Lucid Gravity Leasing Guide

Current 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 — $10,000. Increased from $7,500 last month and now expanded to include loans. Applied automatically to all purchases. No eligibility requirements.

• Loyalty Credit — $3,000. Requires current ownership or active lease of another Lucid vehicle. Saves approximately $83/mo.

• Studio Select — $3,000. This is decreased from $5,000 last month. This is an unadvertised, VIN-specific incentive that is available for select on-site inventory. The only way to know which vehicles are eligible is to inquire with your local Sales Associate. Additionally, it is a very fluid incentive - the discount value and eligible vehicles frequently change, as often as weekly. If your desired spec is not eligible, consider waiting 1-2 weeks to see if it becomes available. Conversely, if your desired spec is eligible, don’t squander the opportunity. Saves approximately $83/mo.

• Trade-in Credit — $3,000. This is decreased from $4,000 last month. Trading in any non-Lucid vehicle qualifies for the full incentive. Ask to cash out the remaining trade-in value to secure the bonus while avoiding a large down payment. Saves approximately $83/mo.

• Employee Referral Credit— $1,000. This incentive may be offered by default or can be requested from your Lucid Studio or Sales associates. Saves approximately $28/mo.

Stacking incentives is the best way to optimize the value of your Lucid lease. For example, Studio Select and the Employee Referral Credit can stack on top of each other for $4,000, on top of the Lucid Credit of $10,000 for a total of $14,000, which would put a base Gravity Touring at $713/mo before taxes and fees. Adding a trade-in ($3k) would bring it down to $630/mo.

For the purposes of this guide, the presumed incentives include the Lucid Lease credit, Studio Select, and the Employee Referral Credit for a total of $14,000.

Changes this month:

Lucid Credit increased from $7,500 to $10,000 and expanded to include financing.

This is a significant improvement towards both leasing and financing a Gravity, and considerably changes the lease vs loan math. This is especially true given the next highlight change this month:

Improved promotional financing APR rates for the Gravity Grand Touring.

Lucid is now offering 0%/0%/2.99% APR financing for 60/72/84 months on a Gravity Grand Touring, the same as the Gravity Touring. This is a significant improvement over 0.99%/1.99%/2.99% from last month’s Grand Touring rates. The option to finance a Grand Touring for 0% APR at 72 months is a huge win particularly for those living in states that disallow leasing a Lucid vehicle.

Studio Select decreased from $5,000 to $3,000.

While June’s end-of-quarter specials saw an increase of Studio Select from $3,000 to an impressive $5,000 discount, July brings it back down to $3,000. Still, this is a considerable discount and the avid deal-hunter should start by asking their Sales Associate for a list of vehicles eligible for the Studio Select incentive.

Trade-in bonus decreased from $4,000 to $3,000.

Mid-May, Lucid revamped their trade-in bonus allowance from a tiered $2k (select premium brands) / $5k (Tesla, Rivian, Polestar) system to simply offering $5k towards any non-Lucid vehicle. Since then, it has been steadily pulling back - to $4,000 in June, and now $3,000 in July. The good news: it still applies to any non-Lucid brand vehicle. It’s worth noting that at $3,000, the bonus on a trade-in is most likely no larger than the premium you might get by pursuing a private sale of your vehicle - unless your vehicle is worth less than $3,000, in which case this credit is a steal.

No more Conquest.

Conquest was a ~$2,000 discount that required ownership of any non-Lucid vehicle and is not currently being offered. It will very likely make a return - perhaps later this month or later this quarter. For now, unless you can take advantage of the Loyalty credit instead, the loss of Conquest may considerably change the math for non-Lucid owners.

Marked improvements in money factor for both the Gravity Touring and Grand Touring, partially offset for the Grand Touring by a decreased residual value.

Despite being the month after June’s end-of-quarter specials, July reveals big improvements in the base lease economics.

• The Touring's money factor is now near-zero at 0.00001 (APR 0.02%) from 0.00042 (APR 1.01%). Residual value actually improved from 50.8% to 51.4%. The net result: the monthly payment for a base Touring decreased to $824/mo from $954/mo if you include only the Lucid Credit incentive of $10,000 (granted, that alone is a $2,500 discount increase) - a month over month saving of $130/mo.

• The Grand Touring's money factor is the lowest yet, down to 0.00043 (APR 1.03%) from 0.0013 (APR 3.12%) - even beating the Grand Touring’s golden month, April. While this is slightly offset by the residual value decreasing from 52.9% to 50.6%, this is one of the best times to lease a Grand Touring this year.

24-month leases were made highly competitive.

