Fisker's Financial Woes: Is the Ocean SUV Risky?

If you have been browsing car listings recently, you might have seen 2023 or 2024 Fisker Ocean SUVs listed for incredibly low prices. Seeing a modern, electric SUV with 360 miles of range selling for under $25,000 looks like the deal of the century. However, the reality behind that price tag is complicated. Fisker Inc. has filed for Chapter 11 bankruptcy, and buying one of these vehicles today carries significant risks that every potential buyer must understand before signing a check.

The Bankruptcy Filing and What It Means

On June 17, 2024, Fisker Inc. officially filed for Chapter 11 bankruptcy protection in Delaware. This was not a restructuring move designed to save the brand; it was a liquidation process. The company failed to secure partnerships with major automakers and ran out of cash.

For a consumer, this legal status changes everything. When you buy a Ford or a Toyota, you are buying into a support network. When you buy a Fisker Ocean now, you are purchasing an “as-is” product with virtually no corporate backing. The company has halted manufacturing and is in the process of selling off its assets to pay back creditors. The stock has been delisted, and the corporate infrastructure that handles customer service, parts distribution, and software development is being dismantled or sold.

The Warranty Void

The most immediate danger for new owners is the warranty status. During the bankruptcy proceedings, it was clarified that Fisker would not be able to honor the original warranties provided with the vehicle.

Originally, the Ocean came with a generous package, including a 6-year/60,000-mile basic warranty and a 10-year/100,000-mile powertrain and battery warranty. Those guarantees are now effectively worthless. If the battery fails, the electric motor seizes, or the infotainment screen goes black, you are financially responsible for the repair. Considering a high-voltage battery replacement can cost upwards of $15,000 to $20,000, this risk alone negates the low purchase price for many buyers.

The Spare Parts Crisis

Even if you have the money to pay for repairs, finding the parts is a separate hurdle. Since Fisker is liquidating, the supply chain for replacement parts has collapsed.

Common items are becoming scarce:

Body Panels: If you get into a fender bender, sourcing a new bumper or door panel may be impossible.
Windshields: Owners have reported waiting months for glass replacements, with some resorting to custom fabrication.
Key Fobs: There is a limited supply of key fobs. If you lose yours, you may not be able to start the car.

The Fisker Owners Association (FOA) was formed by existing owners to try and secure access to spare parts and diagnostic tools. While they are doing impressive work to keep these cars on the road, relying on a volunteer owners’ group for critical vehicle maintenance is not a strategy suitable for a daily driver.

Software and Cloud Dependence

The Fisker Ocean is a “software-defined vehicle.” This means many of its functions rely on internet connectivity and cloud servers managed by Fisker. With the company dissolving, the future of these servers is uncertain.

If the cloud servers are shut down, the following features could break:

The Mobile App: Remote unlocking, climate control, and vehicle location tracking will likely stop working.
Over-the-Air (OTA) Updates: The car will no longer receive updates to fix bugs or improve performance.
4G Connectivity: Navigation systems and streaming apps within the car rely on a data contract that Fisker pays for. Once that contract ends, the car goes offline.

While the car will likely still drive without internet access, you may lose the “smart” features that make modern EVs appealing. Furthermore, the Ocean launched with buggy software (Version 2.0 helped, but issues remain). Without a software team to patch future glitches, owners are stuck with the current bugs forever.

The American Lease Liquidation

A major reason you might not even be able to find a “new” Ocean anymore is the deal with American Lease. In July 2024, Fisker received court approval to sell its remaining inventory of roughly 3,000 vehicles to American Lease, a New York-based company that leases cars to Uber and Lyft drivers.

The deal was valued at up to $46.25 million. This bulk sale cleared out the majority of the unsold inventory. If you find a Fisker Ocean for sale on a generic car lot today, it is likely a used vehicle, a repossession, or a unit that slipped through the cracks of this fleet sale. The massive influx of these cars into a ride-share fleet in New York might eventually lead to a secondary market of high-mileage, beaten-up Oceans flooding the used market in a year or two.

Safety Recalls

Before its collapse, the Fisker Ocean was subject to multiple recalls and investigations by the National Highway Traffic Safety Administration (NHTSA).

Braking Issues: Reports of reduced braking performance on rough surfaces.
Water Pumps: A recall was issued for water pumps that could cause a loss of power.
Door Handles: Issues with doors failing to open.

In a normal scenario, you would take the car to a dealer for a free fix. With no dealer network, getting these safety-critical recalls performed is difficult. The FOA is working to find authorized service providers, but availability is geographically limited.

Frequently Asked Questions

Is it safe to buy a Fisker Ocean if the price is under $20,000? Only if you are mechanically inclined, have a second vehicle, and can afford to lose the entire investment. It is not safe for a primary family vehicle due to the lack of service and parts.

Will the Fisker Ocean receive any more software updates? It is highly unlikely. Unless a third-party company buys the software assets to support existing owners, the current software version is likely the final one.

Where can I get a Fisker Ocean serviced? Most former Fisker partners have ceased operations. You will need to find an independent EV specialist willing to work on the car, but they will likely struggle to obtain proprietary parts and diagnostic software.

Did Fisker fix the key fob battery drain issue? Software update 2.0 improved the key fob performance significantly, but because hardware support is gone, replacing a broken fob is the bigger concern than battery life.