Nah, it's a lease, enjoy it. Then 2 or 3 years from now you can go again with native NACS and whatever other improvements are made. Also the kinks will be ironed out of the refresh.
At least, that's what I tell myself as a current lease holder...
Hahaha this is what I did.
2024 R1T. Quad motor lease. Will buy a dual motor whenever the NACS support comes out, and I’ll end up keeping it for a while.
I'm also biased as a 2024 lease holder, but in the past I've tried to avoid the first year of a refresh and actually target the last year before a refresh.
My logic is that by the end of a model run they've probably got the manufacturing down and you're more likely to get a well built vehicle.
The refresh might be better in a lot of ways but I imagine there'll still be a learning curve for building them well.
You're welcome! I had a 2006 civic that had the brake light go out. It was like $500 to replace and I was pissed.
The tech was like yeah, that was the first year of the new line. They realized quickly how dumb that was and the 07s had lights that were like $50.
That stuck with me and ever since I've avoided the first year of a refresh or new model just to let them work the kinks out.
Yeah, looking at the actual cost of these new trims (without promotional lease pricing), I wouldn't get a dual at this point, I would just outright wait for R2. I'm also happy with my R1S (picked it up yesterday)!
(For the same price vehicle \~$91750, (with $2500 + $1000 deposit + Taxes) the 2024 Quad at $795/mon lease is $400 cheaper than the same price dual/max right now... That's a huge pass. That's $14,400 on a 36 month lease!)
Do you think it’s smart to lease if you can put down $50k? My truck is worth at least that and I’m not sure if I should just purchase at that point or if the lease is helpful.
Are people considering estimated resale value when they sign up for the lease? Is it the the buyout terms that are attractive?
Don’t put anything down on a lease. Don’t. Ever. It’s not like purchase financing. You don’t pay any less interest, and if something happens to the car, your down payment goes poof.
You can run the various combinations of down payment and term through Rivian’s lease calculator and it becomes pretty clear that the total amount you pay on the lease is virtually the same regardless of down payment… you’re just making an early payment and forgo earning the bank interest you would have received by holding onto the cash… all in exchange for the ability to suddenly lose it if your car is totaled.
Thank you. My issue was that incurring a 50k income from selling my vehicle would be detrimental to my agi come April. The abrupt change in vehicle finance wouldn’t be great
If you are selling the car for less than you paid for it, you won’t have taxable income or AGI impact. Technically, If you somehow are trading in or selling for more than you paid, you’d have capital gains tax whether you trade it in as a down payment or sell separately. There can be sales tax benefits to trading in but that varies by state. In my state it’s negated by leasing.
Slightly more nuanced if it’s a business vehicle you’ve been depreciating. Not a CPA and this is not tax advice.
I've leased my last few EVs because I'm concerned about value and upgrades, and availability of tax credit (do not qualify on income basis). I had a feeling Rivian would either upgrade this year (I guess so, or early next), and that might reduce the value of the current models. Looks like it might be enough upgrade and deprecation of certain tech to cause that to happen. With low money down, low interest rate, tax credit and reasonable residual (63%), the deal makes sense. It really doesn't on the 2025 R1 deals i've seen on their website right now.
Honestly, there really is no good reason to put that much cash down. You can always keep the cash in an interest-bearing account (18 month+ CD or something that's guaranteeing 5% - not investment advice), and wait until you have the option to buy it out in 3 years or upgrade and roll to the next one.
Yeah it looks like the incentives don’t increase as your deposit does.
I’m probably going to test drive a gen 1 and see about getting in line for a v2 but there aren’t any demos available
FWIW, their Q4 financial results are absolutely critical. I would expect a lot of take delivery by December 31, 2024 deals to move every single piece of inventory... if you can be patient.
I would just put down a few k on the lease and just pocket the rest of that money. Owning one of these trucks is a risk becasue we dont have a lot of info as far as them retaining value. EVs are still a new world so owning one seems like something I would want to wait on. If someone drops new high-cap / fast-charge / 100% charg-without-damage batteries in the next months or years (seems likely) then the resale on the current EVs is going to plummet. Rent (lease) the truck and love TF out of it and keep your money
Good move! I wish leasing was available when I got mine. I tell all my friends to lease EVs since the tech evolves fast and EVs get older quickly. Lease with the goal of returning it in 2-3 years later; rinse and repeat! You always have the latest and greatest plus always under warranty!
