How much does it cost to lease a Rivian R1T, with end of quarter deals

[@sherwinm]

Rivian Referral is here. SHERWIN1705934 rivian.com/configurations/list?reprCode=SHERWIN1705934

[@frumpd63]

Helpful video. Enjoy the beautiful truck.

[@sherwinm]

Thank you 🙏🏼

[@w4ufal]

So glad I watched this! Had no idea they can upgrade and take stuff off. I’m slightly over budget with the lease calculator so I’ll try and get in touch with sales now. Thanks for sharing your content!

[@sherwinm]

From my experience, the lease calculator was a little off. It was lower than I anticipated. Had I known, I may have opted for the quad motor since it has a higher residual value so the payments may have been very similar maybe another $20/monthly. The sales people are helpful in finding inventory vehicles and finding more deals not advertised (if any). But they cannot help you with finance numbers. This is only after they run credit and you have given them $1000 down. Good luck. Pls let know what you end up getting.

[@KobraToldYa]

Super informative as always!

[@sherwinm]

Thank you. I got a Rivian referral link for you if you need it 😊

[@ridgeunk4968]

thank you! this video helped me make my decision in leasing a R1T. Excited to pick it up this weekend

[@sherwinm]

Congratulations. What color combo did you get? Dual or quad?

[@ridgeunk4968]

@@sherwinm got the limestone dual motor large pack with All terrain wheels. I wish I could have gotten the road tires but they are almost all out of the gen 1 with the current Friends and Family discount. Took the advice about putting 0 down because i would be left with nothing at the end of the term. I was gonna put a good chunk of change down originally. Also was waiting for the gen 2 lease but these deals were too good to pass up currently

[@sherwinm]

@ridgeunk4968 nice! Limestone! Ya the deals on gen1 2023 are too good to pass. Looks like you got extra deals with friends and family too. Excited for you. Can’t wait to hear about your delivery and for few weeks driving it. It’s so much fun

[@ridgeunk4968]

@@sherwinm yeah im also coming from the Tesla ecosystem as well. did you get a tonneau cover with your truck? Mine did not have it included and contemplating on getting a manual one or a 3rd party version for it

[@sherwinm]

@ridgeunk4968 it did not come with a tonneau cover. The guide added a note on my account to let me get one for $500 but it’s not guaranteed for that price.

[@SSSandhu13]

Thank you so much, was looking into leasing a Rivian and this was very useful!

[@sherwinm]

R1T or R1S? There’s still some deals going on. They even have friends and family discount. Many info on twitter/x

[@SSSandhu13]

@@sherwinm R1T

[@SSSandhu13]

@@sherwinm Could you link me to some? I thought the F&F discount was gone

[@sherwinm]

​​⁠there’s a few people I follow and mentioned on my Rivian videos. Chris is one of them x.com/hilbe/status/1803230136541786401?s=46

[@SSSandhu13]

@@sherwinm 🙏🏼

[@ATerryB]

congrats!

[@sherwinm]

Thanks 🙏🏼

[@fattmozz]

from what I heard, Standard and Standard+ battery packs are the same physical battery, with the difference being locked up by software, which means you can pay to upgrade to Standard+ after sale. It also means that you can safely charge Standard battery pack to 100% given there is a buffer of 45 miles that you don't have access to.

[@frumpd63]

100% unconfirmed conjecture.

[@sherwinm]

Rivian hasn’t officially announced anything about unlocking the battery capacity so I didn’t want to risk it. Also, this maybe would have been a 2024 model and I wouldn’t have gotten the extra $2000 off. I think the config I got is the “sweet spot” for what I’ll be using it for.

[@oranbooker1356]

Sherwin, I really appreciate your videos. I believe that have the lease is over and if you want to buy the car, you buy it at the depreciated value of the car at that time the lease is over. You don't pay the full sticker price. It's a savings, I believe. Can someone reading clarify that for me please

[@sherwinm]

I checked the document. If I want to buy afterwards, I pay the residual value of the truck. One issue though is if I want to finance, the interest rate may be higher than buying a new car.

[@oranbooker1356]

@@sherwinm Thx Sherwin, enjoy the truck. Peace ✌️

[@willberg8599]

With my lease, the tax credit was put toward the actual lease balance. I also got $6000 employee referral discount (off sale price) from Reddit. After everything, I got a Dual Motor Large, Limestone 3yr leases for $670/mo after tax and $2300 due at signing. State Farm insurance was way cheaper than any other option too, $105/mo

[@sherwinm]

That’s an amazing deal. That extra $6k from friends and family may have dropped your monthly by another $100. Were you already a State Farm customer? Good rate. Thanks for sharing

[@Pied2022]

I'm looking at either getting the Model X or R1S. Following for your experience with both!

[@sherwinm]

We’ve had two refresh Model X. One Long Range that Tesla bought back because of issues. We replaced it with a Plaid. Still have issues but they are saying “within spec”. As much as we love our Model X, it’ll be our last. But when it works as expected, it’s a great and fun car. Right now there’s the annoying clicking sound at low speeds. We recently went to Grand Canyon with it (video coming soon) and it was fun. I have plenty of videos on both Model X. I want to test drive the R1S next. It’s on my todo list. Thank you for your feedback

[@patrickklein2765]

Nice move and informative video!

