A handful of Ford GTs have started appearing on the used-car market, shortly after their two-year exclusion period ended. And they’re fetching big money.
Ford originally sold the GT in 2017 with a US$450,000 price tag and a waiver stating the new owners would not sell their Blue Oval-badged supercars for two years.
Now the ‘no sale’ period is over a handful of examples are beginning to appear at auction houses around the world.
Last weekend, RM Sotheby’s sold one for US$923,500 while Barrett-Jackson’s Scottsdale, Arizona, auction saw two examples crack the million dollar mark, realising prices of US$1.182 million and US$1.485 million respectively (prices include a 10 per cent buyer’s fee).
That’s not a bad return on investment in just three years.
How we got here is an interesting story. When Ford released the GT in 2017 it sold them to customers with a number of caveats. Firstly, potential buyers couldn’t just rock up to their local Blue Oval showroom, plonk down their $450,000 and drive out in their shiny new toy.
Instead, buyers were chosen by Ford following a rigorous application process. Taken into account were things like previous ownership of iconic Blue Oval metal while having a huge social media presence was also said to help. Ford was also keen to select buyers who would actually drive the 482kW and 746Nm turbo 3.5-litre V6 monster, rather than just stick it in the garage and wait for values to appreciate. Yeah, right.
Ford also confirmed it would limit production to 250 cars annually, in the process creating an exclusive market. So far, it’s estimated 600 GTs have been sold this way and the first examples became eligible for resale – under the terms’ of Ford’s two-year sales ban – last year.
In August last year, Barrett-Jackson sold a 2017-plated example for $1.5 million while RM Sotheby’s knocked the hammer down on one for $1.2 million, in the process creating a benchmark price for the desirable supercar.
But not everyone played by the rules. In 2018, Mecum Auctions sold a Ford GT for $1.8 million well inside the two-year no-go zone. Ford sued Mecum, the two companies later settling out of court.
And professional wrestler, John Cena, found himself in hot water with the Blue Oval after he sold his blue 2017 GT to a Ford dealership just weeks after taking delivery. Ford sued both Cena and the dealership who bought the car. Cena settled the lawsuit out of court for an undisclosed amount.
Meanwhile, those first 2017-plated models are starting to appear on the market. ‘Low miles, rarely driven, one owner’ has never rung more true.