The use of the vehicle does have value... According to the government it's about 55 cents per mile. So if he drove it to about 250,000 miles it's a wash.... Will it make it there? Time will tell.
i am in a 3 year lease on a 2024 Lucid Air Pure. when the lease is up , i will just walk away and buy a used Grand Touring for less than the cost to keep the Pure.
We only have our memories. One day when you cannot drive anymore you will tell people about the Maserati that had so many issues and cost so much money but sounded like an angel singing when it ran right.
I own a 2021 Model 3 LR. Paid over 50k in 2021 and I have over 100k miles on it. It's a daily driver with a rt of 100 miles per day to work and back. I will keep it until it hits 500k miles so the gas savings will be worth it as I was spending $500 per month in gas before using the model 3. I think I calculated the break even just in gas at a bit over 300k miles.
I'm in the car business and have been for 28 years now. If you don't like the resale value, you just keep it. Simple. Not trying to be an idiot, but I have little empathy for someone who does this. You obviously have money to do all this, so why sell it? After all, you both said how much you like it. Problem fixed.
I went with the 2023 Genesis Electrified G80. Car was $81K, Tesla dropped the Models S price 45 days after my delivery. So I went to trade it for a Plaid. Offer was $47K with 5k miles on my Genesis! That was a $36K hit the first year. I kept the Genesis but I’m now seeing 2023 models for low $40’s with under 10K miles on them. My only worry is there are few repair centers out there.
I feel you guys with this. A lot of us who bought EVs have felt the huge depreciation hit. I bought my 2022 Audi Etron S with a sticker of 98.6k, my trade in offer was 35k😢
Lessons for us mere mortals who need vehicles for affordable personal transportation...1)Buy Used 2)Have cash or secure a low-interest rate loan before shopping. 3)Don't buy a turd (inspect the vehicle closely in person, and always have a Pre-Purchase Inspection done) 4)Don't expect to sell the vehicle for a profit later...run it 'till the wheels fall off or needs a heroic level of repair. Caveat Emptor!
Dudes remember the old rule that cars generally depreciate 50% when you drop them off the lot. This is just an example of that. Don't buy non exotics and expect them to increase in value.
Nah he said drop them off the lot. As in they if they drop off the trailer and become crash damaged. Obviously practically no car depreciates by 50% driving them off the lot. Otherwise everyone would just buy barely used cars.
My brand-new 2017 Tesla Model S 75D cost over 100K. I purchased it last year for less than half, and it only had 20K miles. I purchased it from a hole-in-the-wall dealership. It is in perfect condition. Paying over 100K for any depreciating asset is never wise, no matter what the hype.
Glad for you, but how much for upkeep? I remember Jeremy Clarkson having a Mercedes Grosser. Bought it for $20k and the first maintenance on it was $15k.
2001 E320, keeps on trucking, hay, shavings ,gravel. it was free. Extremely low maintenance. Free because of no AC, I don't care. Insurance almost free.
that depreciation sucks, but like you said, its a great car with great range, so smart money now would just be to keep it for a few years and really get your money's worth, then its kinda irrelevant what its worth (or in my head it makes sense, but im not as financially responsible as you two)
You live, you learn. But thanks for the video. I'm a BIG fan of Lucid. Hopefully in 2 years if they are still around I'll pull the trigger on a gently used one of course.
Electric cars in general will never be an investment as the manufacturers are constantly innovating new tech and manufacturing efficiency making cars cheaper and cheaper so enjoy electric cars but that's all they'll be for me that's enough I love driving them and owned two Tesla's first one lost about 30 grand oh but I have the memories thanks for sharing
Hey, look where you were 7/8 years ago and where you are now..xxx cars, xx planes, a jet....this is just a small negative piece of a very successful jig saw. Keep it up and I look forward to the Bugatti (s) arriving..
Hi, to help you guys with your lucid. Please look at the prices in Europe, they pretty much held their value. Expert it and you have resolved your problem
All luxury cars EV none EV depreciates rapidly that's a well known fact so why are you surprised? just get a toyota then if you can't bare the loss. Lucid is a brilliant car.
