Watch This Before Leasing a Rivian R1T: Lessons Learned
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- เผยแพร่เมื่อ 2 มิ.ย. 2024
- Here is the true costs of leasing a Rivian R1T.
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I watched an entire commercial just to help you with that payment. Now that's love! Haha
hahaha the Gjeebs Organization thanks you
You've made some awesome videos over the years and I've learned so much from watching your videos. With that said, I have to say this is one of my favorite videos of yours explaining how you got to where your at on TH-cam and how people judge you based on seeing the end result of things instead of seeing all the hard work you put in to get there. Thank you for everything you put out in your content and keep up the good work.
$10k down, $1k/month for 2 years. After two years (24k miles), $34k out of pocket, 0 assets, but also 0 liabilities. No thanks. Another way to look at it is it's a rental, at $1400/month, with limitations, caveats, and a balloon payment on the tail end if you are forced to keep it.
Plot twist! $10k down, you roll off the dealership , someone crashes into your new slick truck and total’s it. Nobody returning 10k down payment.
And that’s just the start, then add insurance, recharging, any accessories and tires,
Evs suck
@@shanewilfon6860lol this has nothing to do with “EVs”. All leases suck. They are never a good idea, ever.
@@KyryllHaponenko That is a good point
Bro said find an ugly rich girl. I'm dying bro, I know you're joking but damn it was good.
I'm actually a big fan of leasing because I like to get a new car every couple of years anyway and leasing is a great way to do that. Ownership of a depreciating asset is not a priority for me. In the past when financing I'd typically still be underwater when I was ready to move on to something new so it was either roll over that negative equity into the new vehicle and pay an inflated price or spend more time with a vehicle I no longer wanted. Seemed like a no-brainer to me.
I’ve been considering this option, since you can buy out the vehicle at the end of the lease (Tesla doesn’t allow you to do that). At the end of the lease the residual amount would be ~66k I think he said. The vehicle new would be about 91k, and you end up paying about 24k which tracks for the amount of loss value in the vehicle.
This plan works if you commit to buying the vehicle at the end of the lease. Let’s say you put another 20k down at the end of the lease, now you’re financing the vehicle for the same amount you were leasing it. At the end of the day, this becomes a cleaver way of paying for an expensive vehicle for a longer term with losing the least amount of money as possible. And you were the only owner.
Super useful video to show the costs of leasing. It is incredible that one has to put down a $1000 deposit that is not refundable BEFORE the details of the lease are released. Thank you.
Super clear and useful breakdown of the facts. Thanks!
So much important and relevant information in this video, about life, work, work ethic, aspirations & the Rivian, of course! Thank you!
You're welcome
Love the talk about money and working hard. Thanks for being real. Not enough people say these things anymore.
Glad it helped!
Love your videos. Just subbed! Plan on leasing the R1S sometime in the future. Thanks!
Honest. Witty. Shameless. And I love it Gjeebs!
Love the talk about going on the offense on money and spending it. If you can find a balance between stashing away money in the right places while continuing to strive for more money to do the things you love, I believe you will live a more fulfilled life. You nailed it.
Important to note that the 24 month leases are substantially more money per month than the 36 mo leases.
The lease figures advertised are quoted as 36 mo leases so the monthly is lower than your 24 month lease monthly.
Curious on the other fees:
The sales and use tax of $1166 - was this a tax on the total Cap Cost Reduction (13,500)? What is the sales tax rate in your area?
Also interested why the dealer doc fee is $450 and License fees are $1539.
Assuming CA has high License fees but I wonder if the $450 varies from contract to contract or location to location?
Also worth mentioning that Rivian adds $1800 to the listed MSRP price online for delivery and that sets the total cap cost (Can you verify?)
All of that added up makes for a lot of added expense that people may not realize. Wish Rivian would allow customers to see the numbers before locking in $1000!
