Rivian Expands Leasing Options to Include R1S SUV
Following the success of the R1T pickup’s leasing program, Rivian has now announced that the all-electric R1S SUV can also be leased. This development allows customers to take advantage of the full $7,500 tax credit, which isn’t available for outright purchases (though some Rivian models do qualify for a $3,750 tax credit when bought).
Rivian’s leasing program, which started with the R1T at the end of last year, now includes the R1S SUV. Leasing starts at approximately $1,000 per month, with an upfront payment of around $9,000 and a $1,000 deposit upon ordering.
Leasing Details and Availability
Customers can now lease the Rivian R1S, benefiting from the $7,500 tax credit. The best offer found in the New York area includes a ready-made R1S Quad-Motor with the large battery pack, Adventure Package, 21-inch road wheels, Glacier White exterior, and Black Mountain/Dark Ash Wood interior. This 835-horsepower vehicle accelerates from 0 to 60 mph in 3 seconds and offers an EPA-estimated range of 321 miles on a full charge.
After the initial $1,000 deposit and $8,951 due at signing, the monthly payment is $1,056 for a 36-month lease with an annual mileage limit of 10,000 miles. The vehicle’s total value is $93,750.
Rivian’s website also lists several inventory R1S models with the dual-motor powertrain available for leasing. Custom-built SUVs aren’t eligible for leasing but Rivian offers financing options with terms ranging from 48 to 84 months. The R1T pickup, Rivian’s first model to benefit from leasing, follows the same financing structure.
Impact and Availability
The R1S was Rivian’s top-selling model last year, and the introduction of leasing for inventory units is expected to boost sales further as the company aims to increase production and delivery. The leasing program is currently available in AZ, CA, CO, FL, GA, IL, MA, MI, MO, NJ, NY, NV, PA, TX, and WA.
In 2023, Rivian sold 24,783 R1S vehicles in the U.S., making it the seventh-best-selling EV in the country. The R1T saw 17,727 sales last year, indicating a growing preference for the SUV among Rivian’s customers.
For more details on the leasing options and to see available inventory, visit Rivian’s website.