Rivian announced this week that it has launched leasing for the R1S all-electric SUV.
In November, Rivian launched leasing on the R1T, making it easier to own the company’s introductory vehicle.
Now, Rivian is including the R1S program. But before you decide to do so, there are plenty of terms the company is including with R1S leasing.
Initially, Rivian will is limiting which states will be available to lease the R1S. For now they include:
- Arizona
- California
- Colorado
- Florida
- Georgia
- Illinois
- Massachusetts
- Michigan
- Missouri
- New Jersey
- New York
- Nevada
- Pennsylvania
- Texas
- Washington
Leasing gives more flexibility to potential owners, lowering the monthly cost and potentially the downpayment as well. However, drivers are limited to a certain number of miles per year, and going over that amount can be pricey.
For example, Rivian will give you a 36-month lease with 10,000 annual miles for as little as $1,108. $9,003 is due at signing, which includes the first month’s payment, an $895 acquisition fee, and a $7,000 downpayment or trade-in value.
This price also factors in an “Excellent” credit rating of 800+.
Leasing for Rivian launched yesterday, and will likely expand to more U.S. states as the program moves forward.
For now, Rivian is still working to ramp production and handle demand for its R1T and R1S, which have been desirable within the EV space due to their looks and capabilities. The company has geared its vehicles toward adventurous and outdoors-based use, but they are also more than suitable for traditional driving, of course.
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