The Lucid Air luxury electric sedan has come a long way since its launch, thanks to over 60 over-the-air software updates in the last three years. These updates have significantly improved the overall performance and functionality of the vehicle, making it a better all-rounder.
One of the most impressive aspects of the Lucid Air is its real-world range, which has actually increased after 26,000 miles of driving. This is a rare occurrence in the EV world, where most vehicles tend to lose range over time due to changes in battery chemistry. Despite this, the Lucid Air has managed to maintain and even improve its driving range, with recent tests showing figures of 465 miles, up from the initial 425 miles.
The software updates have not only improved the range but also fixed various issues reported by early owners. Problems such as glitchy software, poor ride quality, and malfunctioning doors have been addressed, making the Lucid Air a much more reliable and enjoyable vehicle to drive. However, some non-software issues like loose buttons, squeaky steering wheel, and poorly attached trim have also been identified and fixed.
One major concern for EV owners is the battery pack, and in the case of the Lucid Air, a coolant leak led to the replacement of the high-voltage battery under warranty. Despite this, the improvements in range were observed before the battery replacement, indicating that the software updates played a significant role in enhancing the vehicle’s performance.
Overall, the Lucid Air has proven to be a success story in the world of luxury electric vehicles, thanks to continuous software updates that have transformed the driving experience. While depreciation is a factor to consider, with prices dropping significantly on the used market, the quality and performance of the Lucid Air remain top-notch, making it a compelling choice for EV enthusiasts. Depreciation is a significant cost to consider when owning a vehicle. It is the decrease in value of a car over time and is often one of the largest expenses associated with owning a vehicle. In fact, it is estimated that the average car depreciates by over $3 per mile driven.
When you drive your car off the lot, it immediately loses value. This is known as instant depreciation and can be quite significant. In the first year alone, a car can lose up to 30% of its value. This means that if you were to drive 10,000 miles in the first year of owning your car, you would be losing over $3 per mile in depreciation alone.
There are a few factors that can affect the rate of depreciation of a car. These include the make and model of the car, its age, its condition, and the market demand for that particular vehicle. Luxury cars tend to depreciate faster than economy cars, as do cars with high mileage or poor maintenance records.
One way to minimize depreciation is to take good care of your car. Regular maintenance and keeping your car clean can help preserve its value. Additionally, choosing a car with a good reputation for holding its value can also help reduce depreciation costs.
It’s important to keep in mind that depreciation is just one of the costs associated with owning a car. Other expenses such as insurance, maintenance, and fuel should also be taken into consideration when calculating the true cost of owning a vehicle.
In conclusion, depreciation is a major expense when owning a car, with the average car depreciating by over $3 per mile driven. By taking good care of your vehicle and choosing a car with a good track record for holding its value, you can help mitigate the impact of depreciation on your wallet.