[@sherwinm]

Thank you 🙏🏼

[@jon77924]

your video was very informative. i am going to try and call Rivian to see if I can get any incentives and lease one also.

[@sherwinm]

thank you. good luck. they may still have additional incentives. i think in the month of April it’s free PPF and if you trade in a gas car, they will credit $5K. But check with them if it’s still available. Pls let me know how it goes.

[@johnsousa5532]

I just least a rivian R1t with $7500 due at signing.But I will be receiving a $7500 check from Massachusetts because I leased a Rit under 80k

[@sherwinm]

Thanks for sharing. So due at signing and the state refund cancels each other out?

[@duckieash5732]

Hi Sherwin. Can you share your vehicle summary page to show of the cost of car and options listed? This what I have configured and would like to see if mine is a good enough deal compared to yours. Thanks.

[@sherwinm]

sure... adventure package: $69,900 performance dual-motor AWD: $5,000 large battery: $9,100 limestone color: $1,750 black mountain+dark ash wood: included tow hooks: included subtotal: $85,750 premium exterior discount: -$1,750 model 2023 lease promo: -$2,000 vehicle subtotal: $82,000 hope that helps

[@sherwinm]

I couldn't find your insurance question to reply to but I did a follow up video and broke down how much each car's insurance cost is. kzbin.info/www/bejne/p6OrpH-uYp6mfcksi=TWO95qyyb1M0Al_S&t=1470 California is very high right now and many things come into factor. But I got an email yesterday and it will be another $30 lower total in May. They didn't give me an updated cost for each car.

[@kusa1403]

Nice information video. my dad and I are planning to lease the Rivian R1T but insurance is our concern of being high. Not sure which company is the cheapest. Do you have any suggestions?

[@sherwinm]

I’m in California, I have Tesla. The initial quote was $279/monthly for $500 comprehensive/collision deductible. But when I plugged in the info after taking delivery, it went up to $310 with $1000 deductible. Rivian insurance was about $325/monthly. I have to call Rivian again and check. I haven’t settled with an insurance company yet. This is just to give you an idea. There are many factors that are considered when you get a quote. Many places will require a VIN. I have videos on insurances but again that’s based on my history, location, etc. hope that helps

[@duckieash5732]

$279/month, that seems very high. How much are you paying for insurance on your MX?

[@kusa1403]

@@duckieash5732 for the model 3 we were pay about 300$ per month. Cause we have about 5 people on the insurance

[@gerharddohne2518]

If you are leasing and not planning on buying it at lease end, you could charge the battery to 90-100% all the time.

[@sherwinm]

Yes but it’s so slow after 80% SOC. It drops to about 40-50kw speed. Maybe when I get my adapter I can do it at home. I’ve charged over 80% many times with my Tesla at home. Don’t really notice much degradation.

[@firworks]

I wish I understood leasing more. I always understood leasing to just be lighting money on fire but I've seen so many people talking about the great Rivian lease deals. At the same time my last vehicle purchase was in 2017 and the market is completely different now with the economy the way it is. 816$/month sounds astronomically high to me but then I see people taking on a 700$/month payment for a normal lame car and maybe the Rivian actually isn't outrageous.

[@sherwinm]

I'm not an expert at it but from what I've researched here are the reasons I leased. - It's cheaper than buying (lower monthly payment) - I know I will not drive it as much and it's not my primary car - The $7500 is taken off the price of the car so it lowers the payments further VS $3250 if you buy and that's a tax credit - I have the option to buy the car after the lease, but beware of higher interest rates if you finance - They have the 1% rule when leasing where the monthly is 1% of the vehicle price. Apparently, if this is the case, then it's considered a "good deal" You also have to consider it's a $800 monthly payment on a $85K car. I still don't understand the residual value and all that but it seems it was a good deal. I just went on KZbin and watched lease videos. But most of them are non-EV cars with dealerships that play games.

[@santiagohills3997]

The issue with leasing is that the first three years are when depreciation is the highest. And then you turn around and start the process over again. And since cars are so much more durable today, you miss out on years 4-6, when cars are usually still pretty solid but depreciate much slower. And in years 7+ it’s all just a bonus, the car might depreciate a couple grand a year, so any use you get out of it is a bonus-you can eventually drop collision insurance and just have liability-a $2000 deductible on a $4000 car is silly. I knew some folks in the 90s that were taught to lease so they always had a safe reliable car with a warranty. If you have one car, and it has to work every time, leasing penciled out. And if you have the money and just like having new cars, and don’t mind payments, leasing’s the way to go. That said, EVs are so new that next year’s cars will make this year’s obsolete. You might want to upgrade sooner. So maybe it makes more sense.

[@rexlybrand6688]

Have you figured out what the cost at the end of the lease would be? I wouldn’t have been able to get the lease without knowing that dollar figure. Yeah I think it’s called the residual. That’s what I waited through your whole video to find out!

