The 2024 Chevy Silverado EV lease price is so expensive that it costs about as much as leasing two Rivian R1T Adventure trucks.
July 24 update: In just three weeks, Chevy has reduced the lease price of its Silverado EV – the amount due at signing has been reduced. It was previously $5,679 due, but now it’s $4,099 due at signing – a price cut of $1,580.
That means the Silverado EV’s effective monthly cost is now $1,554 per month – $41 per month less than before. So to compare, that puts it at $24 less per month than two Rivian R1T Adventure trucks. (The Silverado is also $555 per month more expensive than a HUMMER EV.)
CarsDirect reports that, as per the dealer leasing guide, the reason for the inconsequential price cut is that the Silverado’s residual value increased by 6% to 61%. But GM Financial raised the lease rate from 7.22% to 8.54%. There are still no lease incentives or loyalty discounts.
If you’re thinking of leasing an electric truck, there are much better deals to be had than the Silverado EV – especially if you want two of them.
July 3: The folks at CarsDirect report that a Chevy bulletin sent to dealers lists the Silverado EV at $1,449 for 39 months, with $5,679 due at signing. That’s for the RST trim based on an MSRP of $96,495 with destination and 10,000 miles a year. That makes the effective cost of the lease an eye-watering $1,595 per month… and that’s before taxes & fees.
Let’s compare that to the cost of leasing two Rivian trucks: The 2024 Rivian R1T Adventure leases for $581 for 36 months with $7,471 at signing, or $789 per month. That’s for the Dual Motor Large Battery Pack with an MSRP of $75,000. So if you leased two R1T Adventures, you’d spend $17 less a month than for a 2024 Silverado RST EV.
To really drive the point home, two R1T Adventures have an MSRP of $150,000. The Silverado MSRP is just under $97,000. Yet the latter costs more to lease.
The Silverado EV is a terrible deal for three reasons. First, it has no lease discounts. Second, the 39-month lease deal is based on a rate equivalent to 7.2%. And third, the underlying residual value is 55%, and CarsDirect reports that Chevy isn’t passing a commercial tax credit along to its customers.
As for a 24-month lease for the Silverado RST, that’s $15,569(!) down at signing, and the monthly payment would be over $2,000 a month. That’s a bit.. much.
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