FORD GT DEFIES THE ODDS: Numbers prove the GT plays by a different set of rules
January 27, 2016
Posted by Barrett-Jackson
Written by independent automotive journalist Steve Magnante
The new Ford GT is attracting a lot of attention at the Ford display in the Sponsor Hall at the 45th Anniversary Barrett-Jackson Scottsdale Auction.
When Ford first unveiled the GT40 Concept at the 2002 North American International Auto Show in Detroit, the world was stunned. Essentially an 11/10 scale recreation of the Ferrari-beating GT40 race cars of the ’60s, but with a completely modern makeover, few expected Ford to actually put the breathtaking creation into production.
With Ford celebrating its Centennial in 2003, however, corporate pride was booming and the mood was right. The concept car became a stark, gorgeous reality in 2004 with a base sticker price of $139,995 (10 grand more after July 1, 2005) a full $30,000 less than the Ferrari 430, its closest competitor. By the time the final Ford GT rolled off the end of the Wixom, Michigan, assembly line in 2006, a total of 4,038 roamed the planet.
This 2005 Ford GT (Lot #1572) sold at the 2008 Scottsdale Auction for $159,500.
Like every mass-produced automobile before it, the GT suffered some initial depreciation. Sure, a handful of high-profile sales made headlines as eager, overly capable buyers paid $100,000 “availability charges” to be first at the country club to own one. But let’s remember that in the early months of 2007, numerous leftover GTs could be had for the numbers actually printed on the Window Sticker.
That’s all changed recently. As more and more people agreed with Edmunds.com’s appraisal of the GT as “a Viper-powered NSX with the daily drivability of a Corvette,” word spread and demand has outpaced supply. Since 2005, 19 Ford GTs have crossed the Barrett-Jackson auction block with selling prices ranging from a low of $159,500 (2005 Ford GT, Scottsdale 2008, Lot #1572) to a high of $605,000 (2005 Ford GT, Scottsdale 2015, Lot #2508).
A stunning 2005 Ford GT with Serial #003 from the Ron Pratte Collection (Lot #2508) sold at the 2015 Scottsdale Auction for $605,000.
The $445,500 gap between the 2008 sale and the 2015 sale may not reflect a repeatable outcome (the 2015 figure was generated by VIN #003, the lowest 2005 sequence number available to the public), but when compared to the fact most cars are at the bottom of their depreciation curves at age 10, the numbers prove the GT plays by a different set of rules. So what’s driving this price surge? One indicator might be that Ford possibly undervalued the GT from day one – or that no one can accurately predict the future of the collectible car market. Regardless, today’s dealers and original owners are reaping the rewards.
A sign that Ford doesn’t plan on possibly undervaluing it again is seen in the price of the just-announced 2016 GT: a cool $400,000. And to protect the lofty price point, output is going to be limited to only 200 units for the 2016 model year.
Back to the topic at hand, it’s no secret plenty of GT owners lost control of their mid-engine supercars and damage ensued. Beyond that, a certain faction wasn’t satisfied with the supercharged 5.4’s 550hp and 500 ft/lbs. Plenty of GTs were modified when new – as if the factory-limited 205-mph terminal velocity wasn’t enough. Check YouTube for numerous videos showing post-op GTs doing things that would have won LeMans in 1967.
Today’s GT shopper has four varieties from which to choose: stock, unmolested drivers with lots of miles on the odometer; rebuilt wrecks that run and drive well enough but forever bear a cloud of doubt; hot-rodded examples with extra power, braking and handling ability; and pristine, low-mile examples typically purchased by speculators and put away for … today’s market conditions.
Of the four, smart money – naturally – tends toward the fourth scenario. But be ready to pay. Next up would be the daily drivers with mature, adult-minded miles. Once you’re in the cockpit, the air-conditioned GT is just as comfy as a Mustang GT and 30,000 miles comes quickly. Third place is reserved for the hot rods, which can often be retro-fitted with stock components purchased with the proceeds made from selling the add-ons. In last place we have the rebuilt wrecks. If repairs were handled properly, there’s little to fear. If not, every day can be Halloween. And let’s not forget the fact that not all GTs were created equal. Cars with rare options, special stripe packages (Heritage Edition, anyone?), super-low mileage and less common colors can fuel bidding wars.
Today’s enthusiast owes Ford a huge debt of gratitude for having the guts to create cars like the 2005-2006 GT. Better still ‒ unlike certain hand-built hothouse-flowers from abroad ‒ they’re durable and repairs are as close as the local Blue Oval dealership. Best of all, with over 4,000 built, there are plenty to go around for decades to come. Will the next generation Ecoboost-powered Ford GT stir the souls –and check books – of enthusiasts? That remains to be seen.
‒ Written by independent automotive journalist Steve Magnante
FORD GTs AT THE 45TH ANNIVERSARY BARRETT-JACKSON SCOTTSDALE AUCTION
Lot #1370 – 2006 Ford GT Heritage Edition
…and, of course, the brand-new Ford GT at the Ford display in the Sponsor Hall:
