Rivian R1S Leasing Guide

Deal Analysis

Updated July 5

July’s changes:

Inventory price reductions are increased for the eligible Dual and Tri vehicles, and unchanged for the Quad.

This month, Rivian is offering a $1,000-$2,000 price reduction for select Dual inventory vehicles, $3,000 price reduction for Tri inventory vehicles, and a $5,000 price reduction for Quad vehicles. This is considerably increased from last month’s $1,000 price reduction on DL, DM, and Tri vehicles.

The same trims are eligible for a $3,000 lease credit.

Rivian is again offering $3,000 lease credit towards inventory vehicles on select trims. This month those trims include the Dual Large with Performance, Dual Max with Performance, and the Tri. This is unchanged from last month.

Overall weakened money factor and residual value across the board largely offsets the increased price reductions.

Unfortunately, residual value percentages increased across the board by 2% for most trims (and 3% for the few remaining Dual Standard inventory vehicles). Combined with similar to slightly worsened money factors for all trims, the net result is worse monthly lease rates compared to June. If you can secure all the above lease credits and inventory price reductions, the monthly lease rates are essentially unchanged from June.

Please note that the vehicles optioned with the Forest Edge package are not eligible for either of these bonuses. Additionally, the Dual Standard has been discontinued. The few remaining inventory vehicles are included for completion purposes but will no longer be included in our recommendations.

For the purposes of this guide, we will assume both $3,000 lease credit and the highest possible price reduction bonuses are applied.

Worsened promotional APR financing.

This month, Rivian increased the promotional APR financing rates for all trims but the Tri (which now joined the DLP and DMP tier) by roughly 1% across the board. See below:

• DLP, DMP, and Tri: 1.99%/2.49%/3.99% on 60/72/84-month loans

• DS, DL, and DM: 2.99%/3.49%/4.99% on 60/72/84-month loans

Last month’s promotional rates were much more compelling, and are listed below for reference.

• DLP and DMP: 0.99%/1.49% on 60/72-month loans

• DS, DL, DM, and Tri: 1.99%/2.49% on 60/72-month loans

Best lease value: Dual Large with Performance.

Remarkably similar to last month, the DLP is the best value lease this month at 1.36% MSRP/mo (starting at $1,238/mo), helped by both the $3,000 lease credit and $2,000 price reduction. These help to offset the worsened lease mechanics evidenced by a lower residual value of 54% compared to 56% last month, and otherwise stable money factor at 0.0017 (APR 4.1%). Despite being the best value this month, it remains overall a Fair rating on our scale, and is minimally changed from last month’s 1.37% MSRP/mo.

Best finance value: DLP, DMP, or Tri.

Previously, the DLP and DMP were in their own promotional APR finance tier. This month, the Tri joins them, with all three trims receiving 1.99/2.49/3.99% APR financing for 60/72/84-month loans. Additionally, The DLP and DMP benefit from up to $2,000 in price reduction, whereas the Tri is eligible for $3,000 - of note, these reductions apply to both lease and finance. Thus, these three trims benefit the most from the changes this month. That said, it is worth noting that the month-to-month change is a 1% increase in promotional financing APR.

Traps:

Not considering the math between leasing vs financing.

This month again represents an overall worse month to lease an R1S for every single trim due to changes in residual value; this is offset only by securing all possible credits/price reduction on inventory vehicles. Although Rivian also worsened the deals on financing by increasing the promotional APR by 1% for all trims (but the Tri), it is still very worthwhile to do the math between leasing and financing. Given Rivian’s overall poor lease value by % MSRP/mo, financing will often come out ahead - sometimes even in a 3 year timeline depending on your state sales tax. Feel free to play around with the total cost of ownership with our lease vs finance calculator here.

Leasing anything other than a Dual Large with Performance.

Outside of a DLP, the lease value is not compelling. The next cheapest trim is a Dual Large, which starts at $1,310/mo but at 1.52% MSRP/mo - there is no reason to not opt for a Performance-upgraded trim if you can find a bonus-eligible inventory vehicle. The Dual Max with Performance is the next best lease value at an unimpressive 1.45% MSRP/mo, or starting monthly at $1,419/mo, similar to last month and overall a worse value than financing it instead.

Recommendations:

Waiting or looking at the used market.

It’s the month after June’s end-of-quarter specials. Unsurprisingly, lease rates are similar to slightly worse, and promotional financing APR is worsened - across the board. If you are not in a rush, we’d consider waiting for better deals. Alternatively, consider browsing the used market for better deals.

Financing a Dual Large with Performance, Dual Max with Performance, or Tri.

Even though Rivian’s promotional APR financing worsened since last month, their lease values are poor enough that it is still worth considering financing. The best APR rates are on a DLP, DMP, and Tri and include 1.99%/2.49%/3.99% on a 60/72/84-month loan. On a 72-month loan, these amount to an effective monthly of roughly $1,330/mo, $1,430/mo, or $1,580/mo, respectively, before taxes and fees assuming $0 down. If we were dead-set on getting an R1S this month, that would be our pick, as these represent better values this leasing right now. Feel free to play around with the total cost of ownership with our lease vs finance calculator here.

If set on leasing: an inventory Dual Large with Performance.

Those set on leasing would find the best value in an inventory Dual Large with Performance, stacking the available $3,000 lease credit and $2,000 price reduction, to score a monthly lease starting at roughly $1,238/mo or 1.36% MSRP/mo.

For a list of the money factors, residual values, and incentives for all Rivian and Lucid vehicles, complete with historical data, check out our deal tracker.

For help deciding between which offers better value, check out our lease vs loan calculator. Joule’s data is built in for easy pre-filling.

Notes: These figures assume $0 down and exclude taxes and fees. Certain assumptions and extrapolations are made in order to best standardize the leasing data such that it is comparable across months, trims, and brands. Thus, these figures are geared more towards trending and less towards generating an accurate monthly quote. Actual monthly payment and lease terms (MF, RV%, etc) may vary. Please consult your sales associate for accurate information.