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

If Tesla helped popularize EVs in the U.S., Lucid helped refine them. The Lucid Air has regularly won praise for setting new speed records and notable efficiency. We even called the Air the go-to replacement for the canceled Tesla Model S. The issue is that a starting price that's north of $70,000 isn't within everyone's budget. In these situations, the smart car shopper turns to buying used. However, the usual sweet spot for secondhand cars – 5 years –doesn't really apply to Lucid for the moment, since the first Lucid didn't drop until the 2022 model year.

Nonetheless, these cars already have a ton of interested buyers, so sorting through the available data, which is mostly conjecture at this point, we took a better look at depreciation for the Lucid's debut vehicle. Spoiler alert: As with most EVs, depreciation is jaw-dropping at about 70% after four years. This creates a stellar buying opportunity, born out by a look at current marketplace listings. We'll also see how this significant drop in value compares to what other premium EV sedans from the 2022 model year are worth today. Hint: the Tesla Model S, Audi e-Tron GT, and Mercedes-Benz EQS Sedan have only slightly lower depreciation rates but may be better buys. All MSRPs mentioned here include destination charges.

Getting an idea about depreciation rates is usually straightforward. Companies like iSeeCars and CarEdge track and report this information, providing a simple tool for consumers. However, the Lucid Air throws a monkey wrench into the works because it's a relative newcomer to the market, and the 2022 model year doesn't align with the traditional 5-year benchmark (it's too new). CarEdge has no data, and iSeeCars only reports 3-year (51.1%) and 5-year (62.7%) estimated depreciation rates. There's no information about value loss over 4 years.

Kelley Blue Book (KBB) provides used value estimates for the Air, but they are only forecasts, not historical data. Plus, the site gets it wrong by listing depreciation rates for the Pure and Touring trims as 2022 models, both of which first debuted for the 2023 model year. That leaves the Grand Touring trim, which was sold for the 2022 model year, as the most accurate reference point. Debuting with an MSRP of $154,000, the Lucid Air Grand Touring depreciated by a staggering 73.2% to a current value of just $44,800, according to KBB. Arguably, some of the problems with pinning down depreciation numbers are that Lucid delivered fewer than 4,400 Airs in 2022 and built 7,180 units in total for the 2022 model year. A recent look at Autotrader showed only 75 current listings for the 2022 Lucid Air — that's nationwide with any mileage and in any condition.

This calls for a real-world depreciation analysis of the 2022 Lucid Air. Targeting units with average mileage and a clean history yields a handful priced around $45,000 – not that far off from KBB's projection. Using these values translates into a still hefty 4-year depreciation rate of 70.8% and makes the Lucid Air a great deal for less than $50,000.

The most direct competitor to the Lucid Air is the Tesla Model S. In fact, Lucid's first CEO was previously the chief engineer on Tesla's first mass-market EV, the Model S. To keep things relatively equivalent, we'll stick with KBB's depreciation estimates, which say that a 2022 Model S, which cost $101,190 when new, is worth $42,500 today. That works out to a depreciation of 58.1%, which is slightly aggressive relative to what's for sale. CarGurus listings with average miles, no accidents or title issues, and non-Plaid trims show availability that mostly hovers between $42,000 and $45,000.

The Audi e-tron GT is another luxury EV sedan that debuted for the 2022 model year. The MSRP for the Premium Plus trim was $103,895, which has plunged to $38,300 today, or 63.1% based on KBB's estimate, and is still below the Lucid Air's value decline. Among the few 2022 e-tron GTs for sale, most with average miles had a listing price of about $38,000. Another Audi with an e-tron name also has a high depreciation rate.

Mercedes-Benz also jumped into this space with the EQS Sedan — another six-figure four-door EV that launched for 2022. The least-expensive trim, the EQS 450+ Premium, had an MSRP of $103,360 but a 2026 resale value of $35,300 or a depreciation hit of 65.8%, according to KBB. A few CarGurus listings suggest KBB's estimates are close to market, with pricing around $32,000 to $33,000. With comparable Lucid Airs priced around $45,000, these three competitors generally have lower bottom-line prices thanks to the Lucid's steep original MSRP.