Very few cars are investments. They are depreciating assets. They have associated operating costs. EVs have the benefit of much lower operating costs. Between the tax credit , tax depreciation, write-off, your rental income, and the benefit of operating it personally, you guys did very well. But of course negative videos get more clicks.
Maybe balance this and look at a comparison with a ice car over sometime frame. Disclaimer, I own neither type of these types vehicles. I don't drive at all. Love your videos , keep producing. Maungaturoto, New Zealand.
Not that I ever considered buying one, it just doesn't make sense to buy a car from a company that is losing $100k on each one they build not to mention it looks like a modern day Buick LeSabre.
If you’re worried about depreciation, don’t buy luxury cars. They depreciate the most is obvious. In fact this extrem deprecation is only a little worse than most high end German cars.
it pays to be that "I have it first" person. look how prices have dropped on the Performance Tesla Models. the depreciation is normal of all cars... I agree with it being better than the Model S. I'm going to Lease a Air GT when they had the NACS port.
The car is great... I think one day it will be worth more than the purchase price... Price has nothing to do with value... When it find the right appreciation .
I have been looking at the Lucid used as a good deal, but maybe there’s good reason it has dropped this far so fast. The Mercedes EQS is also pretty cheap used.
I can give an easy way that you don't lose 1 penny: As you've said yourself, it's a great car. Don't sell it. Drive it 'til you're 90 and you'll never regret it. Oh, and GM's been Tesla compatible for over a month now. I've already charged my Lyriq at a supercharger once.
that’s why if I buy a used 3 to 4 year old ev never new electric cars lose their value twice as fast as a gas car only buy after a 3 year lease never buy new
This is why I donn't buy new cars. I wait a couple years to #1 see how they are holding up and #2 see how much they have depreciated. The more expensive they are the more they seem to depreciate.
In a decade when all of these are bricked and worth a few thousand dollars or less I'd love to see somebody buy one and put like a Toyota V6 in it, that would be cool because they are beautiful just not practical for the average car buyer.
Most EVs, especially Lucid, are considered luxury models. Luxury models depreciate faster, plus it's an EV. And with EV disinformation, rum amuck... Definitely a huge loss
Never understood why Americans buy cars and worry about it's value dropping. If you don't plan keeping the vehicle for a long time buy for a car in cash and not a loan.
Simple answer is don't sell it. If you think it's an amazing car then keep it and get the best use out of it before moving it on and at least then you can justify the depreciation a bit more
how do we break the china and tesla monopoly on electric cars, which i think is stifling new start ups with better product with their subsidise pricing
My main gripe with Lucid is how cheap it looks. It looks like a generic American sedan, but with a small chrome pack on it. Perhaps that is why it failed to be rented out.
Anyone who buys an ev thinking they are saving money is living a fantasy. It's an environmental feel good .nothing more. Best value is any dealer sold pre owned. Mercedes sells 3 year lease vehicles for half msrp with a 2 year warranty. I have purchased 3 in the last 12 years. Never bought one with more than 18k miles ( one only had 9k) The first 2 years is your biggest loss.
You LEASE a car if you want to know the exact depreciation in advance and want a new one every few years. You BUY a car to drive well past the end of the loan payments to "make money" on the vehicle. All cars lose value and the more expensive the faster they depreciate. ALSO, LUCID will be able to charge on Superchargers, with adapter, in 2025 and are converting to the NACS port too.
Why the new expensive EV? Everyone knows that they lose value very quickly. Why not 2-3 years old, the buyer loses nothing, except that he saves a lot of money.
Problem with Lucid is they don't a have a car near $50K. Maybe when they release the $80K SUV they will drop the price on all their sedans. Who's going to pay $100k+ for a sedan, when they can get the SUV for $80K.
if you don't sell the car, and use it till it dies, you wouldn't have "lost" that money. You simply would have consumed that money for transportation over many good years. buying new gadgets and then selling them once you're not interested with them anymore is exactly how to lose all your money.
Should have flipped it right away. I bought and sold 2022 model X refreshed, 2022 Rivian truck, 2022 model y, and a Cybertruck. Made an average $10k per vehicle.
