Your answer was a good start, but they probably were looking for more:
For example:
Is a subclass the appropriate solution in this case?
How much of the parent class's functionality will be appropriate for
the subclass?
Are you subclassing at the correct level of granularity: is your
subclass 'final' - an endpoint which will represent the end of an
inheritance chain, or an intermediate class that will be the parent
class for other subclasses to follow?
Do you need only one subclass, or perhaps several that reflect
different aspects of the parent class's functionality and add their
own.
What aspects of the new functionality will be implemented in the
subclass itself, and how much might be delegated to other classes or
subsystems.
Sounds simple, but following an appropriate NAMING PROTOCOL for your
classes and subclasses is also very important: make sure the name of your
subclass correctly describes its functionality and its
relationship to the parent class.
Some things to research - the GOF book is a tough read but 'Head First Design Patterns' is more accessible, although sometimes it gets into very elementary details. There may be Python specific design books out there too, but offhand I'm not familiar with them.
Relevant subjects might be:
*) Inheritance
*) Object composition/delegation vs inheritance
*) Abstract classes/Interfaces