Rivian Interest Rates Got A Price Increase

By

Managing Editor

As CarsDirect’s resident pricing expert, Alex offers must-know analyses of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured by The Wall Street Journal, Fox Business, Motor Trend, Automobile Magazine, and more.

Follow On: Twitter

, Managing Editor - May 11, 2022

Interest rates for buying a new Rivian EV have reached the highest point we've seen to date following a price increase. Compared to Rivian financing deals you could get just recently, the latest changes equate to a nearly 1% interest rate hike, considerably outpacing the recent 0.5% rate increase by the Federal Reserve.

According to Rivian's online payment calculator, the R1T electric pickup truck is listed at 4.45% APR for 72 months. That's 0.98% higher than Rivian's 3.47% incentive we recorded back in March. Unlike Tesla, Rivian also has an 84-month financing deal at 5.05%, though this is higher than the previous rate of 4.16%.

2022 Rivian R1T

On a $75,000 EV, Rivian's new 6-year financing rate would involve nearly $10,600 in interest. At 3.47% APR, the cost was almost $8,200. That translates to a roughly $2,400 price increase. While we think it's unlikely that a higher rate will deter shoppers, it's worth noting that Rivian still isn't offering leases on its EVs.

As we reported recently, Tesla raised interest rates to 3.24% for 72 months, a noticeable advantage versus Rivian's rate of 4.45%. While other factors will undoubtedly play a part in a decision to buy a Rivian over a Tesla — like a $7,500 federal tax credit — shoppers may want to do their research carefully.

Top EV, PHEV, and Hybrid Car Deals

, Managing Editor

As CarsDirect’s resident pricing expert, Alex offers must-know analyses of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured by The Wall Street Journal, Fox Business, Motor Trend, Automobile Magazine, and more.

Follow On: Twitter

Privacy Policy|Do Not Sell My Personal Information|Terms of Use|Cookie Policy|Disclaimer|
COPYRIGHT 1999-2022 MH Sub I, LLC dba CarsDirect.com