Let’s say you bought a Chevrolet. Not just any Chevrolet, but a really nice expensive one. In fact, let’s say you went crazy and checked all the boxes on a 2014 Corvette Stingray 3LT with the ZL5 performance package, carbon fiber roof, racing stripes—the whole shebang.
The purchase set you back about $75,000, but you love the car.
Now fast-forward two years. Let’s say General Motors had some serious trouble, went bankrupt (again), but this time was purchased by a foreign company. That company vowed to put products, like your Corvette, back into production but stop supporting, warranting or servicing models produced before bankruptcy.
How would you react?
For the answer, please speak with your nearest Fisker Karma owner.
Fisker, the maker of the electric Karma sedan, went bankrupt in November and was recently sold to China’s Wanxiang Corp. Wanxiang says it will put more Fiskers into production, including the Karma and other pre-bankruptcy concepts. That’s the good news. Here’s the bad:
Due to the bankruptcy sale, Wanxiang said Karma owners—who once paid more than $100,000 each for a Karma—can only submit up to $2000 in warranty claims for their cars, to say nothing of parts availability or servicing. When the $400,000 pot runs dry, that’s it.
Granted, there’s a world of difference between Fisker and General Motors, and there aren’t nearly as many Karma owners as Corvette owners, but this scenario proves a point: Buy from an upstart car company and risk losing everything. This news can’t be good for the resale value of Karmas, but then again maybe pre-Chinese Karmas will become collector’s items. As of this writing, there are just 3 Karmas for sale in CarGurus’ used listings, with prices between $60,000 and $87,000.
It’ll be interesting to watch those and see if they sit on the market with falling prices or if they’re snatched up as rare commodities.
Would you buy a used Fisker Karma knowing there’s little, if any, service or parts available?