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Elite upgrade costs no gold.
Horse archers however are more tanky and more wildly available since they don't need a castle.
To elaborate on this: regular cavalry archers have higher HP and a higher base attack, but cost more gold and have a small delay before they fire. Kipchaks fire instantly and they fire multiple arrows whose damage isn't shown on their tech tree description. Because each arrow does its own damage, they all do at least +1 damage to a unit even if a unit has high pierce armour. So a Kipchak actually does more damage to high pierce armour targets than archers who have a higher base attack. Kipchaks are also the cheapest cavalry archers in the game and are quite fast because of the Cuman's speed bonus, so they are arguably the best hit and run unit in the game.
Think of Kipchaks as a more aggressive version of the cavalry archer which is cheaper and more effective at taking down high pierce armour targets, and who still does decent damage against regular units as well. Bear in mind Cumans get a unique tech to make their regular cavalry archers train 50% faster so both units are useful.