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%.
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.