I have been reminded a few times now by friends and acquaintances of mine about how great this channel is and I do like it and them and their content (at least as far as what I've watched thus far is concerned. I've still got some catching up to do and I have subscribed) but do they typically post 3 to 4 months post recording? I know there's always going to be some delay, but.....Please don't hate me, and I know it's absolutely not these nice young men's fault and I haven't done anywhere enough viewing of the videos and reading of comments to know if this topic has been mentioned before now but I think they may both be sporting nicely styled rugs. This is picayune and if they've proven otherwise then my bad. Lots of celebrities of both genders are doing it, too, as would I if I could afford it. Or if I needed to, neither of which is even remotely veracious.
And this math doesn’t factory in registration and insurance costs… which is a lot… cool… what a massive L 🤦♂️
Can you write the car off as a business loss?
Here's a tip for you, the cheapest one in Canada at the moment is selling for more than 85k usd so you might want to sell it there instead.
@@thomaslabelle3093 CAD is .72 USD - CAD$85K x .72 = $61,200 USD.
Well, just don't sell it. Drive it until it drops. If it works well, just use it and enjoy it.
so then they lose the full $140k they bought it for instead of $100k
The use of the vehicle does have value... According to the government it's about 55 cents per mile. So if he drove it to about 250,000 miles it's a wash.... Will it make it there? Time will tell.
@@jrr851 we are talking cash he could use for other things or the channel...that value is lost if he doesn't sell
Cope
ALL luxury cars depreciate incredibly. ALL of them. BMW 7 series, Mercedes S class etc...
This is why I love buying 20 year old Mercedes Benz cars. Up to a certain point, I can do a lot of the maintenance and repairs.
Buy them used with low mi.
i am in a 3 year lease on a 2024 Lucid Air Pure. when the lease is up , i will just walk away and buy a used Grand Touring for less than the cost to keep the Pure.
Car 101
1) Miata is always the answer
2) Maserati is never the answer
We only have our memories. One day when you cannot drive anymore you will tell people about the Maserati that had so many issues and cost so much money but sounded like an angel singing when it ran right.
good reason to keep it and use it, the value is in the use
It's You Tube though, flipping cars constantly is the formula for all these guys.
They said that they wanted to buy a second one, considering it dropped so much in value.
For me being an only gas guy, the lucid air is the only electric car that I probably would own
Would or would have?
Me too much better than a Tesla any day
I came here to say the same thing. IMO, the Lucid Air is amazing.
Get one……..there pretty cheap now I hear
Looks good but to much glass
I own a 2021 Model 3 LR. Paid over 50k in 2021 and I have over 100k miles on it. It's a daily driver with a rt of 100 miles per day to work and back. I will keep it until it hits 500k miles so the gas savings will be worth it as I was spending $500 per month in gas before using the model 3. I think I calculated the break even just in gas at a bit over 300k miles.
you should not have to be owning a car for 300k miles just to "break even" thats just silly.
At least u have comfort knowing it was your dad’s money. 😂😂😂
11:20 Brand new $140.650
12:23 : Now worth $60.000 at 16k miles
$5 per mile. Should've just got an uber.
@@khyoyeon554 🤣🤣🤣
I just bought a grand touring for 58K with 8 miles on it. I love it.
Who knew buying a new car would depreciate?? Come on guys
I'm in the car business and have been for 28 years now.
If you don't like the resale value, you just keep it. Simple. Not trying to be an idiot, but I have little empathy for someone who does this. You obviously have money to do all this, so why sell it? After all, you both said how much you like it. Problem fixed.
start of a new wave of videos covering your losses on your cars
HOLLY CRAP!!!! Screech from Saved by the Bell is A L I V E!!!!!!
I went with the 2023 Genesis Electrified G80. Car was $81K, Tesla dropped the Models S price 45 days after my delivery. So I went to trade it for a Plaid. Offer was $47K with 5k miles on my Genesis! That was a $36K hit the first year. I kept the Genesis but I’m now seeing 2023 models for low $40’s with under 10K miles on them. My only worry is there are few repair centers out there.
Sorry😪. I get no joy out of this. This truly sucks.
Any new luxury car purchase results in massive depreciation losses for the buyer. The only exception are cars that become rare.
I feel you guys with this. A lot of us who bought EVs have felt the huge depreciation hit. I bought my 2022 Audi Etron S with a sticker of 98.6k, my trade in offer was 35k😢
I'll give you $37k
What’s wrong with it or why are you replacing it?