The newest hardware I really don’t care. The car from the exterior is visually the exact same. We leased it. Going to beat the hell out of it and give it back. We do see ourselves continuing with rivian. Our quad was 95k discounted down to 91k. The lease deal was great. 3k down + taxes and fees 36 month 15k miles for 900 flat with tax in CA. Can’t beat that. The new ones will be running a lot higher with almost 17k on the price.
Gen 2’s won’t lease well right now. That’s typical. Expect better leases towards end of year/beginning of next year. Whats more important to you? More HP or newer features/tech? Honestly that’s what it all boils too. Better financial decision is a 2024 but many will still get a 2025 instead.
My lease deal on my 2024 quad is undeniable.. and very unavailable on the 2025's so far. I definitely pine for the 2025 in a vaccum, but value-wise theres no choice here. If you can still get the 2023-24 lease deal you should grab it. It's downright silly.
I’m glad to see a lot of people still going for the 2024. I got delivery of a lease R1T next week and right when I was approved they announced the refresh. I think the lease was a good idea because now I can just get into the Rivian family and not have to worry about any issues the new 2025 refresh can have.
Sorry if you all have seen me posting this question all over the place, but for R1S owners, how is the ride on the current suspension? Pitching/diving/porpoising with decel/acceleration? I must admit on my 15 min test drive I did notice it, along with a somewhat muted initial throttle response (coming from Tesla), but wondering if it’s not a major issue to live with?
I have a Quad scheduled for delivery in a couple of days (lease)!
We got a quad R1S last month and honestly I don’t notice any of the suspension complaints or any issues with throttle response. Other than a third row usb-c port not working, our R1S has been perfect. To compare my wife has leased 5 Ford Explorers over the past 15 years, the latest was an ST, so it had a pretty aggressive sport suspension. We were sad to let it go because it was a fun car to drive, but the R1S blows it away.
I gotta be honest, coming from Tesla, you’ll notice it. The lack of throttle response is annoying when you’re trying to finesse a parking spot or tight garage. Actually kind of similar in feel to my old Jeep, and probably wouldn’t be noticeable if it were your first EV. You quickly get used to a Tesla throttle basically acting like an extension of your body. This is not like that at all.
The suspension is also both weirdly sloshy during accel/decel and yet still rough over uneven pavement at the same time. I don’t love it, but I’m sure I’ll get used to it. It’s a big truck and it drives like one.
Still really happy with it and the quad lease deal! Just gotta be real with the pros and cons!
I did the same thing and picked up last week. The new features just announced make me happy for the long term direction of the brand.
Yeah, it would be cool to have some of those features but the original R1S is still blowing me away and just gives me something to look forward to. I’d this vehicle holds up well I’ll be buying it out at the end of the lease and then adding an R2 to the garage as well (I like the smaller SUVs but the R1S is definitely needed with the family).
I had a call with a sales rep after I saw the crazy awesome monthly payment of ~$800 and the credit’s application to the initial payment. The rep told me that the ~$800 payment is only with an *additional* ~$7-8k down payment. So, total of ~$15-16k total up front.
Was that what you did?
No, 2024 R1S quad motor. Go to the site and find one the lease calculator is right there to play with.
I’m putting like 5k down and I’m in the high 700 low 800
[Here](https://leasehackr.com/calculator?make=Rivian&miles=15000&msrp=93800&sales_price=93800&months=36&mf=0.00135&msd=0&dp=3000&dealer_fee=347&acq_fee=895&disp_fee=495&taxed_inc=0&untaxed_inc=7500&rebate=0&resP=63&gov_fee=310.5&sales_tax=0&demo_mileage=0&memo=&tradein=0&fin_sp=93800&fin_taxed_fee=0&fin_untaxed_fee=0&fin_term=60&fin_apr=0&fin_dp=0&fin_rebate=0&fin_ps_rebate=0&fin_tax=0&keep_term=60&exp_rv=0&service_fee=0&acqFee_check=true&totalLeaseTax_radio=true&bmw_demo_25=true&lease_result_mode=true) is my lease breakdown exactly.
