DEPRECIATION: Oh, Cool, Our $69K Fisker Ocean Is Only Worth $21K Now.

We bought a 2023 Fisker Ocean Extreme for our long-term test fleet in January — as in, two months ago. At the time, we paid $69,012 for a pretty loaded example of Fisker’s electric SUV, with the promise of over-the-air enhancements to come.

But following a brunt of bad news for Fisker, Inc. this week — including rumors of bankruptcy and a mega price drop on 2023 model-year Oceans in an effort to boost cash flow — we thought it wise to have our Ocean appraised at our local CarMax store. (Full discolsure: Edmunds is a division of CarMax.) The appraisal we received was shocking, to say the least.

Yep, you read that correctly: Our 2-month-old Fisker Ocean with 4,220 miles on the odometer is worth $21,000, according to CarMax. That’s a depreciation of 69.6%.

For context, experts say most new vehicles depreciate an average of 20% in their first year of ownership, with subsequent 15% decreases in the years after. On that timeline, we’ve experienced more than five years’ worth of depreciation in just two months. Two months.

Ouch.