Should You Buy a $14,000 Fisker Ocean?

A bankruptcy deal means gigantic discounts on the Fisker Ocean SUV, but there's much uncertainty attached.

Andy Stonehouse | 

Aug 8, 2024 | 3 min read

Fisker

Fisker Ocean electric vehicles (EVs) may soon be available for as low as $14,000. And while snapping up a brand-new car for a quarter of its original retail cost might sound attractive, the company's recent bankruptcy means buyers need to know what they're getting into. Specifically, they'll likely be looking at limited manufacturer support for software, parts, and service.

Fisker

New EVs Liquidated as Part of Bankruptcy

The Austrian-made Fisker Ocean EV was a much-anticipated launch for the California-based independent brand with a distinctive SUV style. It offers up to 360 miles of estimated electric range, with prices that range from less than $40,000 to more than $70,000.

Despite the Ocean's successful debut, Fisker ran into financial difficulties in early 2024 when financial assistance from Nissan fell through, and the company responded by cutting prices on its 2023 models by up to $24,000.

Those issues were not resolved, and Fisker ended up filing for bankruptcy in June 2024. On July 16, 2024, a judge approved the sale of more than 3,200 remaining Ocean SUVs to American Lease, a New York-based ride-share leasing company, in order to raise some emergency operating capital for Fisker.

American Lease will pay more than $46 million for all of the company's inventory, including lower-priced, damaged vehicles and more than 2,700 brand-new cars, which it paid as much as $16,500 apiece to acquire.

Fisker

A Low-Priced EV That Comes With Concerns

American Lease is expected to offer its new Ocean models to ride-share drivers for an average price just over $14,000, far less than the advertised price of used models at the time of publication.

The major drawback to that impressive deal will be a combination of factors that go against most traditional new-car purchases. The cars will be sold on an "as is" basis and will not receive any factory warranty coverage or promises of further over-the-air updates to existing software. Before being sold, American Lease will complete any necessary recall work, and vehicles will get a final update to the latest operating system software. The company also gets access to that software to fix the cars it has purchased, though a supply of existing parts or the ability to build more parts was not part of the bankruptcy deal.

The Ocean has already experienced a range of software issues, plus braking and shifting problems. Fisker is meant to continue to honor warranty coverage for existing owners, but owners say they've had difficulty accessing service since the bankruptcy filings.

The brand does have a robust group of enthusiasts, the Fisker Owners Association (FOA) who have banded together to keep their automobiles alive. American Lease says it will be working with the FOA to try to create a supply of parts and future mechanical and technical support for existing vehicles.

Fisker

Fisker Ocean Buyers Will Be Facing Risks

Your decision to buy a Fisker Ocean will depend on your tolerance for risk, though you won't need to pay much money up front for a new and technologically advanced car.

Owners of other long-defunct brands such as Scion, Oldsmobile, and Saturn have kept their vehicles running for years, though Ocean owners will need to be far more creative when it comes to accessing service and updates for their batteries and electrical software.

Current Fisker Ocean owners could purchase Guaranteed Asset Protection insurance, which may help offset the ongoing depreciation on vehicles which have already dropped substantially from their initial retail price.

Andy Stonehouse

Andy Stonehouse literally fell into the world of auto writing while working as a ski-town journalist, and has not looked back since. A childhood spent dealing with the eccentricities of a 1976 MG Midget has made any subsequent auto experience a more safe and reliable drive. He has been blessed with nearby mountain trails and snowy roads in Colorado to do TV-adventure-styled test drives on a weekly basis.