Watch This Before Leasing a Rivian R1T: Lessons Learned

Here is the true costs of leasing a Rivian R1T.
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[Gjeebs]

place your order through that link to receive $750 toward Rivian gear/upgrades!

[BigDaddyInKS]

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 YouTube 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.

[Billie]

I watched an entire commercial just to help you with that payment. Now that's love! Haha

[doctoroctos]

$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.

[kqschwarz]

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.

[sal]

Bro said find an ugly rich girl. I'm dying bro, I know you're joking but damn it was good.

[rsawyer]

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.

[chrissteele]

Love the talk about money and working hard. Thanks for being real. Not enough people say these things anymore.

[rmacwj]

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.

[dlucas]

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!

[ceakoth]

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.

[keetonkatt]

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.

[sworks]

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.

[SCWgreg]

Honest. Witty. Shameless. And I love it Gjeebs!

[PeaceChanel]

Thank You Everybody for All that you are doing for our Planet Earth.. Peace.. Shalom.. Salam.. Namaste.. 🙏🏻 😊 🌈 ✌ ☮ ❤

[BenPellowMusic]

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.

[burgundyonly]

Man Thanks for the motivation man! I told myself in June of 2023 I want to start YouTube and be consistent no matter how long It takes and honestly you are legit the reason why.

[manushak_and_tanya]

So much important and relevant information in this video, about life, work, work ethic, aspirations & the Rivian, of course! Thank you!

[iskyfly]

Thanks for the speech. That was good positive thinking..

[allisonbogosian]

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!