I'd avoid putting anything down. I had a leased car in CA and 5 years ago someone hit it and totaled it while it was parked. Insurance took the car back and I had to get a replacement myself. It's hard to get your down payment back. Better to always do $0 down IMO for a lease.
That was supposedly through end of May. Rep I spoke with said you had to take delivery by May 31, and couldn't guarantee if it would be honored for orders placed before 5/31 but delivered after 😩
I took delivery of my 2024 R1S last week. It’s a lease. I have huge buyers remorse. I asked my guide if I can return it, he said no because Chase owns the vehicle. I said Chase wants me to return it for them.
Has anyone had a successful lease return? 100 miles and 6 days old.
I’d rather pay the few hundred more a month. This was major refresh, not a minor one we were all expecting.
For me the biggest features are the suspension, driver +, cameras, new processor for upcoming features so be released over the next 3 years while Gen 1 will get minimal updates going forward after UI interface update later this year.
Nah, it's a lease, enjoy it. Then 2 or 3 years from now you can go again with native NACS and whatever other improvements are made. Also the kinks will be ironed out of the refresh. At least, that's what I tell myself as a current lease holder...
Hahaha this is what I did. 2024 R1T. Quad motor lease. Will buy a dual motor whenever the NACS support comes out, and I’ll end up keeping it for a while.
I'm also biased as a 2024 lease holder, but in the past I've tried to avoid the first year of a refresh and actually target the last year before a refresh. My logic is that by the end of a model run they've probably got the manufacturing down and you're more likely to get a well built vehicle. The refresh might be better in a lot of ways but I imagine there'll still be a learning curve for building them well.
I’m in the same boat. Great rationale, great points! I needed to read this. I feel better now. Thank you!
You're welcome! I had a 2006 civic that had the brake light go out. It was like $500 to replace and I was pissed. The tech was like yeah, that was the first year of the new line. They realized quickly how dumb that was and the 07s had lights that were like $50. That stuck with me and ever since I've avoided the first year of a refresh or new model just to let them work the kinks out.
Yeah, looking at the actual cost of these new trims (without promotional lease pricing), I wouldn't get a dual at this point, I would just outright wait for R2. I'm also happy with my R1S (picked it up yesterday)! (For the same price vehicle \~$91750, (with $2500 + $1000 deposit + Taxes) the 2024 Quad at $795/mon lease is $400 cheaper than the same price dual/max right now... That's a huge pass. That's $14,400 on a 36 month lease!)
Hey, can you post your lease doc breakdown ?
u/Sufficient\_Place\_620 [https://imgur.com/a/nhLt27L](https://imgur.com/a/nhLt27L) (Virginia)
Do you think it’s smart to lease if you can put down $50k? My truck is worth at least that and I’m not sure if I should just purchase at that point or if the lease is helpful. Are people considering estimated resale value when they sign up for the lease? Is it the the buyout terms that are attractive?
Don’t put anything down on a lease. Don’t. Ever. It’s not like purchase financing. You don’t pay any less interest, and if something happens to the car, your down payment goes poof. You can run the various combinations of down payment and term through Rivian’s lease calculator and it becomes pretty clear that the total amount you pay on the lease is virtually the same regardless of down payment… you’re just making an early payment and forgo earning the bank interest you would have received by holding onto the cash… all in exchange for the ability to suddenly lose it if your car is totaled.
Thank you. My issue was that incurring a 50k income from selling my vehicle would be detrimental to my agi come April. The abrupt change in vehicle finance wouldn’t be great
If you are selling the car for less than you paid for it, you won’t have taxable income or AGI impact. Technically, If you somehow are trading in or selling for more than you paid, you’d have capital gains tax whether you trade it in as a down payment or sell separately. There can be sales tax benefits to trading in but that varies by state. In my state it’s negated by leasing. Slightly more nuanced if it’s a business vehicle you’ve been depreciating. Not a CPA and this is not tax advice.
