High monthly payment on Gen2 R1S lease

[boney]

Hello members,

I am in the process of leasing a R1S performance dual motor with a price of $101500. With a stellar credit, for 36 months/ 10k, the lease payment is coming out to $1240 per month. I know of folks who have R1S 2024 Gen1 for much less (half of the above) monthly payment amount. MF is 0.00344. capital cost reduction towards down payment of $13,500 ($7500 for lease promotion, $5000 early pre order lease promotion, $1000 deposit). I am an early pre-order reservation holder.

thoughts?

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[DuoRivian]

It was cheaper for 2024 models because they wanted to clear inventory - pretty standard approach in the industry. You will pay for having the latest and greatest.

 

[bummin]

The 8.25% interest definitely doesn’t help things. Not knowing a residual leaves some questions but not unusual for a 100k vehicle.
Thought preorder holders got a discount better than 5k before September?

 

[RoadRunner]

For Pre-order holders the discount is much greater on a purchase than on a lease. We got nearly 20K off the purchase price of our R1S. So we decided that buying it was a much better deal than leasing.

 

[carsly]

Seems pretty standard for a $100+K vehicle with expected high depreciation.

The end of the 1st gen R1S were dumped on highly subsidized leases - standard practice in the car business as others have noted. You're not going to match those terms until the end of the 2nd Gen in 3-4 years.

 

[CBRacerX]

What is the residual?

 

[Electrified Outdoors]

MF is high...likely Rivian was buying down the money factor on the outgoing models. The missing link here is the residual at the end of the lease. $1,240 seems kind of high to me too for a 10k lease. Your basically paying $44,640 to drive it 30k miles + any other fees at turn in. Rivian charges $0.30 per mile for excess mileage.

What do the numbers look like on a finance instead? Of course you won't get the $7,500 but a CU should give you a better rate and you should get a better deal as a pre order voucher on a buy vs a lease.

 

[RivianSteve]

Hello members,

I am in the process of leasing a R1S performance dual motor with a price of $101500. With a stellar credit, for 36 months/ 10k, the lease payment is coming out to $1240 per month. I know of folks who have R1S 2024 Gen1 for much less (half of the above) monthly payment amount. MF is 0.00344. capital cost reduction towards down payment of $13,500 ($7500 for lease promotion, $5000 early pre order lease promotion, $1000 deposit). I am an early pre-order reservation holder.

thoughts?

Out of curiosity, are you getting final numbers from Rivian?what state are you in? Is the payment inclusive of tax? Also are you saying you are putting down an additional 13500 cap reduction plus the 5k discount and 1k deposit? Or is your total cap cost reduction 13500 including the $7500

 

[Eticket99]

Hello members,

I am in the process of leasing a R1S performance dual motor with a price of $101500. With a stellar credit, for 36 months/ 10k, the lease payment is coming out to $1240 per month. I know of folks who have R1S 2024 Gen1 for much less (half of the above) monthly payment amount. MF is 0.00344. capital cost reduction towards down payment of $13,500 ($7500 for lease promotion, $5000 early pre order lease promotion, $1000 deposit). I am an early pre-order reservation holder.

thoughts?

MF is high these days for new/highly sought after cars/trucks. Perspective Volvo 25' XC90 recharge is also at 7.5% w/o a dealer markup - so 8.25% is in the ballpark. If the demand cools and inventory piles up, along with rates going down, maybe EOY rates get back to sub 5% (hoping).

 

[Ajax]

I plan to lease the R1S Dual Standard while I wait for my R2S (hope that will give me priority!). I haven't gotten the terms yet but the lease calculator is showing about $736/mo for 24 months for the configuration I want. Seems about right since the config I want is $78.4k. I plan to lease the R2S if that's an option when it arrives as well, since it will be a first model year vehicle with its concomitant issues.

I have a 2021 Mustang Mach-E that has had its share of issues as well, and it seems like Ford finally got everything right in the 2024 model year. Rivian can iterate a lot faster than Ford, so maybe I'll consider purchasing a 2028 if I have a good experience with the R1S and R2S. We'll see!

 

[jjswan33]

Hello members,

I am in the process of leasing a R1S performance dual motor with a price of $101500. With a stellar credit, for 36 months/ 10k, the lease payment is coming out to $1240 per month. I know of folks who have R1S 2024 Gen1 for much less (half of the above) monthly payment amount. MF is 0.00344. capital cost reduction towards down payment of $13,500 ($7500 for lease promotion, $5000 early pre order lease promotion, $1000 deposit). I am an early pre-order reservation holder.

thoughts?

Keep in mind that the lease promotion and pre-order promotion won't go to your down payment but to your capitalized cost. I don't know how tax is handled in your state so keep that in mind as well.

If you do some rough math assuming $60k residual (just a guess) means you have $40k in cap costs minus 12500 to ~27500 in cap costs or $764/mo + rent charges and and taxes on lease payments. At 8% interest a $500 rent charge sounds about right.

For reference I leased an Ioniq 5 in December and had a rent charge of around $400/mo. If you take this lease and can pay it off (with cash or a loan) in 3 months you'll save a lot of money. That only works though if you want to keep the car long term. I don't think you have time with your pre-order discount to wait for rates to come down.

 

[DuoRivians]

2.99% Apr purchase is the way to go if you’re getting a max pack. Well worth it over even the $7500 lease tax credit

 

[IrishNole]

I just completed a new order as a lease on a Gen 2 in Florida. My total price for vehicle is $89,974.68 (large battery, 22" sport dark wheels, air compressor, dark ash wood interior, chilewich mats, and premium audio). I put $0 down other than the $500 required for reserving. My payment is $1,166/month for 36 months/10k miles and my residual I think was around $55-57K. This is my first lease however I tend to change out vehicles a lot so it made since to go this route and sell my Jeep and take the equity for other things. I also can't qualify for the tax credit if purchasing so that factored in as well. Can't wait to take delivery in a few weeks. Just finished up all the pre-delivery items today! The demo sold me on it for sure. The interior & ride was night & day from my Jeep I just sold (23 Jeep Grand Cherokee L Summit Reserve).

 

[boney]

MF is high...likely Rivian was buying down the money factor on the outgoing models. The missing link here is the residual at the end of the lease. $1,240 seems kind of high to me too for a 10k lease. Your basically paying $44,640 to drive it 30k miles + any other fees at turn in. Rivian charges $0.30 per mile for excess mileage.

What do the numbers look like on a finance instead? Of course you won't get the $7,500 but a CU should give you a better rate and you should get a better deal as a pre order voucher on a buy vs a lease.

Residual is $66,400. Financing won’t work for me as I do not plan to keep it long term given the ever maturing EV technology.

 

[Electrified Outdoors]

Residual is $66,400. Financing won’t work for me as I do not plan to keep it long term given the ever maturing EV technology.

Seems like residual is about 62% .

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