Thank you for making such informative video
New subscriber here! This was an incredible video. Really top notch, I'm so impressed. Not only did it provide incredibly helpful info that I've been trying to find (as I contemplate by own R1T lease), I actually really digged the motivational speech as well!! As an FYI, I went in to check out a Ford F150 Lightning (Lariat) after renting a Ford F150 recently while my old Tesla X was in the shop....let me tell you about false/misleading advertising!! They say those Fords are cheaper, etc but both lease/purchase option was WAY more expensive than what you just described for the Rivian. I was honestly shocked. They were basically advertising a price on line that wasn't even possible (applying all sorts of incentives that actually don't apply and can't be applied together), it was a real disappointment. They also don't pass on the 7500 tax credit which I thought was lame. Now that being said, they were quoting me on zero down - so that might play into it a bit, but didn't seem like it and the dealer "expert" on EVs didn't even really know what he was talking about related to any EV questions I asked. I've been an EV owner for about 10 years now (Tesla X, Tesla 3, Leaf, and BMW i3). It was like they were making crap up. Definitely turned me off to Ford. Not sure what other's may have experienced, would be interested to know...Anyway, awesome video!
Subbed for this video. Many, many thanks.
Thank you!
You are genuinely funny. Looking forward to the next video.
Great video on leasing and what goes into it. Gotta love the "creative" advertising companies do with payments
I leased my cars for 18 years (6 cars @ 3 years). It was a great way to stay in a new car (like you, I like having a nice car) and those were my peak earning years. It worked out for me as I was able to stay under the mileage limit and I didn't have any kids/pets that could damage the interior. Since you mentioned your intention to do this, I will warn you of one thing - do not make any aftermarket modifications to the Rivian that cannot be reversed before you turn the car back in. Some lease turn-in inspections are pretty picky and they can asses you for damage/excess wear & tear at turn in time. Read your contract and see if they make any statement as to what's allowed.
I leased my cars in the past ten years and didn’t have issue when returning. The only time I got charged for aftermarket mod was by tesla, cause I have windows tinted.
@@jackking5631did they make you remove it? Or what did they charge you?
@@briang896 you can do either. I went the easy route and paid Tesla about 150 when returning.
@@jackking5631 Not bad, least they gave you the option
Thanks for the speech. That was good positive thinking..
Well spoken coming from another youtuber. Couldn’t have said the inspirational speech better.
Thanks for putting this information out there. Ive spent hours trying to get them to tell me how much i'm actually going to pay out the door and no one can help unless i place the order with a $1,000 nonrefundable fee and do a credit check. They won't even tell me what the taxes/fees due would be which has nothing to do with credit. Very annoying.
Hey Gjeebs, Thanks for this video and for going over your actual figures. I think seeing the projected residual value of the R1T at the full term of the lease would have nicely rounded out that portion of your presentation. Depending on what the buyout amount comes to, this may be a good way to recoup a decent amount of that roughly $35K you paid on the vehicle, should you like it enough to keep it a couple more years.
Your money advice at 11:00 is some of the best I’ve ever heard. And I work in finance. More people should adopt this mindset.
Also, it makes me happy diarrhea humor and sound financial advice can coexist
Very nice content as always. Thank you for your authenticity. By the way, I have the same shorts (and color) as yours. Super comfortable I'd have to say. Cheers!
Your videos keep getting better
Love the motivational segment!
Man Thanks for the motivation man! I told myself in June of 2023 I want to start TH-cam and be consistent no matter how long It takes and honestly you are legit the reason why.
Glad to hear that. Just keep at it and enjoy it but also work to get better
Great info video. Always had questions about this lease program. I own a Rivian purchased a year ago. Now my wife wants her own.
Biggest benefit is the 7500 tax credit.
great video and I love all of the quips and comments - great way to keep my laughing.."Do it!" .. Excellent
I just leased one today 83500 msrp quad motor adventure. 7500 rebate and 10k down $660 a month 36 month, residual $49k.
