Here's How Much A 2022 Lucid Air Has Depreciated In Just 4 Years

One of the greatest impacts of owning a car comes from its depreciation value. It's a term you hear quite often when you browse car dealerships, and it comes into play the moment the car you purchased is driven off the lot. It is among the most important aspects to know about when owning a car and what makes them expensive. Cars are one such commodity that tends to decrease in value upon ownership.

One such car that depreciates rather rapidly is the Lucid Air. The electric vehicle was released in 2021 as a four-door luxury sedan model by Lucid Motors. The 2022 Lucid Air originally retailed between $94,550 and $180,650 (which now start around $72,000). After about four years, the difference between a new Lucid Air and a used one plummeted by more than 60% due to depreciation, according to iSeeCars.

This could be one of the reasons Consumer Reports does not list it among the best electric vehicles. Studies show that EVs tend to depreciate at a rate of 10% or more faster over a five-year period than traditional gas-powered cars. This can come down to a few reasons, such as incentives, discounts, and range.

With depreciation that high, if you bought a 2022 Lucid Air, you could lose up to $44,000 after a period of about four to five years. That's a big dip in cost, and it could leave you selling it for around $26,432. Again, these numbers are based on the difference between a new Lucid Air and a used one. The numbers for your specific car will vary based on factors like its condition and any modifications.

The loss of value in Lucid Airs and EVs in general can be traced to several factors. EVs generally receive more incentives than other types of vehicles, which can affect their value. Putting an incentive on a car can harm the resale value of the new car and affect used car models as well. The price you pay upfront may be lower, but that amount must also be taken into account as it depreciates.

Another reason is the range of EV models, which are much more efficient than they were when electric cars were first invented. As technology advances, the range of EVs is being extended. There have been claims that EVs with shorter mileage ranges tend to depreciate more quickly than those with longer ranges. Electric vehicles are also reportedly getting cheaper, which is impacting the cost of used models.

If you are looking for an EV, a 2022 Lucid Air offers long range, 1,111 horsepower, and luxury comfort at a much lower price than when it was new. You can find a 2022 Lucid Air for between $36,600 and $45,300, though this will depend on where you shop for the used car.

With a range listed at up to 520 miles, the Lucid Air is an electric car that has more range than a Tesla Model 3. You can even get a used Lucid Air for less than a brand-new Tesla Model 3. Those who have driven a Lucid Air say the ride is comfortable, and the car itself is pretty quick. Some drivers feel that if anyone is in the market for a Lucid Air, they should get a used model, as they are a great bargain.

If you have a Lucid Air and want to sell it, you should expect to take a loss. This is especially true if you bought a new 2022 Lucid Air. Their value drops like a rock over a few short years, making them a poor investment for resale. This isn't stopping the company from producing the cars, as it expects to ramp up production to 300,000 cars a year from its 500-acre Casa Grande, Arizona, location.