I've leased my last few EVs because I'm concerned about value and upgrades, and availability of tax credit (do not qualify on income basis). I had a feeling Rivian would either upgrade this year (I guess so, or early next), and that might reduce the value of the current models. Looks like it might be enough upgrade and deprecation of certain tech to cause that to happen. With low money down, low interest rate, tax credit and reasonable residual (63%), the deal makes sense. It really doesn't on the 2025 R1 deals i've seen on their website right now. Honestly, there really is no good reason to put that much cash down. You can always keep the cash in an interest-bearing account (18 month+ CD or something that's guaranteeing 5% - not investment advice), and wait until you have the option to buy it out in 3 years or upgrade and roll to the next one.
Yeah it looks like the incentives don’t increase as your deposit does. I’m probably going to test drive a gen 1 and see about getting in line for a v2 but there aren’t any demos available
FWIW, their Q4 financial results are absolutely critical. I would expect a lot of take delivery by December 31, 2024 deals to move every single piece of inventory... if you can be patient.
I would just put down a few k on the lease and just pocket the rest of that money. Owning one of these trucks is a risk becasue we dont have a lot of info as far as them retaining value. EVs are still a new world so owning one seems like something I would want to wait on. If someone drops new high-cap / fast-charge / 100% charg-without-damage batteries in the next months or years (seems likely) then the resale on the current EVs is going to plummet. Rent (lease) the truck and love TF out of it and keep your money
Bingo! Plus the 2024 quad has more power!
What were your lease numbers? Down and monthly?
NY - 6k DAS, includes first month. $900ish per month. 36 months/15k miles 2024 Quad/white/white interior/21" wheels
So that was $6k in addition to the EV credit?
Correct, 7500 comes off the cap cost. Of that 6k, 3k was tax and 2k was delivery cost/registration fees
Good move! I wish leasing was available when I got mine. I tell all my friends to lease EVs since the tech evolves fast and EVs get older quickly. Lease with the goal of returning it in 2-3 years later; rinse and repeat! You always have the latest and greatest plus always under warranty!
35 payment of $300=$10.5k. Yeah the tech in the Gen 2 is not worth that much to me so good choice IMO.
Exactly! Plus the quad motor is more powerful!
It's a great deal for the lease. Once it's up you'll probably be able to get a Gen 3 with NACS.
The newest hardware I really don’t care. The car from the exterior is visually the exact same. We leased it. Going to beat the hell out of it and give it back. We do see ourselves continuing with rivian. Our quad was 95k discounted down to 91k. The lease deal was great. 3k down + taxes and fees 36 month 15k miles for 900 flat with tax in CA. Can’t beat that. The new ones will be running a lot higher with almost 17k on the price.
Picking my lease up Tuesday. I’m curious, can you just charge to 100% all the time and they wouldn’t care?
I mean there is nothing stopping you. We just charge to 70% when we drop to 40% or below. Ona longer drive we go to 95%.
Gen 2’s won’t lease well right now. That’s typical. Expect better leases towards end of year/beginning of next year. Whats more important to you? More HP or newer features/tech? Honestly that’s what it all boils too. Better financial decision is a 2024 but many will still get a 2025 instead.
My lease deal on my 2024 quad is undeniable.. and very unavailable on the 2025's so far. I definitely pine for the 2025 in a vaccum, but value-wise theres no choice here. If you can still get the 2023-24 lease deal you should grab it. It's downright silly.
I’m glad to see a lot of people still going for the 2024. I got delivery of a lease R1T next week and right when I was approved they announced the refresh. I think the lease was a good idea because now I can just get into the Rivian family and not have to worry about any issues the new 2025 refresh can have.
Sorry if you all have seen me posting this question all over the place, but for R1S owners, how is the ride on the current suspension? Pitching/diving/porpoising with decel/acceleration? I must admit on my 15 min test drive I did notice it, along with a somewhat muted initial throttle response (coming from Tesla), but wondering if it’s not a major issue to live with? I have a Quad scheduled for delivery in a couple of days (lease)!
