Three Ford GT Auctions Average $1.2M in January
With the mandatory two-year ownership period coming to an end, a wave of 2017 Ford GT supercars has hit been hitting auction blocks (legally this time). This month alone, three Ford GTs were sold at auction in Scottsdale, commanding an average price of $1.2 million.
According to CNN, a Ford GT auctioned off by RM Sotheby’s fetched $923,500 and two For GTs auctioned by Barrett-Jackson went for $1.2 million and $1.5 million. The original sticker price of a 2017 Ford GT is estimated at around $450,000, not including add-ons.
Ford’s two-year resale prohibition ends
When it was originally revealed that prospective buyers would need to apply for the right to purchase a Ford GT and that those who were successful would be bound by a two-year agreement to retain ownership, the understanding was that it would curb the rate at which the ultra-rare supercars were flipped.
With the total production run set at around 1,350 and the total sold worldwide sitting at around 600, the fact is that even the most die-hard car enthusiasts may see the Ford GT as a chip to cash in somewhere down the line. One need only look at John Cena (yes, even if you can’t see him), who broke the two-year moratorium on reselling within months and was promptly sued by Ford.
Could the Ford GT get cheaper over time?
Despite the fact that these cars are already going for double the price and more, experts predict that the price should remain in that ballpark for the next little while — if not potentially decrease.
“I think the prices on the secondary price market will not go up over the next two years. It’ll probably go down,” Karl Brauer, executive editor of Kelley Book (and Ford GT owner), told CNN. “How much it goes down is much harder to predict.”
As it stands, the $923,500 hammer price in the RM Sotheby’s auction is the lowest secondary market price on a Ford GT to date. In October, a rarer 2017 Ford GT Heritage Edition fetched $1.54 million in Las Vegas. While, as Brauer says, it’s hard to predict, one can only imagine that the value of the Ford GT will increase again over time as they become harder to acquire and the number of auctions brought about by the freedom to legally resell decreases. The 2018 model year GT will likely start hitting the auction block in the summer.
Who knows — maybe if you start scratching those pennies together from your second and third job, you might only have to pony up $800,000 or $850,000 for a piece of automotive history over the next few years. Or you could just be like Tim Allen and buy one with the bazillion dollars you earned from incessantly making garbage comedy that boomers love (wife bad, am I right everybody!?).
Coming Soon from Ford: An all-electric F-150 is coming, and its prototype towed 1 million pounds