the Inflation act.
Timing is everything
The lease announcement comes as Tesla is preparing to release the first production units of its Cybertruck, which aims to compete with Rivian and Ford in the EV truck market. It remains to be seen whether the quirky Cybertruck will be competitive in the market.
Rivian has recently raised its production targets for the year, signaling optimism about both the lease potential and market appeal of its vehicles.
The lease option for the R1T Adventure Package is priced at $6,794 at signing, plus $899 a month for 36 months with 30,000 total miles allowed. The leasable package includes Quad Motor AWD, the large battery pack, 21-inch wheels, premium paint and interior, and the premium wheel option.