Chevy Silverado EV Lease Shocker: Costs More Than Two Rivians Combined!
Chevrolet has made notable adjustments to the leasing terms of its Silverado EV, a move that marks a significant shift in the competitive landscape of electric trucks. As of July 24, the initial payment required for leasing a Silverado EV has been reduced to $4,099, down from $5,679, reflecting a decrease of $1,580. Additionally, the effective monthly lease cost is now $1,554, a reduction of $41 per month.
Despite these reductions, leasing a Silverado EV remains notably more expensive than its electric counterparts, such as the HUMMER EV, which costs $555 less per month in lease payments. The adjustments come on the heels of a reported increase in the residual value of the Silverado EV by 6%, bringing it to 61%. However, these savings are somewhat offset by GM Financial’s decision to raise the lease rate from 7.22% to 8.54%. Notably, no lease incentives or loyalty discounts currently accompany the Silverado EV’s new lease terms.
Comparatively, the earlier lease terms announced on July 3 were notably less favorable. Originally, the lease was based on the RST trim with a $96,495 MSRP, offered at $1,449 per month for 39 months, with an effective monthly cost pre-adjustment of $1,595. In stark contrast, the Rivian R1T Adventure, with an MSRP of $75,000, costs $581 per month for 36 months, despite a higher initial payment. Leasing two Rivian trucks would cumulate to an effective monthly cost of $1,578, closely rivaling that of a single Silverado—highlighting a significant discrepancy in perceived value and cost efficiency across these models.
The financial intricacies of EV leasing signal less value in the Chevy deal due to the lack of transferable commercial tax credits, a high equivalent lease rate, and a lower initial residual value. Additionally, Chevy also offers a more short-term lease for the Silverado RST, necessitating a hefty $15,569 down payment with monthly dues exceeding $2,000 for a 24-month term.
From a wider community perspective, the sentiment expressed by users like “EhCanadian” highlight a broader acceptance of high monthly payments for full-size EV trucks, showcasing their status symbol value despite the cost. The Silverado’s larger dimensions compared to the Rivian might also make it more appealing to those prioritizing size in their vehicle choice.
For current and prospective EV owners, aligning vehicle charging to renewable energy sources like solar power is becoming increasingly appealing. Services such as EnergySage facilitate this by assisting consumers in obtaining competitive solar installation quotes without the pressure of unsolicited sales, purportedly able to reduce energy costs by 20-30%.
For further exploration of the Chevy Silverado EV RST’s performance or to check the availability of the Rivian R1T at local dealers, additional resources and affiliate links are available through respective online platforms, enhancing the accessibility for potential buyers to make well-informed decisions in the evolving landscape of electric vehicles.
