Bargain or burden? The truth about buying a Fisker Ocean

“We do demos but Fisker says new car deliveries are being delayed by problems with a broken tool required for the pre-delivery inspection,” said Estelle Miller, co-founder of the dealership.

Fisker may not be delivering new cars but EV Experts has two of them on display: an Ocean Ultra for £39,120 and an Extreme for £44,075.

Elsewhere, independent dealers are selling nearly new examples. Of the 16 it acquired two months ago, King’s Lynn dealership Stebbings has five used Extremes and one Sport left. The cars have reasonably low mileage and come with a 12-month RAC warranty.

For an Ocean Extreme 4WD Dual Motor 113kWh registered on a 2023/73-plate, with 1045 miles and costing £28,558, Stebbings is quoting a monthly PCP payment of £345 over 48 months and 60,000 miles, calculated on a £5000 deposit and a future value of £14,444.

A drop in the Ocean

Fisker Ocean side

A PCP is the safest way to finance an Ocean, given that it guarantees a vehicle’s future value. When Fisker’s problems became more widely known, Cap HPI made reductions in the value of used Oceans totalling 48% in May alone – the biggest fall the company has recorded in a single month. In the wake of the bankruptcy announcement, for July it has reduced the value of Oceans in Extreme trim by a further 10%.

Commenting on its actions, Dylan Setterfield, head of forecast strategy at Cap HPI, said: “Following these falls, we reduced our three-year forecasts across the Ocean range by a further 31% on average at the end of May. We continue to monitor the situation.”

Assuming a provider would consider it, taking out GAP insurance to cover any shortfall between what an insurer is prepared to pay for an Ocean in the event that it is written off – highly likely in the circumstances – and what it cost would seem sensible.

Regarding insurance, we were quoted £797 by Admiral for Stebbings’ Ocean Extreme. However, given the uncertainties surrounding the availability of spare parts and technical back-up and the consequences for repair times, how long insurers will offer cover for the model is unclear.

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