[@sherwinm]

the residual value for my truck is $48,152.50

[@rexlybrand6688]

Awesome, thanks, Sherwin!

[@johnj2803]

Do you have an idea how much it is to buy out the lease? I am planning to lease and buy out to get the credit. I am interested in the fees needed to be paid to buy it out.

[@sherwinm]

Sorry I don't know and all lease agreements are different. I would assume it's whatever is left on your lease agreement + residual value. That's just a guess. You would have to ask maybe your Rivian guide or the bank your lease is with. There is a disposition fee of $495 in my document but that's if I do not purchase after the lease. But you do have the option to purchase with the lease, unlike Tesla where you have to return the car.

[@johnmcdonald927]

How was your money due at signing so low?! Everywhere I look it’s 10k down all said and done on a lease

[@johnmcdonald927]

Or could you please outline the total out of pocket spend between deposit and down payment and then payment? Going to call rivian tomorrow lol

[@sherwinm]

@@johnmcdonald927 I was able to lease it with $0 down. In California, you don't pay for the taxes of the full amount of the car during delivery. You pay taxes every month when paying the lease. The break down I have is... First month payment: $813.87 Taxes: $734.70 Acquisition Fee: $895 Documentation fee: $85 Title & Registration fees: $1,161 Total is $3,689.57 That's what my document has listed. This may vary due to price of the car, credit check, etc. Hope that helps

[@duckieash5732]

Hi Sherwin. Can you share your Vehicle Summary page. This is what I have configured, how does it compare to yours, and what is your purchase price?

[@markdeadrick3978]

I went for one of the '23 lease deals last week and was originally going to go for something like yours (Sherwin). I wanted a dual motor with a standard battery, ideally Limestone with the grey interior. I kept looking at the vehicles offered for my area in San Diego. (The service center is literally about half a mile from my shop.) A quad motor, large, white, grey interior, with power toneau cover popped up at a relatively low price. After clicking "go", and the back-and-forth of the online contract (never had a guide step in, which is fine.). I got lease at $5000 down, but total out of pocket almost $10k (which includes sales tax on the $5000, plus I believe taxes on the $7500 tax credit), first payment, license, doc fees, etc. My monthly at 10k/yr (we have too many cars to choose to drive) is $583/mo including tax. My total expenditure for 3 years will be just over $30k ($844/mo net). Doing the math on yours, I get about $32k ($895/mo net). You will be paying interest on the amount you are not putting down, BTW, they have to make that money somehow. I think these deals are probably going to be around for a bit longer. If they come out with the new Enduro Tri and Quads, they will probably still have older 23s and 24s to discount. I could not see purchasing one of these or any EV at this time. This is my first lease in the past 13 years and in this case I think it makes the most sense. -Mark

[@sherwinm]

@@markdeadrick3978 Nice! The quad motor are good deal too because their residual value is higher. The deals will be there until the inventory is gone. Congrats on the new truck. I stopped by the San Diego location on my recent video. Really nice people there. I hung out for like an hour and they asked about owning Tesla and Rivian. They even suggested places for me to check out afterwards. Wife was attending a conference.

[@obsesivegamer]

1200 monthly payment on a car smh

[@MrTeslaX]

World have definitely changes. In 2016-17 I promise I would never buy a new car and my used cost will be under $15000 but today here I am paying $900 in car payments. My income has 3x as well though!

[@luckylenny]

How is Rivian different than any other over-hyped money-losing company headed for bankruptcy? Rivian convinced early investors to pour in tens of billions of $$s. But now Rivian is consistently losing $1.5 bill/qtr (4Q23). Between the convertibles and lack of plans to reduce losses, it will be increasingly difficult to attract new money. Rivian had 963 mill sh o/s as of 12/31/23. Like 100% of companies that lose money every quarter, Rivian will almost certainly go bankrupt. Feel sorry for any Rivian owners

[@sherwinm]

Thank you for caring

[@santiagohills3997]

Tesla lost money every quarter, until they didn’t. Same story with Amazon. Rivian has Amazon as a major investor, among other very patient sources of money. Rivian’s plan to turn the corner was pulled straight out of the Tesla playbook. They have to make it to the first delivery of the R2, and have decent margins on that car once they do start building. If they can make good delivery numbers on R1, they’ll need to hold on until the first R2s ship. If they’re close, they can probably shake down the deep pockets for spare change, long enough to get into production.

[@sherwinm]

@@santiagohills3997 according to docs, residual value is $48,152.50. There is an option to purchase after lease is over, unlike Tesla. I couldn't find your original comment so I replied to this. Thanks.

[@santiagohills3997]

That’s good to know. I thought I found in the video where you mentioned it, so I deleted my comment.

[@stephenharris2495]

Costs per vehicle are reducing every year, supposedly they are within 4 quarters of break even. They have their mass market vehicle coming online in early 2026. Nothing is guaranteed but rivian has a great brand and people love them. Of any non Tesla start ups, Rivian appears to be have best chances - fisker, lucid, nikola etc