Electric vehicle maker Rivian announced today that lease options are now available for its R1T pickup truck. The lease program starts at $899 per month, with truck deliveries taking 1-6 weeks.
However, Rivian’s R1S SUV is not yet part of the leasing program. Rivian says it will only offer leases for the R1T initially.
Industry experts say the leasing option should drum up additional demand for Rivian vehicles. As an emerging player in the EV truck market, having flexible purchasing options allows Rivian to appeal to more potential customers.
Currently, Rivian customers may qualify for a $3,750 federal tax credit on electric vehicle purchases. However, Rivian CEO RJ Scaringe hinted earlier in September that introducing a leasing program could unlock the full $7,500 federal credit for customers.
Interested customers should consult with a Rivian sales representative for the latest details on tax incentives. The sales rep can clarify if leasing an R1T pickup now makes buyers eligible for the maximum $7,500 credit or if the previously announced $3,750 level still applies.
Our Thoughts
Rivian opening up leases signals a maturing business model that aims to boost adoption through flexible buying options. Determining what federal tax credits apply to those lease contracts is valuable information for customers as they consider Rivian’s offerings against other electric trucks.