Rivian Pre-Order Holders Can Sign Buyer’s Agreement to Lock in $7,500 Tax Credit

Rivian pre-order holders might have to take swift action before the Inflation Reduction Act goes into action. The automaker has decided to give those who pre-ordered the Rivian R1S and R1T a better deal before that deal is off the table entirely.

Rivian pre-order holders can sign an agreement to lock in the $7,500 savings

Rivian pre-order holders for the R1T and R1S need to take action
The Rivian R1T electric truck out in the wild | Rivian

According to Auto Evolution, the situation for Rivian pre-order holders is a bit complicated. The new Inflation Reduction Act will make it harder for electric vehicles to qualify for the $7,500 federal tax credit. If (or when) it gets approved, the new bill favors hybrids more than fully electric vehicles. Dealerships can offer individuals this discount if the buyer makes more than $150,000 a year. Joint filers will be allowed a maximum of $300,000 in 12 months.

Depending on a few more details like the battery size, final vehicle price, and other assembly rules are still up in the air. As soon as the new bill goes into law, it will be too late to apply the $7,500 in the same manner. The authorized seller will use it at the point of sale.

Rivian hopes this will give buyers an advantage that some of the bigger names no longer have. Automakers like Tesla, GM, and Toyota are no longer eligible because of the 200,000 unit cap that is currently in place. Fisker told pre-order holders that turning a fully-refundable deposit into a non-refundable first payment will allow people to lock in the buyer’s agreement.

Rivian has been contacting pre-order holders, but don’t wait

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Rivian electric vehicle buyers have been trying to finagle a way to still be eligible for the credit without losing a spot in line. Auto Evolution said Rivian CEO RJ Scaringe says the company is working on it. Rivian wants those pre-orders to turn into fully realized orders. Those who pre-ordered also don’t want to miss out on the free $7,500. If you have a Rivian R1S or R1T electric truck on order and wish to take advantage, get ready to sign a contract. It looks like pre-order holders will have 10 years to take delivery of the vehicle once the document is signed.

Right now, this remains a race against time. If Rivian can whip up a contract for buyers to sign in the next few days, it might work out. The Inflation Reduction Act could go into effect as soon as the president signs the paperwork, which would be too late for Rivian fans. Contacting customer service might be a good idea if you have a pre-order in the system and haven’t heard from Rivian yet.

Big changes for electric vehicles are coming

According to Automotive News, the new proposed climate change will exclude all cars in Rivian’s electric vehicle lineup. Vehicles over $80,000 would be excluded, and the previously mentioned $150,000 income cap also presents an issue. James Chen, vice president of public policy for Rivian, says that the bill favors automakers like Tesla, Ford, and GM, who have had longer to ramp up production.

“The final package must extend the transition period to provide consumer choice and protect good-paying manufacturing jobs here at home,” Chen told Automotive News. Rivian hopes to offer a more budget-friendly option one day, but that probably won’t happen before 2025.

For now, Rivian pre-order holders have a bit of a decision to make until this bill gets signed. Once that happens, it will be too late to take action.

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