One of the newest and most sought-after entries in the luxury SUV segment is the 2023 Cadillac Lyriq SUV. With a similar price point to the Tesla Model Y, it’s actually quite affordable by luxury EV standards. As we’d expect from any other Cadillac car, the Lyriq also promises to have sporty driving manners.

However, as more automakers are releasing electric cars, the 2023 Cadillac Lyriq will go against some fierce rivals. One of these is the Lotus Eletre, marketed as the first “electric hyper-SUV”. While the Lotus Eletre offers plenty of horsepower, we think the Cadillac Lyriq is a better buy for a few reasons.

1. Availability of the Cadillac Lyriq 

Orders for the 2023 Cadillac Lyriq went live on May 19, but they quickly sold out within a few hours. A waitlist for 2024 Cadillac Lyriq preorders has already been opened. If you can’t wait until next year, it might be possible to find a 2023 Cadillac Lyriq at your local Cadillac dealership. 

Drivers can order the base model with 340 horsepower and 325 lb-ft of torque, according to Edmunds. It also comes with RWD and rides on 20-inch wheels with an independent suspension.

Autoblog highlights that the Cadillac Lyriq has a spacious cabin and nearly 40 inches of rear legroom. The Lyriq also comes with a curved center touchscreen that integrates the gauge cluster and center infotainment console into one seamless unit. Other modern interior highlights include a floating center console, touch-activated steering wheel buttons, and aesthetic LED lighting throughout.

We won’t see the Lotus Eletre until at least 2024, provided that the chip shortage situation stays relatively stable. Your chances of finding one in the wild might be pretty slim, at least compared to locating a spare Lyriq.

Lotus only has 200 dealerships in the United States, with most of them located in Florida. On the other hand, Cadillac has nearly 900 dealerships across the country.

2. The Lyriq’s Price

According to Car and Driver, the entry-level Lotus Eletre probably won’t be less than $120,000. Meanwhile, the 2023 Cadillac Lyriq has a starting MSRP of $62,990.

Lotus says the base Eletre comes with 600 horsepower on tap and 315 miles of range. Models with the 900-hp powertrain can reportedly reach 62 mph in less than 3 seconds. Both Eletre versions have plenty of carbon fiber elements, plus highly-sophisticated aerodynamic and LIDAR technology packages.

3. The Lyriq comes with a home charger credit

Cadillac gives you two charging incentives to choose from with your purchase of the Cadillac Lyriq. You can get up to $1,500 off your home charger installation through QMerit. The other option is two years of free public fast-charging at any EVgo station.

At a fast-charging station, you can replenish 76 miles in as little as 10 minutes. Those who take advantage of the home charger get an hourly charging rate of 52 miles.

On the base RWD model, Cadillac says that a full charge gets you 312 miles. Cadillac didn’t tell us how much range the AWD model gets.

However, GM Authority says that the AWD Lyriq is nearly 200 pounds heavier than the base RWD model. The added weight will likely make this Lyriq at least a little less efficient. However, it also offers the best towing capacity of 3,500 pounds.

As we can see from Consumer Reports, the Lyriq also has to compete with several electric Audi and BMW cars. The up-and-coming Lucid Air looks particularly promising, with over 1,000 horsepower on tap.

Still, practicality is often prioritized amongst EV shoppers. Extra horsepower is nice, but it can push a car’s MSRP into the six-digit range. The 2023 Cadillac Lyriq offers excellent range and an affordable price for a luxury model, while still promising some fun drives.