You might think a used-but-recent electric luxury SUV is always bound to come with a sizable price tag. In one particular case, however, the opposite is true. We’re talking about the Fisker Ocean, the short-lived electric SUV produced by failed automaker Fisker Inc. The model is now floating around the used market with unsupported tech on board, rapidly sliding towards obsolescence.
While the top-of-the-line Extreme trim came with a price tag of $69,000 just three years ago, today examples of the Ocean can be found for a quarter of that figure. Here is a closer look at the Ocean, its pricing journey, and what it means for the world of EVs in general.
The Fisker Ocean: A Cheap Electric SUV… But There’s A Reason Why
Fisker
The Fisker Ocean was only on the market for two model years: 2023 and 2024. This five-seater, all-electric SUV was an ambitious project, and the only model ever released on the market by Fisker Inc (the successor to the similarly ill-fated Fisker Automotive). Its design is sleek and luxurious, with standard 20-inch wheels on all trim levels and three different types of roof.
The Ocean was launched with three different trim levels available, priced at $38,999 (for the entry-level Sport), $52,999 (for the Ultra), and $68,999 (for the Extreme). However, by 2024 these prices had dropped dramatically as Fisker increasingly struggled. The 2024 Ocean was offered with a price tag of just $24,999 for the Sport, $34,999 for the Ultra, and $37,499 for the Extreme.
In terms of powertrain, the Sport is equipped with a single electric motor that produces 282 horsepower and 285 lb-ft of torque, sent to the front wheels. The model gets from 0 to 60 mph in around seven seconds. The upper two trim levels come with a dual-motor AWD powertrain; output rises to 564 hp and 544 lb-ft, while the 0–60 time drops to just 3.7 seconds. Top speed for the upper trims is 128 mph, while the Sport only managed 117 mph. The Ultra and Extreme also offer an upgraded battery pack: while the Sport only offered a 288-mile range, its siblings offered up to 340 miles (Ultra) and 360 miles (Extreme).
The interior of the Ocean is minimalist and eco-friendly, with sustainable materials used throughout and little visual clutter. At the heart of the cabin is a 17.1-inch infotainment screen, which can be rotated in the Ultra and Extreme trim levels. There is ample room for passengers and cargo, and the cabin is made to feel even more spacious by a panoramic roof.
2023 Fisker Ocean rearFisker
From $69,000 to $15,800: The Price Collapse In Two Years
The Ocean is one of the cheapest electric SUVs available on the used car market today. Although there are not that many examples of the model in circulation, you can find one for much less than you might think: the bottom end of the price range for the Ocean sits around the $16,000 mark. Just a few weeks ago, one example was sold at auction for $15,800. The upper end of the price range is around $30,000. For comparison, when the Ocean was launched in 2023 its starting price was $38,000.
There is, however, a very important reason behind the Ocean’s relatively small price tag. As Fisker Inc declared bankruptcy in 2024, support for existing Oceans has been cut off, meaning no more software updates, no dealership network, and no maintenance. Owners are forced to improvise to keep their vehicles on the road, and as the progress of technology marches ahead the Ocean is rapidly being left behind.
Why The Fisker Ocean Is A Poisoned Bargain
2024 Fisker Ocean front 3/4 parkedFisker
Thanks to the abundance of technology on board, modern cars generally require support from the manufacturer to preserve optimal functionality, in the form of software updates and complex repairs that cannot be tackled by a local shop.
However, this is no longer possible for the Fisker Ocean, whose manufacturer shut down when the model was just two years old. Ocean owners were forced to resort to creative measures to keep their vehicles in good condition; the Fisker Owners Association was established to create its own service centers, with access to the proprietary diagnostic tools necessary to keep Oceans on the road. Although owning and running a Fisker Ocean today is not impossible, it is still a far less pleasant experience than that offered by most other luxury EVs, and one that requires far more effort on the part of the owner.
2024 Fisker Ocean front cabinFisker
The Ocean’s current situation as an “orphaned” used vehicle is relatively unusual, and derives from the circumstances Fisker found itself in as a company. Fisker’s initial but brief period of optimism led to the model’s sizable production run (around 10,000 Oceans were produced in total, a notable figure for a brand-new startup’s first model).
However, this period was followed by a sharp downturn that led to the company collapsing after less than a decade of existence. This left a large number of Ocean owners struggling to either keep or sell their cars, leading to the abnormally low prices seen today as owners attempt to offload their now-unwanted vehicles.
The Factors Behind Fisker’s Failure
Fisker Ocean with solar roof panelsFisker
To understand how thousands of owners ended up in this position, you have to go back to the decisions that doomed Fisker from the start. Several different elements contributed to its downfall, from poor sales to build quality issues and mismanagement. One could argue that the ambitious startup was doomed from the beginning: its predecessor, Fisker Automotive, had only managed to produce a single model (the Karma) over the course of two years before folding. However, Henrik Fisker himself did not seem to think so, and optimistically took another stab at the automotive industry by establishing Fisker Inc.
Soon, it became apparent that the problems that had plagued Fisker Automotive were resurfacing in its successor. According to former employees, the common denominator was poor management. The employees’ accounts of Fisker’s downfall mention senior leadership disregarding teams’ input and guidance, sometimes pressing ahead with decisions that were considered ill-advised.
“The actions taken by senior leadership were full of ‘I’m going to do whatever I want regardless of what you guys think is right’ […] If Henrik wanted a press release or marketing campaign started even when multiple teams said it was a terrible idea, then it was launched.” – Former Fisker Inc employee (anonymous)
The difficult work environment was just one piece of the puzzle. The Ocean reportedly suffered from software bugs and hardware issues, and sales were poor throughout the model’s brief lifespan. The company’s failure, and the predicament Ocean owners find themselves in today, serves as a warning to anyone considering buying an EV from a startup: there is significant potential, but also significant risk.
EV Depreciation: A Curse Or A Blessing?
2024 Alfa Romeo Tonale Ti charging cableStellantis North America
Although the Ocean is a unique case due to the circumstances that surround it, it is not the only electric vehicle out there to be affected by sharp depreciation. Other EVs, especially luxury ones, are also highly susceptible to depreciation.
Electric vehicles are a relatively new addition to the mainstream automotive market, and the technology that powers them has evolved rapidly over the past decade or so. As a result, EVs that are only a few years old are more likely to have experienced sharp depreciation compared with their combustion-powered counterparts.
2026 Tesla Model Y Performance Rear View ChargingTesla
Technological advancement, however, is not the only factor that plays into the depreciation of EVs: other elements such as government incentives (or lack thereof), geographic location, and proximity to infrastructure also play an important role. EVs are also far more likely to be high-tech vehicles requiring ongoing support from the manufacturer to continue functioning properly, which is why the Fisker Ocean is struggling so much as an “abandoned” model.
However, a savvy used-car buyer may choose to take advantage of EV depreciation to find a bargain. If you don’t mind facing software obsolescence and the prospect of DIY repairs on a modern, tech-packed vehicle, the Fisker Ocean could be an affordable way to enter the world of used EVs.
Sources: Fisker
