“We are doing demos, but Fisker says new car deliveries are being delayed due to issues with broken tools required for pre-delivery inspection,” said Estelle Miller, the dealership’s co-founder.
Fisker may not be supplying new cars, but EV Experts has two 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 bought two months ago, King’s Lynn dealer Stebbings still 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 with registration number 2023/73, 1,045 miles on the clock and a cost of £28,558, Stebbings estimates a monthly PCP payment of £345 over 48 months and 60,000 miles, calculated based on a £5,000 deposit and a future value of £14,444.
A drop in the ocean
A PCP is the safest way to finance an Ocean as it guarantees the future value of a vehicle. As Fisker’s problems became more widely known, Cap HPI reduced the value of used Oceans by a total of 48% in May alone – the biggest drop the company has recorded in a single month. In the wake of the bankruptcy announcement, it has reduced the value of Oceans in Extreme trim by another 10% for July.
Commenting on his actions, Dylan Setterfield, head of forecast strategy at Cap HPI, said: “Following these declines, we have cut our three-year forecasts for the entire Ocean region by an average of a further 31% at the end of May. We continue to monitor the situation.”
Assuming an operator would consider this, taking out GAP insurance to cover the shortfall between what an insurer is prepared to pay for an Ocean in the event that it is written off – very likely given the circumstances – and what it costs would seem sensible.
In terms of 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 implications for repair times, it is unclear how long insurers will provide cover for the model.