I typically buy new trucks every 3 years, just sold my 22 raptor. Leasing in ca, you only pay tax on the payment, so right away at 10% i saved at least 6k in taxes and the lease structure is much easier to depreciate for write offs for my business vs buying. Not to mention my house is solar and overproducing electricity so essentially get to charge for free at home. $600 a month is what i paid in gas for my raptor at 12mpg. This deal works for me. Also on another note i wouldnt buy an ev because the depreciation is so steep and unpredictable.
Thanks for breaking down the exact lease costs. And agree about working hard, saving and only buying what you can afford. I'm one of those guys that cant imagine getting anything other than a Tesla, just love my Y too much especially with the latest SEXY buttons update, I can now drift my LR AWD, I'm mostly just drifting/donuts in snow, don't want to destroy the tires. I get if if you need a truck, Rivian is the best option, Cybertruck is great but gets too much attention.
I think the Rivian SUV is so cool! Your truck is cool too. Just not sure about the charging network. I have a 23 Tesla model Y and love it too!
Good useful info, as I'm going to lease an R1T by the end of Jan. Curious about the $1166 in sales tax, is that tax on the $18k part you paid upfront, as in AZ sales tax is usually added to your monthly payment and not up front, but I won't claim to understand all these numbers. Also the $1500 "misc" is odd, unless that is the registration in AZ? Oh also all car manufacturer websites lease "estimates" do not include monthly sales taxes, so you have to account for that, I know where I live in Peoria AZ sales tax on any lease I've had is 8.1% of the actual monthly payment (usually what is on the manufacturers website).
Actually at the end of a lease you "might" have positive equity in your vehicle if its worth more than the residual amount. I've leased 4 cars in my life so far and have had this with 3 of them. It's a bit trickier lately because a lot of manufacturer's aren't letting you sell your lease to any other dealer but their own. But even then if your leased vehicle is worth more than the residual at the end of the lease, you have equity with it can use towards another vehicle they have, or another manufacturer if they allow "selling" the lease to them. I had a Challenger that was valued at $5000 more than the residual at the end of lease and I sold that to a Volvo dealer and got that $5,000 off my new Volvo. And then later with that Volvo, it didn't far as well, but was worth $1k over the residual and I got that $1k to put towards my next Volvo, etc. Long story, but yea "Lease Equity" is a thing but not guaranteed obviously. But that's a great part about a lease though, if your car is worth way LESS than the residual...doesn't matter for you, you just turn it in and not your problem any more!
Also good talk about spending your money how you want! When I was 26yo I got a crazy deal and leased a brand new 2008 BMW M3 coupe. My payment was like $685/mo for a brand new M3! But I still lived in an apartment with a roommate even, my car payment was a couple hundred a month more than my rent payment. A lot of my friends thought I was crazy but I explained it to them like this "I love cars and love driving cars, it makes me happy driving a nice car that is mine, so I see my car payment as just part of my monthly 'entertainment' budget for myself. I don't buy fancy clothes or jewelry, I don't go to events or concerts and a lot of other things that people use their own 'entertainment' budgets for, so this is what I use a lot of mine on and I'm ok with that, I can afford it. And I'm comfortable with my living arrangement, it's cheap, secure and I have my own garage too which allows me to afford such a car as well.
We support you dude don't worry about the lease. I bought all the cleaning products you said to buy. The rules of thumb with Leases are: Do not lease unless you own a business. If you like to modify vehicles and never buy the lease vehicle at the end. I went from a Tesla to Rivian and could never go back. I love my R1T! Cut the crap and range test the Dual motor and that battery pack for us already and post KW/MI.
Just found the channel. Subscribed. Great video
Hey, just curious what full coverage insurance will cost…gotta add that expense to the monthly…🧐
So is the buyout price at the end literally how much you put down plus what you paid monthly over the 2 year term minus the cost of the truck (plus taxes and fees) had you purchased it out right?
Another option is buyout the lease and sell privately. You could end up with profit if the market is good.
Great video for overall. For clarity - $1000 non-refundable fee is not a deposit. A deposit can be returned after conditions are met, a fee is not returned. How long between ordering and delivery?
