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This one caught me by surprise. I mean, I know EVs are depreciating quickly this year. Much quicker than gasoline cars. But Edmunds calculates that the Fisker Ocean crossover longterm test vehicle it bought for $69,000 two months ago is worth just $21,000 now. And the reason may be the uncertain fate of the automaker.

Henrik Fisker is a car designer from Denmark. He started the “Fisker Coachbuild” design firm near LA in 2005. Then he founded “Fisker Automotive” in 2007 to build luxury PHEVs. But business wasn’t great and in 2014 he sold the company (but not the name) to Chinese investors and it became “Karma.”

In 2016, Henrik Fisker tried again with “Fisker Inc.” He began to deliver the “Ocean” all-electric crossover in mid 2023. But the company has ceased production and is trying to raise the funds it needs to get going again. I’d say 50/50 chances bankruptcy is next.

Rear of a crossover EV built by Fisker Automotive
Fisker Ocean | Fisker

In late January 2024, Edmunds took delivery of a loaded Fisker Ocean. The car cost them $69,000 and was intended as a longterm test vehicle to see if the startup knew what it was doing. But two months later, buying a Fisker is a riskier venture. Who wants a car with no dealer network because its maker has folded? Also, Fisker is slashing the price of new cars. So Carmax appraised the two-month and 4,220-mile Ocean at $21,000. Ouch.

After two months of driving the crossover, Edmunds has reviewed the vehicles as “incomplete.” It is still missing a ton of different software features that Fisker promised. And with bankruptcy looming, it is doubtful owners will ever get these features. So even with new Fisker prices slashed to $24,000, Edmunds recommends its readers pass on the deal.

Next, read more about why the prices of used electric vehicles are freefalling, or see Edmunds’ reviewers and their Fisker Ocean for yourself in the video below: