Generous Trade-In Credit

[TFCooper]

I recently traded in my low-mileage 2023 Air Touring for a new 2026 Air Touring. My old car was in excellent (but not perfect) condition, and Lucid gave me $45,000 credit towards a new one. That, combined with the $7,500 October credit and the $2,000 existing-owner credit, made the trade-in (barely) worthwhile.

I spoke to the technical guy about Lucid's trade-in valuation, and he said Lucid has committed to offering current owners generous trade-in terms.

 

[Halodde]

How many miles were on the trade in?

 

[TFCooper]

How many miles were on the trade in?

11,200

 

[Rogue]

Do you mind sharing the MSRP of your 23 Air Touring? Sounds like ~50% depreciation in 3 years which seems to be in line with luxury vehicle depreciation curves.

 

[scal_air]

Yeah I have a 2023 Touring with 23K miles. I don't consider $45K a "generous credit" but I guess that's its value nowadays. A shame as I'd like a new Air but gonna drive the "classic" model for quite some time

 

[coupedncal]

Yes, please share the 2023 MSRP if possible.

 

[Clyde2575]

In July, they gave me $45,500 for my ‘22 AGT with 59,661 miles. Lucid isn’t the ones giving the price, they send photos to KBB and they provide the price, or so I was told.

 

[TFCooper]

When I looked it up, kbb.com didn't value my car. (Some information missing, or something like that.)

I paid around $94,000 for the car, ordered in October of 2022.

 

[coupedncal]

So roughly you got 55% depreciation in 3 years. And 11K miles. That is in line with most lease residuals (the leases initiated in the last year or so). Currently, most leases have residuals at about 43-46% of MSRP.

 

[TFCooper]

So roughly you got 55% depreciation in 3 years. And 11K miles. That is in line with most lease residuals (the leases initiated in the last year or so). Currently, most leases have residuals at about 43-46% of MSRP.

Sounds about right.
But what I had paid for the 2023 AT wasn’t relevant to the 2026 AT purchase decision.

 

[scal_air]

This seemed relevant

The Lucid Air Is The Ideal Used EV Thanks To Horrifying Depreciation

The Lucid Air, once a $169K luxury EV, is now selling for as low as $40K used. Is it worth a look?

carbuzz.com

 

[Rogue]

This seemed relevant

The Lucid Air Is The Ideal Used EV Thanks To Horrifying Depreciation

The Lucid Air, once a $169K luxury EV, is now selling for as low as $40K used. Is it worth a look?

carbuzz.com

The 22'-23' year models got the metaphorical shaft precisely for the reasons listed here. While it is too early to determine the depreciation on the 24' and newer years, these seem to have slowed down relatively for depreciation. The Sapphire seems to be the only model immune to the same atrocious depreciation. However, I don't see how 50% depreciation, or slightly more, differs from any other luxury car.

 

[TFCooper]

This seemed relevant

The Lucid Air Is The Ideal Used EV Thanks To Horrifying Depreciation

The Lucid Air, once a $169K luxury EV, is now selling for as low as $40K used. Is it worth a look?

carbuzz.com

That article is correct: a chunk of the depreciation was due to Lucid cutting prices. I'm not sure I'd call that "depreciation"; perhaps "market correction" or something.

In any case, how much the value of my car had fallen from new was irrelevant to the purchase decision.

What was relevant was that I paid about $36,000 for a Lucid AT that was 3 years newer. I thought that was decent value.

 

[L-Dude]

FWIW, the residual on my 2025 AGT is 45.2%