LUCID Gravity Lease vs Finance

[PetevB]

I'm comparing the cars I'm looking at buying this year as an alternative to the Gravity. The existence of discounts and incentives is beyond my control. Waiting until the cars of interest are all offered with equal discounts and incentives is a long wait. Not doing that; life is too short. So, for me, those are the apples I'm working with. No desire to wait for your perceived orange becomes an apple.

The numbers you quote for that EQS don't exist in my area or the options on that model possibly don't match my configured model. If I were looking for just cheaper lease payments, with no regard for my desired options, I'm pretty sure I could find that. I know what I want and that is the basis for the numbers I provided. That's my reality. Someone else's could obviously be different. That's not misleading.

Where are you located? If you are actually looking at any of those alternatives I’d educate yourself on the available incentives and programs. Start with the Leasehacker calculator. Paying any of the number you quoted would become criminally bad purchasing right now, as paying MSRP at most dealers generally has been.

Lucid offers gap insurance to cover the possibility of the car being totaled.

Post in thread 'Lucid Air Pure Lease - GAP Insurance'

Jul 9, 2024

This contract language states that GAP is provided ("you will have no further liability") for a total vehicle loss under the provisions that you cooperate with the lease company and auto insurance company, are current with your lease payments, cover your regular auto insurance deductible (if any), and your auto insurance pays out the lease company the value of the vehicle at the time of loss. If not, you will owe early termination fees. In any event, you may have to continue to pay your monthly lease until the Loss is completely settled by the parties, but you'll be credited those lease...

• GJC

• 

And no where does that cover the money you put down. That’s my point- you’re covered for the balance, so if you put nothing down you’re in good shape. But a high down payment simply evaporates, which is one reason to avoid it.

 

[msaunders9430]

Where are you located? If you are actually looking at any of those alternatives I’d educate yourself on the available incentives and programs. Start with the Leasehacker calculator. Paying any of the number you quoted would become criminally bad purchasing right now, as paying MSRP at most dealers generally has been.

I know how to read and do math. Reading: if information about incentives/programs are provided online by the car maker, I know how to read and comprehend. Math: I used the specific Leasehackr tool you referenced and it confirms the information for my circumstances.

Also, I've confirmed the Rivian and Volvo info with local dealers. Those are the only alternatives I'd seriously consider of those in the graphic.

And no where does that cover the money you put down. That’s my point- you’re covered for the balance, so if you put nothing down you’re in good shape. But a high down payment simply evaporates, which is one reason to avoid it.

Yep. I was equating the gap insurance provided by my credit union with the Lucid insurance. Two different ownership scenarios impacting who receives the payout.

 

[PetevB]

I know how to read and do math. Reading: if information about incentives/programs are provided online by the car maker, I know how to read and comprehend. Math: I used the specific Leasehackr tool you referenced and it confirms the information for my circumstances.

And what you seem to be missing is entering something sane in the “dealer discount” box of the Leasehacker tool, which is not something you’ll find in any of the online incentive programs you’re reading. Otherwise I don’t see how you’re paying 2x for that Mercedes. Without your location I can’t give you numbers specific for your area… If you’re simply trying to justify your conclusion, ie you want the Gravity your trying to support your decision that’s fine. If you’re actually considering putting money down on those alternatives let’s talk further. And yes you can get good numbers with a custom order. Rivian online numbers, like Tesla or Lucid, are real. Volvo, Mercedes and most others are not.

Leasehacker has a “signed” section where people post real, recent deals. Current screenshot filtering for Mercedes:

 

[Elfin]

If you like it, consider it.
Looks too much like a George Jetson car to me and the dashboard is overloaded.
That's just me.
If you like the look, go for it.

LOL, if I was considering it I wouldn't be here. It's Gravity or maybe Rivian (if they ever fix their godawful charging performance) for me.

Lucid offers gap insurance to cover the possibility of the car being totaled.

You're still out your entire down payment. I was just questioning the expected value calculation with regards to a big down payment versus paying 8% interest on that money.

Lucid isn’t going out of business. Pay cash and be prepared to eat significant depreciation. Just look at the Air to see how quickly they depreciate.

Yeah, I should probably just wait a couple years for a used Gravity or wait for lease deals as good as the Air. I'm cheap I guess.