@@gregmcablewhat’s wrong is they depreciate faster than dropping a brick in the ocean
@@gregmcable nothing is wrong with it. Only has 20k miles. I was just looking at trading it for the new Macan EV
it pays to be that "I have it first" person. look how prices have dropped on the Performance Tesla Models. the depreciation is normal of all cars...
The people that want EVs, are the same people that have to buy new and have the latest and greatest. Used cars don’t have the clout.
@ Nissan leafs also lose half their value instantly. And I’ll take oil changes over battery pack failures. Plus an unreliable charging network.
Lessons for us mere mortals who need vehicles for affordable personal transportation...1)Buy Used 2)Have cash or secure a low-interest rate loan before shopping. 3)Don't buy a turd (inspect the vehicle closely in person, and always have a Pre-Purchase Inspection done) 4)Don't expect to sell the vehicle for a profit later...run it 'till the wheels fall off or needs a heroic level of repair. Caveat Emptor!
I'm driving till the wheels fall of and proud of it, Only emission test in Texas. Yes on pre-purchase.
The pictures at the end made it all worth it!!! Enjoy the little things with friends n loved ones. Just awesome 🤘🏼
The old saying goes, if you want to play, you gotta pay.
2 weeks after using an aftermarket charge adapter your battery pack is replaced... pure gold.
Dudes remember the old rule that cars generally depreciate 50% when you drop them off the lot. This is just an example of that. Don't buy non exotics and expect them to increase in value.
The old rule says you lose 10%, not 50%.
Nah he said drop them off the lot. As in they if they drop off the trailer and become crash damaged. Obviously practically no car depreciates by 50% driving them off the lot. Otherwise everyone would just buy barely used cars.
Never heard that before. I think 15% is the number you're looking for.
@@dariusdareme 30% is what I always heard
@@AbeYousef 2 of my friends always buy showroom cars, basically new cars under 20k miles, and they still aren't 30% depreciated
Once it goes under 25k I’ll start thinking about it still seems overprice for 55k
My brand-new 2017 Tesla Model S 75D cost over 100K. I purchased it last year for less than half, and it only had 20K miles. I purchased it from a hole-in-the-wall dealership. It is in perfect condition. Paying over 100K for any depreciating asset is never wise, no matter what the hype.
Honestly, any EV is depreciating rapidly. For example here in the EU a Porsche Taycan have depreciated a lot.
You can get one for 63000€ used.
I remember how excited you were when you got this thing. Sucks what has happened.
I’ll still buy a Lucid over a Tesla Model S Anytime! Teslas are poop 💩
💯💯💯
UMmm never expect cars to appreciate and make you money. Worst investment ever.
My thirty year old Mercedes 5 litre V8 just keeps going.
My 40 year old 300sd keeps going. Bought it for 2000.00 10 years ago lmao yes its a DD.
Bought a new MB C43 in ‘99. 200k miles later I still have it. What it’s worth at this point is irrelevant.
@@speeddemon002 Oh! That’s never going to die.
Glad for you, but how much for upkeep?
I remember Jeremy Clarkson having a Mercedes Grosser. Bought it for $20k and the first maintenance on it was $15k.
2001 E320, keeps on trucking, hay, shavings ,gravel. it was free. Extremely low maintenance. Free because of no AC, I don't care. Insurance almost free.
that depreciation sucks, but like you said, its a great car with great range, so smart money now would just be to keep it for a few years and really get your money's worth, then its kinda irrelevant what its worth (or in my head it makes sense, but im not as financially responsible as you two)
🙋. Yes
You live, you learn. But thanks for the video. I'm a BIG fan of Lucid. Hopefully in 2 years if they are still around I'll pull the trigger on a gently used one of course.
Respect for posting
“Maybe if they give us a super-duper, duper good trade deal” We got Donald Trump over here, making some amazing trade deals with Lucid.
You didn’t lose anything if you keep on driving one of the nicest EVs out there, like stocks when they go down you only lost if you sell it.
Hey guys! Love your channels. Have you driven Kia’s EV6 or EV9? I heard they are pretty good EVs.
