Depreciation is hitting EVs hard. Many models that were once some of the hottest cars on the market can be found with prices so cheap you’d be dumb not to buy them. One segment getting hit particularly hard is luxury EVs. Lucid might be the poster child of this depreciation.
First spotted by Inside EVs, used Lucids are going for cheap — if you can afford it. Keep in mind, cheap is a relative term here for an EV that starts at $70,000. So we’re talking cheap compared to the original MSRP. These are still expensive cars.
Using car buying sites like Cargurus and Autotrader, you’ll see there aren’t many used Lucids for sale right now which can probably be blamed on the fact that the company doesn’t sell many of these things and the market for those who can afford to buy them is only so big. This means that there are between 12-47 used Lucids for sale in the entire country. If you’re in the market for one of these things though, you’ll score a deal.
The cheapest Lucids are the base Air Pure trims. These are the ones that start at $69,900 before options. Take this example for sale at a dealership in Plano, Texas. It looks to be the cheapest Lucid in the country right now. A 2023 Lucid Air Pure, it has just 2,407 miles on it and the dealer is asking $52,950.
Want a little more luxury? You can spring for a bit more and go for the Air Touring. Originally starting at $78,900, this 2023 for sale at a Bentely dealer in Indianapolis is going for $59,990 with just over 13,000 miles.
The Air Grand Touring is probably the biggest steal. A new one starts at $110,900. You can find them under $70,000 used though. This example at a Chrysler, Jeep dealership in Hollywood, Florida. A 2022 Air Grand Touring, it has 28,341 miles and the dealer wants $63,944. That’s nearly $47,000 in value lost in two years.
These prices make the Lucid Air a great used buy, especially considering what you’d pay for a new one. This also begs the question of what exactly is going on with these cars? Many of these used EVs — not just Lucid — are showing up with such low miles it shows that the owners didn’t have them long. The miles are so low that they’re often lower than what a lease term would be. And as Inside EVs mentioned, some of these Lucids have such low miles that they haven’t even had their first scheduled service yet. Are people discovering that EV ownership is not for them? Are they on to the next shiny new thing after the new luster has worn off?
Whatever is happening with these things and their weirdly low miles, it’s a great thing for used buyers.