 

[msaunders9430]

And what you seem to be missing is entering something sane in the “dealer discount” box of the Leasehacker tool, which is not something you’ll find in any of the online incentive programs you’re reading. Otherwise I don’t see how you’re paying 2x for that Mercedes. Without your location I can’t give you numbers specific for your area… If you’re simply trying to justify your conclusion, ie you want the Gravity your trying to support your decision that’s fine. If you’re actually considering putting money down on those alternatives let’s talk further. And yes you can get good numbers with a custom order. Rivian online numbers, like Tesla or Lucid, are real. Volvo, Mercedes and most others are not.

Leasehacker has a “signed” section where people post real, recent deals. Current screenshot filtering for Mercedes:
View attachment 28285

Are you referring to the "Signed" and "Deals" section of Leasehackr? If so, I've seen those sections of the site. If I ever get desperate enough to decide to lease or buy an EX90, I'll return to those sections. The R1S is my first alternative and like you said, I don't see their numbers changing from what's shown online.

What I've experienced with some incentives is that the incentives are offered on models lacking the options that I want, like I stated in an earlier post or the mileage limit is lower. For example, soft close doors and HUD are not included. Although, with that Texas deal shown in your graphic, based on that MSRP that model probably does include those two options. Looks like a good, but the EQS is a Gravity competitor, but definitely not appealing to me.

As for justifying my decision to buy a Gravity, numbers aren't needed. I'm absolutely sure I want a Gravity. The R1S and EX90 are worse case alternatives. Worse case being it's January 2026 and my Gravity GT is still not in production. Knowing that a member with a GDE order is about to enter the production phase of the purchase process, leads me to be more hopeful of my Gravity being delivered before year-end or at least in production. However, you never know. Also, I continue to follow the lease-related threads, but as also confirmed by the Leasehackr tool, buying works better for my situation. I'll spare you the details. I follow the lease threads in case circumstances change. I don't foresee it, but I like to keep my options open as much as possible.

I appreciate your input.

 

[DBV]

Counterpoint. I can't get a Macan 4S for less than 1631 for equivalent lease 24 mo, 7.5K down and roughly equal MSRP. And then I lose range, power, 7 seats, room, power outlets, etc etc etc...

I laughed when my local Porsche dealer quoted me similar numbers for the EV Macan. It is just an ok EV and the numbers they are quoting to lease one are ridiculous and definitely not worth it. But, Porsche never has good lease programs. I could see paying cash for other ICE Porsche’s as some could hold their value, but their EV’s most definitely will not.

 

[illopp00]

8% interest is a lot though. You've got to beat that post tax. Good luck!
Not sure what probability of totaling the car is.

I did the analysis. There were 5,930,000 accidents average in the US, over about 2,588,235,291,117 (2.5T) driven miles. This was from a couple years ago, so probably increased a bit. So, the accident rate of a totaled vehicle is about 2% per 10K mile drive, (ie 2% probably that over a 10K lease). Now my family's actual personal rate is closer to 20%, we have had 3 accidents in 150K miles of driving over the past 10 years, but none of those were totaled, just fender benders with only one at fault. In other words; I am inclined to take the risk of paying some upfront cash to lower monthly payments.

However, the horror stories of Lucid's getting in accidents implies they generally are not fixable for under 5 digits of costs.

 

[Pragmatic]

I guess I live in a different world. Driving 20,000 miles a year I've only had one claim in 30 years (someone hit my parked car and totaled it). Of course I've just linked myself.

 

[PetevB]

I did the analysis. There were 5,930,000 accidents average in the US, over about 2,588,235,291,117 (2.5T) driven miles. This was from a couple years ago, so probably increased a bit. So, the accident rate of a totaled vehicle is about 2% per 10K mile drive, (ie 2% probably that over a 10K lease).

10k per year? So 6% over a 36 month lease?

I buy the argument that with unnaturally high rates lease interest rates it can make sense to put money down. In that situation “one pays” with essentially everything rolled into that first payment to minimize interest, are often popular. MSDs (multiple security deposits) also buy down the interest rates with other manufactures. Not sure Lucid has either (yet).

 

[msaunders9430]

I think I've had a coming to Jesus (aka "be honest with yourself") moment.
I've watched this thread and other leasing-related threads as part of learning the intricacies of car leasing.
I've known the basics of car leasing for some time, but never had the need or desire to delve in deeper for better understanding in order to seriously consider it until my decision a couple of years ago to get a new car in 2025. Learning about EVs has been enlightening enough and gaining knowledge of the leasing experience has been fascinating.

