Thought a New Ford GT Was Expensive? Just Wait Until You See Used Prices
The Ford GT is a vehicle that many have seen in magazines and on the internet, but few have actually seen in person. There are only a few of them produced, and because of several factors, their resale values have gone through the roof. A quick backstory is needed to understand why those resale values for the GT are high.
The history of the GT-40
In the mid-1960s, Ford decided to take on Ferrari’s dominance in racing at a prestigious event called the 24 Hours of Le Mans. To do that, they created a new car called the Ford GT-40. The genesis of that car is told in the recent movie called, “Ford vs. Ferrari”. Spoiler alert, the GT-40 would go on to beat Ferrari from 1966 to 1969. Since there is so much historical significance behind the GT-40s, and given the fact that few were actually made, understandably, the resale values of the originals are through the roof. One recently sold at auction for just under $9.8 million.
It came back in limited numbers as the GT
In 2005, Ford introduced a more modern version called the Ford GT (dropping the 40). It was a retro-styled performance machine to invoke the pedigree of the previous car from the 1960s. It was only made for two model years, 2005 and 2006. A little over 4,000 units were sold, and they commanded a starting retail price of $139,995. However, the historical link of the car, along with the low production numbers, meant that markups above the sticker price were common for the new car. Still a desired car, 2005 models are available today for sale well above those original sticker prices. Values right now are between $300,000 and $400,000.
In 2015, Ford reintroduced the Ford GT again, in race-spec only, for a very special purpose. They planned on taking it back to the 24 Hours of Le Mans in 2016. When they did, once again, the car came in first place in its class. This feat was accomplished fifty years after the original Ford GT-40 did it at the same race.
The newest version is for a select few
Ford then reintroduced the Ford GT for sale to the public as a 2017 model year vehicle. But, this time, Ford decided to be more selective in who they permitted to purchase their product. Low production numbers were guaranteed again, but this time people would have to apply to purchase the vehicle. The application would have to include the applicant’s history with Ford, disclosure of any company the potential owners had, and any social media channels they were a part of. Basically, Ford wanted to make sure the newest cars went to high-end customers who would use the cars, promoting the Ford brand along the way. In a twist, Ford also required that if the potential customer was selected to receive a car, they could not sell it for two years after the purchase.
The selective application process, the restriction on selling them for two years, the low production numbers, and the accomplishment of the car on track fifty years later have all led to resale values of this most recent incarnation of the vehicle to be atmospheric in nature.
The newest Ford GT is a modern supercar, powered by a mid-engine turbocharged V6, that sits encapsulated in a carbon-fiber body. The original manufacturers suggested retail price was $500,000. That is a hefty sum of money.
If you think the new one is expensive, do not even consider a used one. At this time, a few of the newest vehicles have started to show up for resale as they have reached the end of the moratorium period. Understandably, these rare vehicles are fetching over one million dollars, even for the base model. That is an incredible return for a two or three-year-old vehicle from any manufacturer.