Fisker Group, the US electric car maker behind the Ocean SUV, has recently filed for Chapter 11 bankruptcy protection. This news may not come as a surprise to many owners of Fisker vehicles, as the company has been facing financial troubles for quite some time. However, for those willing to take a risk, this development presents an opportunity to find bargains among the new and used Fisker Ocean cars available in the UK.
Fisker was launched in 2016 but began losing money by 2023, leading to its delisting from the New York Stock Exchange. In March of this year, the company announced that it would need to reduce staff and suspend production in order to stay in business. Finally, in June, Fisker officially filed for Chapter 11 bankruptcy protection.
The Fisker Ocean, the company’s only model, was initially priced from £36,000 to £58,685. However, as Fisker’s financial troubles deepened, the company slashed prices on all models by significant amounts. In addition, Fisker announced that anyone purchasing an Ocean after April 5th would do so without warranty or claims for material defects.
Magna Steyr, the sub-contractor responsible for producing the Fisker Ocean, built around 10,000 vehicles before suspending production in April. As of March of this year, approximately 5000 cars remained unsold. If Fisker cannot be saved, it is possible that a third party may offer these vehicles to the market along with any available spare parts and body panels.
Despite the company’s challenges, UK car buyers have continued to purchase new and used Fisker Ocean cars. Online clubs such as Fisker Ocean Owners UK have provided support for owners and reports of successful software updates. However, some older posts mention teething problems and uncertainties about the future of Fisker’s technical teams.
While Fisker may not be delivering new cars, independent dealers such as Stebbings are selling nearly new examples. Stebbings currently has five used Fisker Ocean Extremes and one Sport available, all with reasonably low mileage and a 12-month RAC warranty.
The value of used Fisker Ocean cars has seen a significant drop due to the company’s financial troubles. In May alone, the value of these vehicles fell by 48%. In July, after the bankruptcy announcement, the value of Fisker Ocean Extremes fell an additional 10%.
For those considering purchasing a Fisker Ocean, it is important to consider financing options such as PCP, which guarantees the vehicle’s future value. GAP insurance may also be wise to cover any potential shortfall in the event of an insurance claim. However, uncertainties surrounding spare parts availability and technical support may impact how long insurers will offer coverage for Fisker Ocean cars.
Despite the challenges faced by Fisker, the Ocean itself is still a competitive electric vehicle. Testers have awarded it four and a half stars, and it offers a driving range of around 400 miles. The model has notable features such as ‘California’ mode, a fold-out driver’s table, and a solar roof. It is quick, comfortable, and quiet on the road.
In conclusion, the bankruptcy filing by Fisker Group presents an opportunity for potential buyers to find bargains among the new and used Fisker Ocean cars available in the UK. While there are uncertainties surrounding warranty coverage and technical support, independent dealers are still selling nearly new examples with warranties. Financing options such as PCP and GAP insurance may provide additional security for buyers. Despite the company’s difficulties, the Fisker Ocean itself remains a competitive electric vehicle with impressive features and performance capabilities.