That's crazy since I seen your last video with this truck. I never really paid attention to this truck but now I'm seeing them on the road alot now..😅
If you are looking to reduce your taxes strategically, leasing makes a lot of sense. It’s an easy write off rather than taking amortization / depreciation over a vehicles life based on IRS tables. One reason people don’t realize that ICE pickup trucks are sitting is because the accelerated depreciation during Covid and the beginning of the Republican Tax Plan is over. That artificially inflated business owners purchasing of new trucks due to being allowed to take 100% depreciation in year 1.
I watched this video and then bought a used 2022 R1T Launch Edition with 5k miles. $953 a month after trading in an old model S.
NOT THE ABRUPT ENDING LOL you’re an inspiration TBH 😭😭😭😭😭
Great video!!!
Put as little money down as possible when leasing. Total loss of the vehicle and you lose all that money you put down because insurance check is paid to lease owner and without GAP coverage you also have to pay the $ of the difference between book value and what you owe remaining on the lease. Usually gap coverage is 25% so youre usually covered (usually a few bucks extra a month). Put down minimal amount (if you cant afford monthly its obviously not worth it). Residual at end of lease for R1S Quad motor as of 2/2/24 is 60-63%. So a standard quad motor with no upgrades and large battery pack $92500 MSRP will run you around 59k to buyout at the end of the lease. The $7500 TAX credit basically just negates most if not all the interest added to the core payments during the 3 year lease. Also be aware some states not only make you pay the normal fees but you have to pay entire SALES TAX upfront. So in Texas for example you have to pay the entire lease sales tax upfront. In my cash my total upfront cash due at signing is 7900 + 1000 (deposit already paid) = $8900. $5300 + Fees + 1 Months Payment ($938 in my case). So calculating the month 36 months * 938 = 33kish. Total Price of Vehicle = 92.5 - 33 = 59k (which was the remaining lease payoff given to me). So basically your just buying 3 years of the vehicles residual vehicle value at 0% interest because Rivian is basically taking that $7.5k credit. Basically this deal is ok if you dont normally qualify for the regular EV credit, want to buy new, and maybe want 3 years to decide if you want to buy the whole thing. I dont really understand the value when you trade in a lease to a car dealer and how its calculated (Not sure if would be the 33k paid over 3 years payments minus vehicle depreciation). Either way its probably not a good deal if you dont want to buyout the lease if you live in a state where you gotta pay the entire salex tax upfront but decent in states that dont require it.
I love your mindset
Does Rivian do an open ended lease with option to purchase at the end? Tesla never does that with there so it’s really a sunk cost. Curious if Rivian allows a purchase option at end of the lease.
Nice work, vid on comparing to your Y would be good down the road...
haha you know it's coming
Get to hear about a truck and what’s going on in your head, Nice!! I enjoyed hearing about what’s going on in your head.
This guy is pretty funny….. slightly cheesy but funny. Also motivational 😂
Thank You Everybody for All that you are doing for our Planet Earth.. Peace.. Shalom.. Salam.. Namaste.. 🙏🏻 😊 🌈 ✌ ☮ ❤
Gjeebs, love your work,could you do a update on the Tein shocks with quicker rebound, i am owner of RWD Y in Perth Western Australia,i am dying to modify the car,there are no aftermarket parts here yet plus nobody has been game to start to try new suspension,the car rides like a brick, hope for a return video,thanks in anticipation 🇦🇺🦘🦘🦘👍👍👍
Most entertaining video about leasing I have ever seen! Thank you! 🙏
You're hilarious i definitely enjoy the channel!
Glad you enjoy it!
Good stuff sir! Do you clean your exterior any different in cold months vs hot ones. Thanks!
I do the same routine weather it is hot or cold
Wow, this was an awesome video and a very good eye opener on leasing! I own a 2022 Tesla Model X and put down $10,000 but I own it :).
