The Lucid Air is the longest-range electric vehicle available in the United States, boasting an impressive 512 miles on a full charge. However, this luxury EV comes with a hefty price tag, with the 2025 Air Grand Touring model costing over $120,000. Despite its high initial cost, depreciation has hit hard on one- and two-year-old Lucid Airs, leading to significant price drops on the used market.
Depreciation Hits Lucid Air Owners
It’s a tough time for Lucid Air owners looking to sell their expensive EVs, as prices have plummeted drastically in just a short amount of time. For example, a 2023 Pure model with less than 25,000 miles is listed for under $50,000, a steep discount from the original $70,000 price tag. Prices are even lower for higher-end models, such as a 2022 Air Grand Touring that sold for $68,500, a massive drop from its $155,000 retail price.
Massive Price Drops on Used Lucid Airs
The depreciation trend is evident in the prices of used Lucid Air EVs listed for sale, with some models fetching prices below $60,000. A 2022 Air Grand Touring that originally retailed for $141,000 was sold for just over $61,000, showcasing the significant decrease in value. Even a top-spec 2022 Lucid Air Dream Edition Performance model with 20,000 miles sold for only $100,000, a far cry from its original $170,000 price tag.
Selling Prices of Lucid Air Models
The selling prices of various Lucid Air models on platforms like Bring a Trailer highlight the extent of depreciation affecting these luxury EVs. While some units may not have been sold due to reserve prices not being met, the price drops are evident across the board. For instance, the first Air listed on Bring a Trailer was priced at nearly $200,000, while the latest one sold went for under $60,000.
Consistent Depreciation Trends
The consistent trend of steep depreciation on used Lucid Airs is evident in the sales data, with many models selling for a fraction of their original cost. Even nearly brand-new Lucid Airs are available at significantly discounted prices, such as a 2023 Pure demonstrator with only 524 miles priced at $61,998. This depreciation trend raises concerns for current Lucid Air owners and potential buyers who may be considering purchasing a new or used model.
In conclusion, the Lucid Air, while offering impressive range and luxury features, faces significant depreciation on the used market, leading to substantial price drops for one- and two-year-old models. Current owners looking to sell their Lucid Airs may face challenges in fetching a fair price, while prospective buyers have the opportunity to purchase these high-end electric vehicles at discounted rates. The consistent trend of depreciation raises questions about the long-term value retention of the Lucid Air and emphasizes the importance of considering resale value when investing in luxury electric vehicles.