Fisker Ocean Trade-Ins Having Problems

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Automotive Editor

Based out of the Washington, D.C. area, Joel Patel is an automotive journalist that hails from Northern Virginia. His work has been featured on various automotive outlets, including Autoweek, Digital Trends, and Autoblog. When not writing about cars, Joel enjoys trying new foods, wrenching on his car, and watching horror movies. 

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, Automotive Editor - March 29, 2024
2024 Fisker Ocean

The Fisker saga appears to have no end in sight. Things for the automaker and Ocean SUV owners seem to get worse every day. According to InsideEVs, Fisker Ocean owners who are looking to trade their electric SUV in for a different vehicle may have trouble doing so, especially if they’re looking to trade the vehicle in for a Tesla.

The outlet spotted a notice from Tesla on Reddit from user u/UxC4 in the r/Fisker subreddit that claims that Tesla will not be accepting Fisker Ocean trade-ins. “Effectively immediately, we are temporarily suspending acceptance of Fisker Ocean trade-ins,” says the notice. “This is due to significant market uncertainty on Fisker Ocean vehicles that have disrupted the expected values of these vehicles.”

The notice, if true, appears to be due to Fisker's latest price cuts for the Ocean. Earlier this week, Bloomberg reported that Fisker had reduced the starting price of the Ocean by $14,000 to $24,999 (without destination). The range-topping Ocean Extreme got a $24,000 price reduction to $37,499. With such dramatic price cuts overnight, Tesla could be looking to avoid a situation where current Ocean owners trade in their vehicles and leave Tesla with a car that isn’t worth the value of the trade-in.

While Fisker’s price cuts for the Ocean are a good thing for interested shoppers, it’s a terrible thing for current owners. Early adopters took a chance on Fisker by paying $38,999 for the base Ocean or as much as $61,499 (without options) for an Ocean Extreme. Now that Fisker has slashed pricing, their vehicles aren’t worth nearly as much, causing them to go upside-down on their loans overnight. And making other brands, like Tesla, weary of accepting trade-ins.

2024 Fisker Ocean

This, for current Ocean SUV owners who are unhappy with their vehicles, could be a huge problem. While Tesla appears to be the only automaker that’s no longer accepting Ocean trade-ins, it could spread to other brands and could become a dealer-specific issue. InsideEVs claims that CarMax, TrueCar, and Carvana are not providing instant quotes for the Ocean EV right now. If this becomes the new norm, it could mean that Ocean owners will have to accept taking a huge loss on their vehicle to get rid of it.

Based on the verbiage used in the notice, we think this is more along the lines of a temporary issue and will only be in place for a short period of time until things with Fisker calm down. The notice claims that Tesla is “closely monitoring available market data and will provide an update on next steps as soon as market stability returns and accurate information becomes available.”

It’s surprising to see Tesla of all automakers introduce this temporary pause on accepting Fisker Ocean trade-ins. Tesla is the king of overnight price changes, raising and decreasing prices for its EVs on a whim. Ironically, Tesla's the first to flag the same practice from another automaker, but it certainly speaks to the severity of the price cuts that Fisker made.

Fisker’s financial problems have gone from bad to catastrophic in a short period. During its fourth-quarter earnings call, Fisker announced that it was quickly running out of money and didn’t have enough on hand to continue through 2024. The automaker announced that it was in talks with a traditional brand that would bring much-needed funds in the form of a partnership, but reports indicate that talks have ceased. Fisker recently stopped production of the Ocean and introduced enormous price cuts to boost sales, and now its stock has been delisted. It looks like Fisker is heading into bankruptcy, which would result in more bad news for Ocean owners.

Pictured: 2024 Fisker Ocean

Source: InsideEVs

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, Automotive Editor

Based out of the Washington, D.C. area, Joel Patel is an automotive journalist that hails from Northern Virginia. His work has been featured on various automotive outlets, including Autoweek, Digital Trends, and Autoblog. When not writing about cars, Joel enjoys trying new foods, wrenching on his car, and watching horror movies. 

Follow On: Twitter

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