Electric cars in general will never be an investment as the manufacturers are constantly innovating new tech and manufacturing efficiency making cars cheaper and cheaper so enjoy electric cars but that's all they'll be for me that's enough I love driving them and owned two Tesla's first one lost about 30 grand oh but I have the memories thanks for sharing
Will they ever standardize the plugs on EV's? That is crazy that they don't already have that taken care of.
Luxury cars are great… to buy used after they depreciate.
Not every investment is a winner.
Thanks for being so honest.
I mean you cant deny that car is super nice and sleek design
LUCID: The best car in the world. It does everything well! Especially THIS 😀
Hey, look where you were 7/8 years ago and where you are now..xxx cars, xx planes, a jet....this is just a small negative piece of a very successful jig saw. Keep it up and I look forward to the Bugatti (s) arriving..
Hi, to help you guys with your lucid. Please look at the prices in Europe, they pretty much held their value. Expert it and you have resolved your problem
All luxury cars EV none EV depreciates rapidly that's a well known fact so why are you surprised? just get a toyota then if you can't bare the loss. Lucid is a brilliant car.
Very few cars are investments. They are depreciating assets. They have associated operating costs.
EVs have the benefit of much lower operating costs.
Between the tax credit , tax depreciation, write-off, your rental income, and the benefit of operating it personally, you guys did very well.
But of course negative videos get more clicks.
Maybe balance this and look at a comparison with a ice car over sometime frame.
Disclaimer, I own neither type of these types vehicles. I don't drive at all.
Love your videos , keep producing.
Maungaturoto, New Zealand.
Sorry for your loss. Hopefully you have learned a valuable lesson.
EV’s are kinda crapshoot for resale or even buying it new.
Good morning TH-cam is now called April’s garage if anybody’s looking for it
It's a stupid channel
Welcome to the party 🎉🎉🎉🎉😢
I don’t like this party 😂
Who could've seen that coming? What a surprise that a luxury EV would depreciate so terribly.
JR's next video? "The only car we own that we will never ever sell. We're keeping it forever." 🤣🤣🤣🤣🤦🏻
Not that I ever considered buying one, it just doesn't make sense to buy a car from a company that is losing $100k on each one they build not to mention it looks like a modern day Buick LeSabre.
Loved the Le Sabre. White, such luxury at the time. 1978?
If you’re worried about depreciation, don’t buy luxury cars. They depreciate the most is obvious. In fact this extrem deprecation is only a little worse than most high end German cars.
Wow, such a tough financial lesson 😓.
How buying a Lucid shows that you’re not that Lucid in your head !!
I still don't understand how people can buy cars and not expect them to depreciate.
Covid car logic.
it pays to be that "I have it first" person. look how prices have dropped on the Performance Tesla Models. the depreciation is normal of all cars... I agree with it being better than the Model S. I'm going to Lease a Air GT when they had the NACS port.
The car is great... I think one day it will be worth more than the purchase price... Price has nothing to do with value... When it find the right appreciation .
I have been looking at the Lucid used as a good deal, but maybe there’s good reason it has dropped this far so fast. The Mercedes EQS is also pretty cheap used.
Have you driven them? Test drove both the benz was disappointing.
The reason is that now it is much cheaper it was 170k and now 110k new from factory
I can give an easy way that you don't lose 1 penny: As you've said yourself, it's a great car. Don't sell it. Drive it 'til you're 90 and you'll never regret it. Oh, and GM's been Tesla compatible for over a month now. I've already charged my Lyriq at a supercharger once.
Good that you didn`t buy the cybertruck... that thing will devaluate like crazy also.
that’s why if I buy a used 3 to 4 year old ev never new electric cars lose their value twice as fast as a gas car only buy after a 3 year lease never buy new
Going to be even worse when Lucid goes the way of Fisker and closes up shop.
When the car market was insane, you guys knew what you was doing 😂
Can't win 'em all, and guys crush it with 99% of the cars you buy. Also, looking sharp in that shirt JR!
Yeah - that battery pack replacement would have totaled the car if it were past warranty.
Well, keep it. Now you can use it without worrying about depreciation
This is why I donn't buy new cars. I wait a couple years to #1 see how they are holding up and #2 see how much they have depreciated. The more expensive they are the more they seem to depreciate.
