- Buyers in 14 states are now able to lease Rivian R1T trucks.
- The program only applies to current inventory, not custom-built vehicles.
- Rivian plans to later expand the program across the country.
Rivian Launches R1T Lease Program in Select States
Rivian will let you lease an R1T, but only in 14 states for now
Rivian has launched leasing programs for its R1T electric truck in 14 states: Arizona, California, Colorado, Florida, Georgia, Massachusetts, Michigan, Missouri, New Jersey, New York, Nevada, Pennsylvania, Texas and Washington. Previously, the only way to get into the EV pickup was to purchase or finance one. It’s also worth noting the program is only applicable to these 14 states; prospective R1T buyers in other states or those interested in the R1S SUV will still have to buy one.
There are other caveats too. Based on Rivian’s website, it looks like the automaker is only allowing 24- or 36-month leases on current inventory; there is not currently an option to custom-build and lease an R1T. There's another significant benefit to leasing — the Inflation Reduction Act of 2022 spells out that leased EVs are eligible for the full $7,500 tax credit regardless of personal income or the materials sourcing and assembly caveats that come with purchasing.
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As is typically the case, opting for a lease means the monthly payments for a vehicle are far more manageable. The example above can be leased for $875 per month, whereas a loan on the same truck with the same credit score range is $1,620 per month over the 72-month loan period.
Rivian hasn’t detailed the program yet, but the ability to lease will likely help the brand move more units, bringing in customers who can’t quite afford to take out a hefty loan. Per Reuters, Rivian has raised its production forecast by 2,000 units for this year.
Rivian’s new lease program is off to a slow start, presumably prioritizing markets where the R1T electric truck is most popular. However, Rivian says the program will eventually include more states, and we'd put money on the R1S joining the leasing club sooner rather than later.