This is a big one, as 24-month leases are typically worse value than 36-month leases. For the Gravity, both the Touring and Grand Touring 24-month lease durations lease at a money factor of 0.00001 (0.02% APR) and residual value of ~61% and ~60%, respectively, which is 10% higher than a 36-month lease. Because the capitalized cost of a 24-month lease is smaller than that of a 36-month lease, discounts go further in reducing the monthly payment on a 24-month lease and are thus more important to secure. For a breakdown of the changes for 36-month leases, read below.

Best value: Touring.

With its near-zero money factor of 0.00001 (0.02% APR) and improved residual value of 51.4%, the Touring remains the clear value leader this month at a competitive 0.87% MSRP/mo at base spec, an Exceptional rating on our scale. Still, because of Lucid’s large flat incentive stack, the % MSRP/mo increases with increasing MSRP. Thus, the Touring’s 0.87–0.99% range still rewards restraint on the options sheet. The Grand Touring, by contrast, comes in at 1.03–1.12% MSRP/mo, a Good rating.

Most importantly, if you can secure even one $3,000 discount (Loyalty, Studio Select, or Trade-in), a 24-month lease becomes equivalent value to a 36-month lease at roughly 0.88% MSRP/mo ($720/mo). In our opinion, given the same monthly payment, we would opt for a 24-month lease. If you can secure all three, then a 24-month lease becomes a far better value and a no-brainer - 0.58% MSRP/mo ($470/mo at base spec), versus 0.67% MSRP/mo ($546/mo at base spec).

Traps:

Not doing the math between financing vs leasing.

This month, Lucid both increased their Lucid Credit from $7,500 to $10,000 and also expanded it to include financing. For those living in a state disallowing leasing a Lucid vehicle, this is a clear win for you. Otherwise, this significantly changes the math between leasing vs financing, and it’s worth simulating the cost of ownership between the two. If you suspect you will own the car for closer to 3 years, leasing most likely still makes the most sense. However, if you planned on owning for closer to 6 years, it might make more sense to finance. Feel free to simulate the math using our lease vs loan calculator with Joule’s data built in.

Foregoing Studio Select.

Studio Select is a significant $3,000 value that can knock off approximately $83/mo. It is an intermittently available incentive that is only applicable to select on-site vehicles. This list of eligible vehicles frequently change throughout the month - sometimes weekly. If your desired spec is not currently eligible for Studio Select, consider waiting a week or two to see if it becomes available. Conversely, if your desired vehicle is eligible, don’t squander the opportunity, especially if a weekend is approaching. At least place a refundable deposit to secure the incentive while you weigh your options.

Recommendations:

If you qualify for Loyalty, this is an exceptional time to get any Gravity, via either leasing or financing.

Those who qualify for Loyalty likely are not missing out from the absence of the Conquest incentive right now, which has always been mutually exclusive. If you can secure both Loyalty ($3,000) and Studio Select ($3,000) along with the Lucid Credit ($10,000) for a total of $16,000 in incentives, then a base Gravity Touring will run you $657/mo or 0.81% MSRP/mo, and a Gravity Grand Touring will be $936/mo or 0.97% MSRP/mo. These are numbers beating out last month’s full incentive stack which priced out to 0.82% MSRP/mo and 0.98% MSRP/mo respectively. The massive increase in financing savings is the cherry on top. This makes this potentially the best month to both lease or finance either the Gravity Touring or Grand Touring.

If you don’t qualify for Loyalty, consider waiting for the mid-month update.

Conquest was discontinued at the start of this month. If you don’t qualify for Loyalty, it might make sense to wait to see if Conquest makes a return. The most likely time would be during the mid-month update, usually in the 3rd-4th week of the month. Without either Conquest or Loyalty, the deals are still pretty compelling. However, if you’re not in a rush, we’d consider waiting. Be sure to subscribe to our newsletter at the bottom of this page to be the first to know when the updated deals drop.

Strongly consider a 24-month lease, especially if you can secure one or more of the $3,000 discounts.

As detailed above, a 24-month lease offers a comparable % MSRP/mo if you can secure any of Studio Select, Loyalty, or the Trade-in bonus. Once you stack 2 or all 3 together, the 24-month lease wins out significantly since the same incentive stack applied towards a smaller capitalized cost will have a larger effect.

Those open to financing can explore the promotional APR loans available for the Lucid Gravity this month, which include 0%/0%/2.99% APR on 60/72/84 month loans for both Gravity trim. Head over to our lease vs loan calculator for a quick comparison of the total cost of ownership over 3 or 6 years, built with Joule’s lease tracker data.

Figures updated July 12.