In a decade when all of these are bricked and worth a few thousand dollars or less I'd love to see somebody buy one and put like a Toyota V6 in it, that would be cool because they are beautiful just not practical for the average car buyer.
Most EVs, especially Lucid, are considered luxury models. Luxury models depreciate faster, plus it's an EV. And with EV disinformation, rum amuck... Definitely a huge loss
Never understood why Americans buy cars and worry about it's value dropping. If you don't plan keeping the vehicle for a long time buy for a car in cash and not a loan.
Imagine if you bought Tesla stock 2 years ago instead. You would be sitting on nearly half a million dollars by now.
That depriciation is brutal
time to start a giveaway company and this one is the first to go!
Simple answer is don't sell it. If you think it's an amazing car then keep it and get the best use out of it before moving it on and at least then you can justify the depreciation a bit more
I saw a 2024 Lucid at West Palm Beach dealer for only $74k. I like the car but I’d buy a Rivian if I were to buy an EV.
as far as looks, i put it in same category as a buick, a car for old people
Pioneers get the arrow shirt.
how do we break the china and tesla monopoly on electric cars, which i think is stifling new start ups with better product with their subsidise pricing
This is terrifying considering this guy owns an airplane. Why on earth do people even think about buying these cars?
Lawd! I've never heard of depreciation that bad.
I remember a guy in the Navy that raffled off his old car and made about three times more than it was worth...
My main gripe with Lucid is how cheap it looks. It looks like a generic American sedan, but with a small chrome pack on it. Perhaps that is why it failed to be rented out.
Lucid is amazing, but it sucks that you guys took the hit. Super buy at 65k though.
Anyone who buys an ev thinking they are saving money is living a fantasy. It's an environmental feel good .nothing more.
Best value is any dealer sold pre owned.
Mercedes sells 3 year lease vehicles for half msrp with a 2 year warranty.
I have purchased 3 in the last 12 years.
Never bought one with more than 18k miles ( one only had 9k)
The first 2 years is your biggest loss.
You LEASE a car if you want to know the exact depreciation in advance and want a new one every few years. You BUY a car to drive well past the end of the loan payments to "make money" on the vehicle. All cars lose value and the more expensive the faster they depreciate. ALSO, LUCID will be able to charge on Superchargers, with adapter, in 2025 and are converting to the NACS port too.
Why the new expensive EV? Everyone knows that they lose value very quickly. Why not 2-3 years old, the buyer loses nothing, except that he saves a lot of money.
Problem with Lucid is they don't a have a car near $50K. Maybe when they release the $80K SUV they will drop the price on all their sedans. Who's going to pay $100k+ for a sedan, when they can get the SUV for $80K.
if you don't sell the car, and use it till it dies, you wouldn't have "lost" that money. You simply would have consumed that money for transportation over many good years. buying new gadgets and then selling them once you're not interested with them anymore is exactly how to lose all your money.
Thanks to the depreceation, I just got Mercedes E550 for 8 grand
How can it be a bad financial decision if you can afford the payments?
If I crash my car today. It is no financial burden to me.
Should have flipped it right away. I bought and sold 2022 model X refreshed, 2022 Rivian truck, 2022 model y, and a Cybertruck. Made an average $10k per vehicle.
Haha just don’t sell it then you don’t have to recognize the loss
I have been reminded a few times now by friends and acquaintances of mine about how great this channel is and I do like it and them and their content (at least as far as what I've watched thus far is concerned. I've still got some catching up to do and I have subscribed) but do they typically post 3 to 4 months post recording? I know there's always going to be some delay, but.....Please don't hate me, and I know it's absolutely not these nice young men's fault and I haven't done anywhere enough viewing of the videos and reading of comments to know if this topic has been mentioned before now but I think they may both be sporting nicely styled rugs. This is picayune and if they've proven otherwise then my bad. Lots of celebrities of both genders are doing it, too, as would I if I could afford it. Or if I needed to, neither of which is even remotely veracious.
That’s why I don’t over spend on EVs. I have a Y. I don’t think I would buy anything over that price.
This is why you lease EVs. My Polestar 2 is $384 a month, and I knew when I got it I will drop it off in three years.
This is why I am looking to buy a first gen firebird. It will not depreciate.