Rivian launches EV leasing application in 14 states

What simply took place? Rivian has rolled out a leasing application in order to offer involved parties some other choice to get into an electric powered automobile. The application is reserved for "thoroughly certified shoppers," and is called for 36 months with 30,000 miles. Details will vary relying on vehicle options but in one state of affairs, Rivian stated a qualified lessee may want to get a Rivian R1T Adventure Package for $859 in step with month with $6,754 due at signing.

Rivian's rent program is best available in 14 states first of all: Arizona, California, Colorado, Florida, Georgia, Massachusetts, Michigan, Missouri, New Jersey, New York, Nevada, Pennsylvania, Texas, and Washington. The program could be expanded to additional markets over the years, we are told.

A quick check of to be had configurations in my area shows lease fashions are in large part restricted to cars with top class alternatives. Only one become supplied below $90,000, and just slightly ($89,500). According to Rivian's website, the R1T starts offevolved at $seventy eight,000.

Also worth bringing up is that Rivian is handiest leasing its R1T pickup proper now.

Notably, Rivian said lease customers will see a $7,500 capital cost reduction (federal tax credit) carried out to their vehicle subtotal at some point of the purchasing manner. Oddly sufficient, shopping for a Rivian outright only qualifies for 1/2 of the tax credit score due to guidelines on where motors or components are built.

A spokesperson advised CNBC that the EV maker is working with Chase on financing for the hire software, and stated it selected the 14 release states primarily based on wherein their clients are positioned and where leasing is maximum famous.

Leasing is not right for everyone, however it could be an excellent match in a few circumstances. Those new to EVs may want to look how an electric automobile fits into their lifestyle on an extended-time period basis than a simple weekly condominium could manage to pay for. Road warriors, however, likely want to keep away from a lease like this as a penalty is incurred for each mile over the allotment of 30,000 (in this case, billed at $zero.30 per mile over) and for "extra vehicle wear."

Image credit: Wes Hicks, Clayton Cardinalli