2024 Lucid Air Review

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Written by Funto Omojola
Lead Writer
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Assigning Editor
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Key features

N/A
Starting MSRP

on TrueCar's website

NerdWallet Overview

The Lucid Air is an all-electric luxury sedan with the longest EPA-estimated range of all EVs currently on the market — up to 516 miles for the G Touring XR all-wheel-drive version. Even the entry-level rear-wheel-drive Pure trim, which is new in 2024, has an estimated range up to 419 miles.

Also new for 2024 is the Sapphire trim, a super-sports sedan with a lightning speed of 0-60 mph in 1.89 seconds and a top speed of 205 mph. Rounding out the Lucid Air’s four trims is the mid-level Touring with an estimated range up to 411 miles. First in series production with the 2022 model year, the Lucid Air is produced by a U.S. start-up, Lucid Motors.

This review of the Lucid Air covers key features, available trims and specs, cost of ownership and how to shop for an EV.

Cost of EV ownership

Automotive group AAA conducts an annual Your Driving Costs study that breaks down vehicles by category and provides the average costs for five top-selling models in each category. The summary below is for its EV category in 2023 and not a specific make and model.

Operating costs

Fuel cost per mile

4.74 cents.

Maintenance cost per mile

8.12 cents.

Ownership costs

Full-coverage insurance

$1,820.

License, registration, taxes

-$192.*

Depreciation (15K miles/year)

$5,296.

Finance charges

$1,260.

Total cost: 15K miles per year

Operating costs

$1,929.

Ownership costs

$8,183.

Total per year

$10,112.

*Negative amount reflects the availability of federal and state incentives, which vary from state to state.

Insurance costs

The price of insurance is also something that impacts ownership costs. The median annual premium for a 2024 Lucid Air Pure with full coverage is $3,033 — or $252.75 per month. (Note: This nationwide median rate is for a 35-year-old driver with good credit and a good driving history.) Keep in mind that your insurance cost may differ from this based on your age, your driving history, your location, the coverage you select, and the vehicle's make, model and trim.

How to charge an EV at home

EV charging is divided into three different categories — Level 1, Level 2 or Level 3, also known as DC fast charging. Each level differs in its amount of electrical output and how fast it recharges an EV.

DC fast chargers, as the name implies, have the highest level of output, and not all EVs have the capability to use this type of charger. Typically, this type of charger is found at public charging stations and not in homes. So, when planning for home charging, your decision comes down to whether Level 1 charging or Level 2 charging will meet your needs.

Level 1 charging may be sufficient if you don’t drive your car a lot and only take short trips around town. You would plug the EV into your standard 110-volt home outlet, and your battery would be replenished at a rate of about 3-5 miles per hour. Most EVs come with a Level 1 charging cord.

Level 2 charging is the most common and will add about 20-25 miles of range for every hour your EV is plugged in. However, it requires a 240-volt outlet, which will likely require electrical upgrades in your home. Also, most EVs don’t come with a Level 2 charger, so you may need to buy the charger and pay an electrician for installation. Expect to pay several hundred dollars or more to prepare for Level 2 charging at home.

To minimize the ongoing cost of charging at home, check with your electric company about the best time to charge. Some offer lower rates if you charge during off-peak electrical usage hours.

How to shop for an EV

When deciding which EV model is right for you, consider factors like incentives, charging costs and battery range.

Tax credits, incentives and rebates. There are federal, local and manufacturer-specific incentives that can reduce the cost of buying an EV. First, there’s a federal EV tax credit for new and used EVs. Note that there are EV and buyer-specific criteria you must meet to qualify for this credit. Additionally, state, local governments and electricity companies, in some cases, offer cash incentives for EV buyers. You can find these through a database provided by the U.S. Department of Energy. Manufacturers also offer incentives in the form of rebates and low interest loans.

Charging costs. The best EV charging option will depend on factors including your vehicle’s efficiency, whether you decide to charge at home, where you live and more. Charging at home is typically cheaper than using a public charger. The cost of charging at home will depend on your electricity rates, and if you decide to opt for Level 1 charging (plug your EV into a standard wall outlet) or use a Level 2 charger, which requires additional equipment and potentially electrical work. You can also choose to charge at a public fast-charging port, which will cost you anywhere between $6 and $35 to add about 100 miles to your vehicle. Consider which charging option(s) might fit your budget when purchasing an EV.

Battery range. When deciding which EV is right for you, a top consideration should be range — this is how far an EV can travel before its battery needs to be recharged. Some EVs can travel over 400 miles on a single charge, while others top off around 150 miles. If you plan on primarily taking long drives with your car, you’ll want an EV with a higher range, although these typically come with steeper prices than lower-range vehicles.

How to shop for an auto loan

The process of getting an auto loan can go quickly: If you meet credit requirements, you may be able to walk into a dealership and drive away with a car and loan today. Still, it pays to take your time to tick off the following steps, to ensure you find the best loan with the lowest rate for your financial situation.

1. Check your credit report and credit scores. You’re entitled to a free copy of your report every week from each of the major reporting bureaus, Experian, Equifax and TransUnion.

2. Shop around at more than one lender. Survey large and regional banks and local credit unions, as well as online lenders and loan aggregators.

3. Get preapproved. This is different from pre-qualifying and requires a hard credit pull that may temporarily lower your credit scores. But because the lender will get more information about you and your credit history, the estimated rate should be closer to the final rate you receive upon loan approval.

4. Set a budget. Your loan offers will show the most you can borrow, the interest rate and an estimated monthly payment.

5. Select and