@PetevB and anyone else who has responded to any of my posts about leasing, I appreciate your input. I welcome input that challenges my thinking. I consider myself a lifelong learner.

I'm just an "owning" type person.
I like having my own stuff and the experience of taking care of it.
The cars I've owned over the years had memories attached to them; sentimental value.
I keep them until I determine it is no longer economically feasible to do so. A key decision for me moving forward considering the eventual need for battery replacement or whatever is possible in the future.
Financially, Leashackr and every analysis I've done, indicates ownership is best for me.
As the Seinfeld cast would say "yada yada yada". I'll spare you the details of my story.
Now to my questions, for those willing to respond.

For those of you who know you're just a "leasing" type person, for whatever reason; most common I've heard is the desire to drive something new every 3 years or so:

1. During your leasing experiences, does brand loyalty ever impact your decision? i.e. do you plan to stay with a Lucid with your future leases or are you hopeful to one day "own" a Lucid?
2. A car is just a physical item, but do you ever develop any type of attachment to the car your leasing or is it just a resource to be used until you move on to the next resource? Customizations are limited, so there's not much that can be done to make the car personalized to you, if that is even desired.
3. The excitement around the release of the Air and now the Gravity, at the end of your lease do you carry that emotion on to the next car you're interesting in leasing?
4. What would change you from being a leasing type person to the owning type?
5. Considering the issues discussed on this forum that relate to driving an Air and so-to-be Gravity, how does leasing impact your response when issues are encountered, considered your driving experience is finite based on the lease term? A person financing a car has to consider the financial impact of depreciation; you're spared that dilemma.

 

[WeighingGravity]

I have done both in the past. I generally try to aspire to an "ownership" mentality for multiple reasons, but above all just because I think it's the most prudent financial and probably ecological decision to buy one car and keep it for 7+ years. But I definitely fall short from time to time. I could probably drive my Model S (7.5 years, 130K miles and counting, but still feels pretty fresh and new and I don't have any major reasons to move on) into the ground over the next 3-5 years at least.

Reasons I've leased in the past:
- Great lease deals with low and predictable payments for finite time periods on cars I wasn't sure I wanted to live with forever (Toyota Sienna, twice).
- Great lease deal that let me get into a car for a low payment on a car that I fully intended to buy out at the end of the lease, and did (BMW 328xi coupe).

I have thought really hard about leasing the Gravity so that i had a bailout/rip cord option in case it turned out the car was a real lemon and lousy to live with. I know this is a site full of die-hards and it's definitely made me feel more confident about owning a Lucid for the long term. But (and I'm not trying to start the same arguments for the 1000th time) there are some risks (we can debate how risky or even whether or not I am just being overly cautious but nobody is going to convince me there are no risks here, sorry) and $140K is a lot to commit to something that at best is going to depreciate like a rock for the first few years and at worst becomes.... who knows (again I'm not trying to start those arguments here). I would have done a full payment lease but now I'm concerned about the totaling scenario. I was willing to put that money in and not pay too much interest for that ripcord privilege, but now I'm not so sure.

Maybe I need more q's answered about this totaling scenario. Even still, at 8% interest, the interest amount on the residual is going to be very expensive.

My most prudent financial decision would be to wait a while for the Gravity, but now I'm too worked into a frenzy over this car, and impatient. Sorry, I'm only human.

 

[msaunders9430]

I have thought really hard about leasing the Gravity so that i had a bailout/rip cord option in case it turned out the car was a real lemon and lousy to live with. I know this is a site full of die-hards and it's definitely made me feel more confident about owning a Lucid for the long term. But (and I'm not trying to start the same arguments for the 1000th time) there are some risks (we can debate how risky or even whether or not I am just being overly cautious but nobody is going to convince me there are no risks here, sorry) and $140K is a lot to commit to something that at best is going to depreciate like a rock for the first few years and at worst becomes.... who knows (again I'm not trying to start those arguments here).

Total agreement.

My most prudent financial decision would be to wait a while for the Gravity, but now I'm too worked into a frenzy over this car, and impatient. Sorry, I'm only human.

Welcome to humanity.
Good luck with it.

 

[brianman]

Customizations are limited, so there's not much that can be done to make the car personalized to you, if that is even desired.

You might be surprised how much you can customize almost any car, and it gets even more extensive once models "go mainstream".

 

[msaunders9430]

You might be surprised how much you can customize almost any car, and it gets even more extensive once models "go mainstream".

