Expensive Lease Prices for 2024 Chevy Silverado EV Compared to Rivian R1T Adventure

The 2024 Chevy Silverado EV lease prices have shocked many with their high costs. As reported by CarsDirect on June 25, 2024, leasing a Silverado EV is so expensive that you could lease two Rivian R1T Adventure trucks and still spend less.

High Lease Costs for the Chevy Silverado EV

According to a bulletin sent to dealers, the Chevy Silverado EV RST trim is priced at $1,449 per month for a 39-month lease. This lease requires $5,679 due at signing. The MSRP for this model is $96,495, including the destination fee, and allows for 10,000 miles per year. This means the effective monthly cost is a staggering $1,595 before adding taxes and fees.


 

Comparing Costs with Rivian R1T Adventure

Let's compare this to leasing two Rivian trucks. The 2024 Rivian R1T Adventure leases for $581 per month for 36 months, with $7,471 due at signing. This brings the monthly cost to $789. This model features a Dual Motor Large Battery Pack and has an MSRP of $75,000. Leasing two R1T Adventures would cost $1,578 per month, which is $17 less than leasing one 2024 Silverado RST EV.

Price Comparison Breakdown

The MSRP of two Rivian R1T Adventures totals $150,000. In contrast, the MSRP of the Silverado EV is just under $97,000. Despite the lower MSRP, the Silverado EV costs more to lease.

Reasons for the High Cost of the Silverado EV Lease

The Silverado EV lease is considered a bad deal for several reasons:

  1. No Lease Discounts: Chevy offers no discounts on the lease.
  2. High Lease Rate: The 39-month lease deal is based on an equivalent rate of 7.2%.
  3. Residual Value: The residual value is 55%, and Chevy is not passing along a commercial tax credit to customers.

Shorter Lease Term Costs

If you consider a 24-month lease for the Silverado RST, the initial cost is even more shocking. The down payment would be $15,569, and the monthly payment would exceed $2,000.

Conclusion

The 2024 Chevy Silverado EV lease prices are exceptionally high compared to other electric trucks like the Rivian R1T Adventure. The lack of lease discounts, high lease rate, and no commercial tax credit make the Silverado EV lease a poor financial choice. If you're considering leasing an electric truck, it might be worth looking at more cost-effective options like the Rivian R1T Adventure.