You don’t own it until the day you pay off your note.🤞
I am probably a rare Tesla MYP owner that does not find the Tesla seats comfortable. And if this truck were in a lower price range I would be buying it. But like you said EV prices should fall in the next couple of years. And for my 2021 Model Y Performance I paid 68K with taxes and today the trade in value is 32K! I also like the Fisker SUV but there are no rebates on it at this time.
I watch your videos for the humor. Loved the one where the family paid the guy to marry their daughter. Now he is successful on his own. Like the Rivian. Been watching you since 14K subscribers.
I appreciate the long term support! You're here form the Focus ST days!
I noticed you were driving on Ray Rd from Chalder to Ahwatukee... So I should have the same deal as you basically(If that's where you live lol)... My zip is 85226... When I go into the Rivian website, looking at the inventory, I can see that the estimated monthly payment is $959/mo($90,750 MSRP) for 36 months, with 45k miles(I drive a lot so I opted for the 15,000 miles/year option). That's with $2854 down payment, which makes it $959 for the first payment, $895 for the acquisition fee and the $1000 deposit.(I put $1000 at the "Down Payment" box) So the website says $2854 due at signing and $959 monthly payment. So I add ~$160 to that? Or do you think that my due at signing number will be higher plus the extra $160/mo?
Trying to get an idea for the numbers before I put that $1000 deposit. Thank you for the great video!
-Manny
Did u mention u can itemize the lease if it’s used for a business?
It's a $52 per day car rental. With a 2-year commitment.
Best speech ever!
Oof, I'm glad it's you and not me, thanks for reviewing! My Model Y LR AWD blue + white is $450 /mo @ 72 mo (before $7500 off, bought, not leased) after my 2019 model 3 SR+ trade in. Just bought it Dec 30! It's soooooo nice! Your videos have been very helpful for the Y, I'm sure Rivian owners will get some helpful info from your truck content.
I’d consider selling it or buying it outright, instead of turning it in if the layoff is less than the value.
What options does Rivian give you at lease end? Can you purchase the truck at lease end if you choose? I know in the past Tesla did not allow leased vehicles drivers the option to buy the car at lease end. I asked a Tesla rep about his a few years ago and they said the reason is that Tesla wants to recover all leased vehicles for resale at their dealerships.
Rivian allows you to purchase them after.
I don’t know if I heard that correctly, but did you say you were doing aftermarket upgrades on a lease? I’d like to know your reasoning on this. I never actually thought about doing that before.
I think he intends to buy the truck eventually
6:30 - you said it's going to cost $37,637.23 but, earlier you said your month that your amount due at signing was $10,068.97. Plus another $1000 deposit, then 23 payments of $998.62 = $34036.26. In fact, your total payments are listed on your lease document of $42,032.23 but $7500 is of the EV tax rebate. If you'd like, I can be your CPA :)
Hilarious and educational - thanks for this great video. I’m personally a buy-lightly-used-and-drive-it-into-the-ground kinda guy but appreciate on the cutting edge of new vehicle world this is not always possible. Plus, the last 4-5 years of ownership aren’t exactly pride-filled as the squeaks and rattles gradually overwhelm the driving experience. I however do very much enjoy the 10+ years being car loan free, although admittedly maintenance costs rise.
As one of my favourite bosses used to say…Life’s a business case. We all have our personal ROI criteria.
Great video. I can attest to the mindset of “how can I make more to afford X”. It fucking works. Nearing 40 now and all the dudes I know that had the “how do I save to afford X” are still struggling as the world just gets more and more expensive.
the motivational speech at the end spoke to me, JUST DO ITT
Go on the offense! Love it!
Does Rivian offer lease to own at the end of lease term?
Tesla doesnt and thats a bummer for me
What is the Purchase amount at the end of the lease, if you want to buy it?
the Residual on their leases is not too bad, and money factor (in today's standard) isn't too high. I own my ICE car but lease the EV one. it's a $90k vehicle and the lease is supposed to be over $1k/month plus tax with minimum drive off. Some people spend a hundred dollars every weekend at a bar, is that crazy too?
