Lucid Air owners take a hit as used EV prices plummet

EV depreciation is a hot-button issue right now. While there are some mind-boggling bargains on the second-hand market, depreciation rates of certain models have been alarmingly high for owners looking to sell. 

Driving the news: A quick search on the online vehicle marketplace Cars.com shows that pre-owned Lucid Airs (luxury EV sedans) are now going for less than half their original sticker price, even though they’re barely two years old and have hardly any miles logged.

Quick facts: 

• Right now, the cheapest used Lucid Air on Cars.com is the 2023 Lucid Air Pure for around $54,000 (< 4,000 miles). 

• Compare that to a brand-new 2025 Lucid Air Pure, starting at $70,000—that's only a $16,000 drop in just two years.

• But the real eye-opener comes with the higher-priced models. That’s where the depreciation hits hard. 

• In metro Atlanta, a 2022 Lucid Air Grand Touring is listed for $69,920 (<13,000 miles) – that’s more than $84,000 less than its MSRP new.

Data dive: Used EV prices are dropping much faster than the rest of the pre-owned market. Between 2023 and 2024, used EVs lost a whopping 20.5% of their value—around $8,695—while gas-powered cars only lost about 6.8%, or $2,000, according to Edmunds.

Why is this happening? Car depreciation is nothing new, especially for luxury rides. But throw in the high prices of new EVs, range anxiety, charging infrastructure, and the rapid pace of EV tech, and you've got a recipe for plummeting resale values.

• Plus, many EVs facing the biggest depreciation hits are first-gen models built by legacy brands playing catch-up with Tesla.

• Think of them as the first-gen iPhones—already getting outpaced by newer, better versions. 

• Add in discounts on new EVs, and the pressure on used prices gets even stronger.

What they’re saying: “It’s clear used-car shoppers will no longer pay a premium for electric vehicles, and in fact consider electric powertrains a detractor, making them less desirable—and less valuable—than traditional models,” said Karl Brauer, an analyst from iSeeCars.

Bottom line: For buyers, this is a great chance to score a high-end EV at a bargain price. However, the picture isn’t as pretty for owners looking to sell. Holding onto that electric investment could mean swallowing some serious depreciation.

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