A Rivian Lease Dilemma

A few months ago, I leased a Rivian R1T Dual Motor Performance for what seemed like a solid deal at $1,300 per month. At the time, it felt like a smart decision—a way to enjoy the cutting-edge electric truck experience without the full commitment of ownership. But within just two weeks, Rivian introduced a leasing program for the R1S, which would have been a much better fit. These days, it’s practically a universal need to get into something more affordable.

But then Rivian slashed lease prices across the board, meaning I was suddenly overpaying by around $400 a month. Adding salt to the wound, Rivian also launched a referral program, offering $750 off new purchases or leases, plus six months of free charging. Naturally, I jumped on that deal, and if you’re considering a Rivian, there’s no reason not to take advantage of it too. Use my referral code (linked below) to grab that discount and enjoy free charging.

Weighing My Options

My audience wanted me to get a Tesla Model X, but my wife and I had just paid off $114,000 in student loans, so financially, a lease made more sense for us. The goal was clear: figure out how to get out of my current 2-year, 24,000-mile lease and transition into an R1S.

I headed to Rivian’s newly opened store in Scottsdale, eager to explore my options. The staff, while friendly, directed me to Chase—the financial institution managing my lease—to discuss early termination. After getting past the initial confusion of thinking Chase was a person, I moved forward.

The Reality Check

The next day, I received an email from Rivian stating that my $91,500 truck was now valued at just $59,750. In just 11 months, the vehicle had depreciated by 34%. This revelation made me realize that leasing isn’t always a bad deal; after all, I’ve only been taxed on the lease value, not the full price of the truck.

However, there was a twist. My original lease contract listed the residual value at $62,200—a figure that didn’t match the buyout estimate I received. This discrepancy left me puzzled. I’m no expert in lease structures, but I wanted to share my experience to help others navigate similar situations.

Crunching the Numbers

With the help of my Rivian contact, I worked out the math. The buyout price for my truck was $71,400, but Rivian’s trade-in estimate was only $59,000. This left me with $12,400 in negative equity. After some back-and-forth, we arrived at two options:

Pay $1,645 of negative equity upfront.

Roll it into the new lease for the R1S.

Given my financial situation, I chose to roll it into the lease. I spec’d out a budget-friendly R1S build with minimal options—just the cool green paint—and hoped to keep my monthly payment close to the original.

Not So Fast

I thought I was in the clear, ready to slide into a new lease, but I was wrong. To match my current lease terms of 24 months and 12,000 miles per year, the new lease would cost me about $1,470 per month, before fees. If I stretched it to 36 months with 10,000 miles per year, I could lower the monthly payment to around $1,270, but that meant sacrificing flexibility.

Then, another realization hit: I would need to pay taxes and fees all over again—up to $5,000 upfront. Suddenly, switching didn’t seem like such a good deal anymore.

Lessons Learned

One takeaway from this experience is the importance of understanding the fine print of leasing. For instance, buying a Rivian from inventory only requires a $500 non-refundable deposit, compared to $1,000 for a custom order. It’s the kind of detail they don’t advertise upfront, but it’s crucial when making financial decisions.

Ultimately, switching out of my current lease didn’t make sense financially. But if you’re considering leasing or buying a Rivian, I highly recommend using a referral code to get the maximum benefits. My code is linked below, and it provides $750 off plus six months of free charging—a no-brainer if you’re getting into the EV game.

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Rivian Referral Link: https://bit.ly/479RplK Code: BEN1559663