Nice truck congrats but maybe I am old school but paying >$900 a month should be yours to own at end how times change. I forgot to say thank you for explaining all the details I find your video very funny and sincere thank you for what you do.
There website is confusing so if I put down 2k I’ll end up paying like 9? For a lease I called them and until I put 1k down I won’t know my true payments kind of ridiculous and I asked if the car breaks down and there is no service center who pays for the tow they actually had to transfer me to service to get the question answered
One of these days I am going to run into you reviewing a car... I live in Maricopa which is right down the freeway from this Lowes lol
Great video - I would have loved to see the gas savings and oil change savings factored into your monthly expenses. I imagine your saving $200+ a month if you're charging at home?
Awesome vid, thank you!!! As nice as the R1T is, they're pricey. That lease you signed would not make sense to most people (unless they know nothing about leasing)... I drive a Model 3P and always sorta low key regret not getting a Model Y LR or P, and as much as I don't like Musk, he has a great product, at a great price. I see Tesla as a stepped up Ikea class of cars and makes so much more sense in so many more ways than a Rivian. Obviously if money is no object, then go for the Rivian.
Do you have to remove the tint and ppf if you return the truck after the lease?
Nope
Great motivational word Gjeebs. I feel another channel loading. lol
The R1T around 6 figures is absolutely insane. They seem really awesome and will consider one after my M3LR, but they are smoking crack with that price brand new.
Yea I agree. Used is a great option too. 50k makes more sense because they have great range and performance
The rivian looks great
Yea I agree it's an awesome looking vehicle
Appreciate the perspective. I got fed up living responsibly the way everyone said I should. You end up with resources you never use and feel like you didn't accomplish anything. So i said screw it and spent a small fortune on a V8 Defender. haha, im sorry I waited so long to do something I wanted to do
Those are sweet! Congrats!
The $7,500 is not added to your down payment it was a reduction in the capitalized cost (difference between residual and sales price). There's a difference.
Depending on the lease and the residue value a lease can be better than buying. Isn’t there a buyout at the end or is it like a Tesla lease that you can’t buy it out at the end of the lease which I think is wrong. I think Tesla is hiding something maybe their resale value?
Enjoy ur Rivian. U and I think very alike. 🤣👏🏻 Great video awesome personality
It was the rich girl CFO comment that gained you a new subscriber😂
What made you decide to do the lease instead of buying a used one?
I can get a quicker return spending 35k as opposed to 65k and high interest rates
@@Gjeebs Makes sense but I would think they payment amount would be more or less the same plus you would get to own it at the end of the 2 years.
I see they have those bogus fees so many dealers tack on . Translates to dealer profit . So nearly $40k to (Borrow) a vehicle . Not a chance !
"adventure hole is open" 😂
Does a lease allow you to modify the vehicle?
I asked about tint and they said that was fine. I'm sure you can just have to return it to normal before turning it in
I leased my lightening 5k down, 3 year lease under my business. Tax breaks more than make it worth it.
Lease to own is the way to go
I heard that Chase adds a $7500 fee if you decide to buy it out. Is that I. The paperwork?
it’s not in there
Great vid as always. I'd be lying if I said I wasn't disappointed we didn't get to see the wife's reaction to the Mugen Si purchase though. :)
hahaha my sell was that it had 4 doors. Great family vehicle
You're talking to a guy that had a Veloster N with 3 doors as the family car when my first kid came. I'm slightly less stupid now but at the time it seemed like a great idea.@@Gjeebs
Came for the car review, stayed for the life advice
Anyone here a CFO and wants to get married?
3:09 "At the end of the lease you have nothing"??? At the end of the lease you have the right to buy out the car at the agreed residual price
Why put PPF or any aftermarket upgrades on a lease ?
It's different for me because I make TH-cam videos. For the avg person I wouldn't recommend this
@@Gjeebs thanks for the reply, that makes total sense and I did not think of the business and ability to write things off like that. I love your channel and get nostalgia watching you drive around Arizona. I lived there in the east valley for 20 years. Still come back to visit a lot. Take care!