Used Fisker EV prices fall 43% in four months

Prices on used Fisker EVs are plummeting faster than the wider used-EV market after news of the EV maker’s June 17 bankruptcy filing prompted concerns about the future availability of service and parts for the vehicles. Fisker cut prices on new Ocean SUVs prior to filing for bankruptcy in June , which contributed to a downward price shift onused Oceans, Kevin Roberts , director of industry insights and analytics at CarGurus , told Auto Finance News . Cambridge, Mass.-based automotive research and shopping website CarGurus has received hundreds of Fisker listings from dealerships on its platform in recent months, Roberts said. “The used [Ocean] prices tend to be roughly at or below revised-down MSRP prices, so [price cuts] are the first factor putting downward pressure on those prices,” he said. “Then the fact that now you're in a situation where you have an EV that is not going to be getting software updates. ... . It turns into longer-term concerns about the vehicle.” Fisker Oceans are heavily reliant on software and, if a third party is not able to provide updates after Fisker shuts down, it could cause problems affecting how the vehicles run, according to published reports. Most used Fiskers listed on CarGurus’ platform are priced around $30,000, compared with original MSRPs above $60,000, according to an AFN analysis. . That has put many consumers who bought Fiskers at higher prices in a challenging negative equity situation , Roberts said. [caption id="attachment_58343276" align="aligncenter" width="1024"] Fisker dealership listings on CarGurus / Screenshot[/caption] Prices sink 40+% Based on CarGurus data sourced from dealership listings of Fisker Oceans provided to AFN , used Fisker prices have fallen close to 50% in less than six months. The average price of a used Fisker Ocean fell 42.9% to $28,891 as of July 31 compared with an average price of over $50,000 as of March 31, according to CarGurus. . Prices on new Fisker Oceans were also nearly halved to an average of $36,777 as of July 31 compared with $66,709 on March 31. Fisker Ocean price changes Source: CarGurus

By comparison, the overall average price of a used EV came in at $37,658 as of July 31, up 2% from March 31’s average price, according to the CarGurus data. “What Fisker is experiencing right now is multitudes above what the normal market is experiencing in a really short time period,” Roberts said. EV price changes Source: CarGurus

"It's unique to see what's going to happen to the vehicle values out there,” Roberts said. “Most of the automotive startups haven't gotten this far down the line where they were producing vehicles and then stopped production. . It’s a unique situation, particularly in a segment where the technology is still evolving.” Fisker value declines outpace overall EV index These price declines have contributed to a drop in the overall measurement of wholesale prices of Fisker vehicles. . An Exponential Markets used-vehicle value index specific to Fisker EVs shows a steeper decline compared with historical data on other discontinued brands and the wider used-EV market, Paul Fortin , head of index products, told AFN . Wholesale data on Fisker cars is limited, and Exponential didn’t have the minimum threshold of secondary market data points to create an index specific to Fisker until April, Fortin said. . From mid-April to when Fisker announced its bankruptcy in mid-June, the Fisker index ranged between 94.4 and 80.6, he said. Over a four-week period, the Fisker index fell 27% to 67.1 as of July 31, Fortin said. “We researched the price performance of other discontinued automotive brands since 2000 and none of them have experienced anywhere close to that level of wholesale market value decline,” he said. “That is not surprising as [most] of them had operating parent companies, so consumers didn't have the high levels of concern around a disruption in warranty servicing and parts availability." Adding to the downward pressure on used Fiskers is the overall price decline in used EVs during the past 12 months. . The Exponential Used Electric Vehicle Index landed at 90.9 as of Aug. 1 compared with 85.9 as of July 4, and at 101.2 as of Aug. 3, 2023. . Written another way, overall used-EV values declined 10.2% YoY. “The interconnectivity between today's vehicles, the OEM and its partner vendors injects the risk of potential disruption to select vehicle features during even a best-case restructuring process,” Fortin said. “Adding in the existing EV segment specific downward price pressures to the mix, it is not surprising that we are observing historically high deterioration in Fisker wholesale values.” Where Fiskers are headed Fiskers are making their way to dealership lots, wholesale auctions and fleets as the manufacturer offloads its supply. “We saw a surge in new listings for Fisker Oceans around the time the bankruptcy happened, and then a lot of those left the site,” CarGurus’ Roberts said, adding that dealers could be selling Fiskers to consumers or at auction. The U. .S. . Bankruptcy Court for the District of Delaware on July 16 awarded Fisker permission to sell its remaining fleet of vehicles to American Lease LLC for “up to $46.25 million,” according to a filing that day with the court. . The sale consists of about 3,300 Fisker cars; American Lease leases vehicles to Uber and Lyft drivers. CarMax also has several Fiskers listed on its online auction platform, which is powered through a partnership with Manheim , a Cox Automotive used-vehicle marketplace and auction . . EVs make up about 1% of CarMax’s retail sales nationally, but Fiskers are not available for sale directly to consumers, a CarMax spokesperson told AFN . “ CarMax will buy nearly any car model and currently sells Fisker vehicles at the company’s wholesale auctions,” the spokesperson said. “CarMax does not currently have any Fisker vehicles available for sale at its retail locations.” Court approves Chapter 7 transition Fisker retains possession of its assets under Chapter 11 bankruptcy protection and, as of July 16, had not appointed a trustee or examiner for its cases, according to the court filing. CVI Investments , which is working through Heights Capital Management , filed on July 16 to convert the Fisker case to Chapter 7, which focuses on liquidation rather than reorganization and debt restructuring. . Heights is Fisker’s largest secured lender and maintains that Fisker still owes the company more than $180 million, according to the court filing. . Fisker has been funding the bankruptcy case with Heights funds. Chapter 7 classification would expedite the process. . Fisker and Heights agreed to an Aug. 19 deadline for Fisker to complete the sale of its vehicles before transitioning to Chapter 7, according to a July 28 filing with the Delaware bankruptcy court. Auto Finance Summit, the premier industry event for auto lending and leasing, returns Oct. 7-9 at Wynn Las Vegas. . To learn more about the 2024 event and register, visit www. .AutoFinanceSummit.com.

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