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.
Top comment by EhCanadian
In a recent YouTube video asking random people their car payments, everyone with a modern full size pickup responded $1200 to $1400. Of course they probably edited the video to show only the highest responses, but $1400 is not unheard of for an ICE pickup truck, let alone an EV pickup truck. Do not underestimate how much money people will spend to reaffirm their alpha male status or whatever reason people buy these ridiculous vehicles.
As for comparing it to the Rivian - the Silverado is 15 inches longer and 2 inches thicker than the Rivian, and you all know it's about flaunting the size of ones... truck.
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