I believe you, but it's temporary.
As long as the leasee is happy and the car is returned in its original condition to avoid fees, it's worth it during the lease term.
Can't do what Shaq did if you have a lease!

I've seen the wraps people have installed and the wheels.
I'm sure there's more.
I don't look at the Airs that much since I'm buying a Gravity, but I'm sure there's some nice work going on.

 

[TahoeMichael]

I guess I live in a different world. Driving 20,000 miles a year I've only had one claim in 30 years (someone hit my parked car and totaled it). Of course I've just linked myself.

Yeah, same reaction from me. I've been driving for roughly four decades, and have never totaled a car. I've had minor fender-benders, which I recognize could potentially turn into bigger cost repairs for a Gravity. Twice in four decades have I needed to send a car to the body shop for anything beyond trivial repairs, and maybe those would have been so expensive for a Gravity that the car would need to be totaled.

My personal take is that the odds of totaling a Gravity feel low enough that I'm prepared to take that risk without ensuring against it. I wouldn't be happy to eat the cost of the vehicle, but I could afford to do so in the unlikely event that it occurs. I generally hate dealing with insurance companies, and I mostly only insure against events that I cannot afford. For vehicles, while I carry insurance, I don't typically insure the vehicle itself. But a Gravity would also be the first vehicle I purchase that costs more than $100K, and so I am going to consider changing my practice and buying insurance for it.

 

[Elfin]

Yeah, same reaction from me. I've been driving for roughly four decades, and have never totaled a car. I've had minor fender-benders, which I recognize could potentially turn into bigger cost repairs for a Gravity. Twice in four decades have I needed to send a car to the body shop for anything beyond trivial repairs, and maybe those would have been so expensive for a Gravity that the car would need to be totaled.

My personal take is that the odds of totaling a Gravity feel low enough that I'm prepared to take that risk without ensuring against it. I wouldn't be happy to eat the cost of the vehicle, but I could afford to do so in the unlikely event that it occurs. I generally hate dealing with insurance companies, and I mostly only insure against events that I cannot afford. For vehicles, while I carry insurance, I don't typically insure the vehicle itself. But a Gravity would also be the first vehicle I purchase that costs more than $100K, and so I am going to consider changing my practice and buying insurance for it.

To me the advantage of getting collision insurance is that if there is conflict over who is at fault in an accident my insurance company will resolve it (and it covers uninsured or under insured drivers). I do have the highest available deductible though.

 

[borski]

BofA approved the full amount for 4.84%. If you know anyone looking, the BoA rate is currently 5.34%, but if you have the relationship discount it's 4.84%.

What's funny is Lucid Financial Services is BofA underneath, but their rate is >7%.

The only other one I found that was lower was:
1) Clearpath FCU (4.49%)
2) Polish & Slavic FCU (3.95%) lmao, I wish I were making that one up, but unfortunately they don't service CA.

If you know anyone in NY/NJ though, the Slavs and poles have great rates

 

[AnthonySF]

BofA approved the full amount for 4.84%. If you know anyone looking, the BoA rate is currently 5.34%, but if you have the relationship discount it's 4.84%.

What's funny is Lucid Financial Services is BofA underneath, but their rate is >7%.

The only other one I found that was lower was:
1) Clearpath FCU (4.49%)
2) Polish & Slavic FCU (3.95%) lmao, I wish I were making that one up, but unfortunately they don't service CA.

If you know anyone in NY/NJ though, the Slavs and poles have great rates

Disclaimer - the relationship discount is .5% for platinum honors, 100k minimum relationship. 50k to 100k is platinum for a .35% discount and gold is 20k to 50k for a .25% discount.

 

[037]

BofA approved the full amount for 4.84%. If you know anyone looking, the BoA rate is currently 5.34%, but if you have the relationship discount it's 4.84%.

What's funny is Lucid Financial Services is BofA underneath, but their rate is >7%.

The only other one I found that was lower was:
1) Clearpath FCU (4.49%)
2) Polish & Slavic FCU (3.95%) lmao, I wish I were making that one up, but unfortunately they don't service CA.

If you know anyone in NY/NJ though, the Slavs and poles have great rates

Are you finalizing your paper work already?

 

[borski]

Disclaimer - the relationship discount is .5% for platinum honors, 100k minimum relationship. 50k to 100k is platinum for a .35% discount and gold is 20k to 50k for a .25% discount.

Correct - and Clearpath requires a $700 direct deposit, but I don’t know if that’s only at origination or for the life of the loan.

As with all things, YMMV.