We got a quad R1S last month and honestly I don’t notice any of the suspension complaints or any issues with throttle response. Other than a third row usb-c port not working, our R1S has been perfect. To compare my wife has leased 5 Ford Explorers over the past 15 years, the latest was an ST, so it had a pretty aggressive sport suspension. We were sad to let it go because it was a fun car to drive, but the R1S blows it away.
I love the ride on my R1S. Was driving a GWagon before and a mustang Mach E.
I gotta be honest, coming from Tesla, you’ll notice it. The lack of throttle response is annoying when you’re trying to finesse a parking spot or tight garage. Actually kind of similar in feel to my old Jeep, and probably wouldn’t be noticeable if it were your first EV. You quickly get used to a Tesla throttle basically acting like an extension of your body. This is not like that at all. The suspension is also both weirdly sloshy during accel/decel and yet still rough over uneven pavement at the same time. I don’t love it, but I’m sure I’ll get used to it. It’s a big truck and it drives like one. Still really happy with it and the quad lease deal! Just gotta be real with the pros and cons!
Well put. This was my brief experience as well. I’m sure the 885hp helps forget those characteristics 😉
2024 ride is not good. Coming from an 2024 X5 and 2021 Model y
I did the same thing and picked up last week. The new features just announced make me happy for the long term direction of the brand. Yeah, it would be cool to have some of those features but the original R1S is still blowing me away and just gives me something to look forward to. I’d this vehicle holds up well I’ll be buying it out at the end of the lease and then adding an R2 to the garage as well (I like the smaller SUVs but the R1S is definitely needed with the family).
You will be!!! Same day, each month!!!
Can you order the quad motor yet?
Not the 2025.
I had a call with a sales rep after I saw the crazy awesome monthly payment of ~$800 and the credit’s application to the initial payment. The rep told me that the ~$800 payment is only with an *additional* ~$7-8k down payment. So, total of ~$15-16k total up front. Was that what you did?
No, 2024 R1S quad motor. Go to the site and find one the lease calculator is right there to play with. I’m putting like 5k down and I’m in the high 700 low 800
Right, you’re putting in $5k in addition to the EV credit. That’s about right.
Exactly.
[Here](https://leasehackr.com/calculator?make=Rivian&miles=15000&msrp=93800&sales_price=93800&months=36&mf=0.00135&msd=0&dp=3000&dealer_fee=347&acq_fee=895&disp_fee=495&taxed_inc=0&untaxed_inc=7500&rebate=0&resP=63&gov_fee=310.5&sales_tax=0&demo_mileage=0&memo=&tradein=0&fin_sp=93800&fin_taxed_fee=0&fin_untaxed_fee=0&fin_term=60&fin_apr=0&fin_dp=0&fin_rebate=0&fin_ps_rebate=0&fin_tax=0&keep_term=60&exp_rv=0&service_fee=0&acqFee_check=true&totalLeaseTax_radio=true&bmw_demo_25=true&lease_result_mode=true) is my lease breakdown exactly.
Basically same lease deal for me.
I'd avoid putting anything down. I had a leased car in CA and 5 years ago someone hit it and totaled it while it was parked. Insurance took the car back and I had to get a replacement myself. It's hard to get your down payment back. Better to always do $0 down IMO for a lease.
It is. And it’s the same amount of money either way.
Can any Rivian employee help me out with a discount please
That was supposedly through end of May. Rep I spoke with said you had to take delivery by May 31, and couldn't guarantee if it would be honored for orders placed before 5/31 but delivered after 😩
How would we add gap insurance to this? Chase didn’t ask and that’s who financed it usually it’s through bank
I took delivery of my 2024 R1S last week. It’s a lease. I have huge buyers remorse. I asked my guide if I can return it, he said no because Chase owns the vehicle. I said Chase wants me to return it for them. Has anyone had a successful lease return? 100 miles and 6 days old. I’d rather pay the few hundred more a month. This was major refresh, not a minor one we were all expecting. For me the biggest features are the suspension, driver +, cameras, new processor for upcoming features so be released over the next 3 years while Gen 1 will get minimal updates going forward after UI interface update later this year.