Estimate of money owed at the end of an R1T Lease - residual value? One more chance to soak the customer?

[TM1]

Since very few if any people have leased an R1T and returned it at the end of the lease, does anyone have any guesses of how much more money one has to dish out when returning a vehicle after a 2 or 3 yr lease? I'm thinking lease, but the end of the lease payment feels really nebulous to me.

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[Electrified Outdoors]

You don’t have to pay the residual at the end of the lease unless you want to keep the truck and buy it out.

I have leased other vehicles. At maturity you can buy it out for the residual OR you give it back and pay the disposition fee + any excess mileage or wear and tear. Before the lease ends you should get a free inspection from the lessor which will outline anything that needs attention before you turn it in.

typically if the car is worth less than the residual you turn it in (unless you went way over the mileage). If it’s worth more than residual you can buy it out and either keep it or sell it privately.

 

[R1TandMe]

I don’t see any Rivian being worth more than the residual at the end of the lease. Not with the first year depreciation hit. Disappointing though.

 

[captainjp]

You’re looking at 60%-65% residual value at end of lease, depending on configuration. Also, that’s based on price before any discounts applied (trade-in, ev tax credit, etc) While that may seem high, it keeps the monthly lease payment a bit lower and more attractive.

 

[RivAW]

I don’t see any Rivian being worth more than the residual at the end of the lease. Not with the first year depreciation hit. Disappointing though.

You need to research leasing and understand how it works.
If you return the vehicle at the end, you do not pay the residual …it’s not a fee …it what they calculate the vehicle is worth at the end of the lease which in turn is used to calculate your lease payments and the potential buyout payment ….

 

[RivAW]

Since very few if any people have leased an R1T and returned it at the end of the lease, does anyone have any guesses of how much more money one has to dish out when returning a vehicle after a 2 or 3 yr lease? I'm thinking lease, but the end of the lease payment feels really nebulous to me.

Learn how leases work before getting into a lease. The residual value is not an end of lease payment …you do not pay that unless you intend to buy the vehicle at the end of the lease. There is probably a disposition fee (few hundred), excess wear/tear/damage fee, and excess mileage (if you exceed lease terms). Same with all leases

 

[TM1]

Learn how leases work before getting into a lease. The residual value is not an end of lease payment …you do not pay that unless you intend to buy the vehicle at the end of the lease. There is probably a disposition fee (few hundred), excess wear/tear/damage fee, and excess mileage (if you exceed lease terms). Same with all leases

Quite right - I've never done a lease before. I worry about the subjectiveness of the excess wear/tear fee. I've warmed up to the idea of a lease because eventually I'd like my EV to provide power to the house to complement my solar battery (a puny, but typical 10 kWh unit). So buying outright and selling on my own in 3 yrs vs leasing. Buying outright means either a loan or cash. If you put cash down, then for those three years your cash can no longer earn you money, so you are out that money (say 70K - one can get 5% easily so 3,500 a year or ~$300 per month). Plus, the 7500 rebate that somehow gets figured into rivian leases vs no rebate on outright purchases is also enticing.

 

[doit82]

My current estimated buy out on my 2023 Gen1 dual max R1T is $57,577. The current KBB on it for private party sale is $61,138. So right now at least I am ahead. We shall see at the end of my lease if that holds up.

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