Lucid Gravity Leasing Guide

Maximizing incentives

Lucid's incentive stack is diverse and covers multiple situations. Here’s how much they’re worth, how to qualify for each one, and some bonus tips:

• Lucid Credit — $7,500. Applied automatically to all leases. No eligibility requirements.

• Conquest / Loyalty Credit — $2,000 or $3,000. You can apply one or the other, not both.

  • Conquest ($2,000): A relatively easy incentive to qualify for in practice; confirm details with your SA. The eligibility list is broad (Acura, Audi, BMW, Cadillac, Genesis, Infiniti, Jaguar, Land Rover, Lexus, Lincoln, Maserati, Mercedes-Benz, MINI, Porsche, Volvo, and several others). Saves approximately $56/mo.

  • Loyalty ($3,000): Requires current ownership or active lease of another Lucid vehicle. Saves approximately $85/mo versus no loyalty/conquest.

• Studio Select — $3,000. Not currently available. This incentive targets local and regional inventory at Lucid Studios and tends to appear mid-month or in response to inventory pushes rather than at month open. It's worth checking back with your SA later in May. If it returns, it would knock approximately $85/mo off either trim and push a base Touring along with Conquest to roughly $774/mo at 0.97% MSRP/mo, matching April's GGT.

• Trade-in Credit — $2,000 or $5,000. Two tiers, detailed below. Ask to cash in the remaining trade-in value to secure the bonus while avoiding a large down payment.

  • Premium trade-in ($2,000): Applies to trade-ins of vehicles from the same broad premium brand list as Conquest. Saves approximately $56/mo.

  • EV trade-in ($5,000): Applies specifically to Tesla, Rivian, or Polestar trade-ins. Saves approximately $143/mo, a remarkable reduction.

Stacking incentives is the best way to optimize the value of your Lucid lease. Trade-in, Conquest/Loyalty, and Studio Select stack on top of each other. A Lucid Air lessee trading in a Rivian would qualify for Loyalty ($3k) + EV trade-in ($5k) + Lucid Credit ($7.5k) = $15,500 in total incentives. If Studio Select returns, that reaches $18,500 and pushes a base Touring under $700/mo.

For the purposes of this guide, the presumed incentives include the Lucid Lease credit and Conquest, for a total of $9,500.

Changes this month: 36-month terms, no studio select, money factor reversal, improved Touring optioning

Two structural changes to the lease parameters have worsened the lease values this month compared to April.

• First, Lucid has shortened the standard lease term from 39 to 36 months. With fewer payments over which to spread depreciation, monthly payments are higher than they would otherwise be under equivalent terms.

• Additionally, Lucid pulled Studio Select from the advertised incentive stack, decreasing the available incentives by $3,000. However, this is an intermittently offered incentive and may return this month (often rebranded under another name, e.g. Earth Day, St. Patrick’s Day, and Level Up).

Additionally, major changes in the money factor this month has reversed the valuations of the Touring and Grand Touring.

• The Touring's MF dropped sharply, from 0.00094 to 0.00062, a 34% improvement in the financing rate.

• Conversely, the Grand Touring's MF have spiked, from 0.00059 to 0.00108, nearly doubling. April's exceptional value was largely due to the aggressive MF offerings; that is gone this month. The two trims have effectively traded places.

Last month, the Touring residuals degraded significantly with increasing options (46.9% → 50.6%, or 3.7 points), with a corresponding decreasing lease value (0.99% → 1.19% MSRP/mo). This month, the Touring’s residual degradation is improved (51.1% → 52.5%, or 1.4 points), as is its value spread (1.08% → 1.20% MSRP/mo).

Lowest monthly payment: Touring

The Touring starts at $859/mo on our standardized assumptions, a $59/mo increase from April's base Touring at $793, despite having a better money factor. The culprit is the shorter 36-month term and lack of Studio Select. Still, $859 is the entry point for a Gravity lease this month, and it's a clean number at base spec.

The Grand Touring starts at $1,104/mo, a $245/mo premium over the Touring at base spec and $184/mo over last month’s Grand Touring. The considerable gap reflects both the higher MSRP and the GGT's worse MF this month.

Best value: Touring

With a money factor of 0.00062 (1.49% APR), the Touring is the clear value leader this month at a respectable 1.08% MSRP/mo at base spec, a Good rating on our scale. As detailed above, the Touring's RV% degradation profile has also improved relative to April. That means options hurt less than they used to, though the 1.08–1.20% range still rewards restraint on the options sheet.

The Grand Touring, by contrast, comes in at 1.16–1.23% MSRP/mo, a Fair rating, and worse than the Touring at every comparable configuration. In April, the GGT's near-zero MF made it the obvious pick; this month is the opposite.

Traps: Grand Touring, over-optioning the Touring, studio select?

The Grand Touring is the main trap this month. It carries a higher MF, a higher base payment, and produces a worse % MSRP/mo than the Touring at every spec level. The GGT's stronger residual (53.6% vs 51.1–52.5%) partially offsets this, but not enough to overcome the MF disadvantage. Unless you specifically need the Grand Touring’s improved horsepower and battery, the GGT is difficult to justify on lease economics alone this month.

While improved from last month, over-optioning the Touring still considerably worsens the deal. Fully optioning the Touring pushes it from 1.08% to 1.20% MSRP/mo. The budget-minded should be doubly selective in their choices. That said, even after the unfavorable changes in the lease structure, a fully optioned Touring this month leases a smidge better than last month - which probably just goes to show how poorly a fully optioned Touring leased in April.

Finally, for the avid deal hunter, we would consider waiting for the return of Studio Select. It is frequently removed at the start of the month and reappears oftentimes around holidays, weekends, or mid/late month. Keeping a close watch on the Lucid website and newsletter, as well as other social platforms, are your best bets.

Overall winner: Touring.

The Touring is the pick this month - and if you’re able to snag Studio Select, the Touring actually leases even better than last month. Its money factor is the best Lucid has offered on the Touring in recent months, options hurt less than in prior months, and the base payment of $859/mo is respectable for the segment - cheaper than the base R1S Dual Standard at $899/mo this month. The Grand Touring comparably leases unfavorably this month, with a nearly doubled money factor since last month. It’s worth noting that stacking the trade-in bonus of $2k or $5k pushes these lease deals into great territory; and if you’re able to stack Studio Select on top, the total credits (up to $18,500) makes any lease this month a steal.