Anyone finished a lease with their R1 yet?

[Invzibl]

I am leasing my 2023 R1T and got to wondering if anyone has finished a lease and turned it in to lease another? How was your experience? Tips or tricks to know going into that process? Did they use your original residual number when you turned it in to figure out the numbers on your new one?

I appreciate any comments and/or experiences with this particular issue.

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[UnsungZero_OldTimeAdMan]

Didn’t Rivian first allow leasing in November ‘23? Shortest lease term is 24 months isn’t it?

 

[Invzibl]

That I do not know. Maybe there will not be anyone completed thru yet. I leased my 23 in 24. 3 year. I am assuming that some early adopters have reached the end of their leases, maybe not if what you said is true.

The point of the post was to see if there happens to be anyone out there that has done this yet so I know what to expect when my term is up. I am planning on leasing a new one when my term is up.

 

[UnsungZero_OldTimeAdMan]

That I do not know.

Web search

 

[Schroederhc]

Grok

 

[ThumprMN]

There wasn’t any leasing initially. Became available in certain states in November of 2023.
https://electrek.co/2023/11/27/rivi...leasing-program-beginning-in-these-14-states/

 

[Invzibl]

Web search

Very helpful. Thanks.

 

[Invzibl]

There wasn’t any leasing initially. Became available in certain states in November of 2023.
https://electrek.co/2023/11/27/rivi...leasing-program-beginning-in-these-14-states/

Appreciate that. Thanks for not being a troll.

 

[yetti96]

I have wondered about this too but figured it was too soon. I was thinking ahead about my turn in and tire wear. I have partially/mostly worn 21s and was trying to rationalize buying a set of 20" wheels and running cooler tires and then just putting my 21s back on for turn in if they're still acceptable condition. I read they needed to be at least 4/32" and all oem equivalent and matching, etc.

But alas, yeah the end of 2023 +2 years is not yet upon us so I wonder if as we get close they will offer to pull people in early to get into something at the end of Q3 or Q4 to pull that demand lever. Or will they offer reduced residuals to get you to buy it out and not lose out on turn ins and needing to resell. I had that happen with my first BMW i3 I leased. The residual was so inflated that when it came time to turn it in, BMWFS offered $8k off the residual for me to buy it out.

 

[Invzibl]

I really hope that is not the case. I want to get into a new one. I have made the decision to NOT buy an EV outright until the cost of the battery replacements come down significantly. I know what it may never happen in my lifetime so I am hoping to just keep leasing....

 

[McLovin]

The thing about a lease is...you don't have to run the lease to term. You are free to trade out of your lease at any time, and into any manufacturer.

If you wanted to, you could take your leased R1T and trade it in on a Toyota Prius.

Now...they will use the residual value against the trade value to estimate if you owe more $, but I've found if going back to the same manufacturer, they'll do their best to give you the most for your vehicle, and waive any 'lease termination fees' (which they'd charge you anyway if you ran it to term). I've done this for my last 6 Audis.

 

[DrBad]

The thing about a lease is...you don't have to run the lease to term. You are free to trade out of your lease at any time, and into any manufacturer.

If you wanted to, you could take your leased R1T and trade it in on a Toyota Prius.

Now...they will use the residual value against the trade value to estimate if you owe more $, but I've found if going back to the same manufacturer, they'll do their best to give you the most for your vehicle, and waive any 'lease termination fees' (which they'd charge you anyway if you ran it to term). I've done this for my last 6 Audis.

Yeah, I used to lease Audis and they usually started calling to get me into a new car about 3 months before the lease ends. I assume Rivian will assess the market for their leased vehicles and make buy-out or trade-in offers. I'm 6 months in on my '25 RiT 36mo lease, so a ways to go. I'll be comparing the future R1T with the Scout. Love my R1T but the Scout seems a little more geared towards camping and customization. If R1T doesn't have a front winch mount option by then it'll be even more likely I'll switch to the Scout.

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