Fair price for ‘06 GT with incident?

[stephenmutz]

Hi All! I’ve been on the forum and looking for a GT for a while and if you see my posts you can see some of my story. Hoping for intel in what is a fair price for this GT?

I have a line on a 2006 GT, 4 option, Midnight Blue w Stripe, 3700 miles, two owner. The second owner bought it back in 2007 and other than one incident has babied it. And when I mean babied it… let’s just say I’ve been to his garage and it’s legendary — sitting by a Miura, Gullwing, 959, 275 GTB, and the list continues.

That said, he said back in ‘07 he made a turn with too much power and ended up going slowly into a ditch backwards. I’ve seen picture of the car stuck — basically had all parts replaced so no bodywork, $75k bull paid by Hagerty.

He is the king of guy that fortunately will have the full details and history, but I wanted to ask, what does this do to the value of the GT and what do you seasoned vets in here think is a fair price?

Thank you!

 

[fjpikul]

Who did the repair and what was replaced? If it was Rich Brooks of GTGuys fame that is a plus. I think you should review current selling prices for unaffected cars and adjust. Did you have it inspected?

 

[stephenmutz]

Who did the repair and what was replaced? If it was Rich Brooks of GTGuys fame that is a plus. I think you should review current selling prices for unaffected cars and adjust. Did you have it inspected?

Not sure what all was replaced but I know the engine cover and rear bumper, and done by the local Ford dealer. I just asked for full details.

I have not had it inspected yet, but I would. I’m just trying to get a ballpark of what a fair value would be because I don’t know how to adjust it based on the damage and then 75K of work.

 

[stephenmutz]

Okay, a correction + more detail: It is a 2005 not a 2006 and he put it in the ditch in 2010 -- anything I need to be worried about there?

He bought it from the first seller who was a personal friend of Bill Ford at 425 miles and just likes to drive his other cars more, this one is too much car for him.

He "had it flatbedded to Kenny Hawkins Auto in Raleigh. He had been recommended by Leith Porsche as someone who was good with aluminum, and had repaired GTs. And he was good, I do have the bills from him." He also has oil change records having used a few great groups in Raleigh area (Road Scholars, Porsche) and done a few himself.

 

[extrap]

The main way I know of to get an idea on valuation is to check prior sales at any/all sources you can find. Here's Bring a Trailer's https://bringatrailer.com/ford/gt/

That said, if I assume it's about a 9.5 / 10 condition, I'd say it might be worth $375k-$400k ... but judging by recent sale prices on BaT it could be $25K or more higher or lower than that. I reduced that range by $25K due to the incident, but that's just me, no idea how to really nail that down ... but check out this 05 sale that was repaired after significant damage: https://bringatrailer.com/listing/2005-ford-gt-37/ ... scroll down to the last ~10 pics to see the severity of the damage, and the car still sold for $361K on 8/7/21.

Good luck with your search, and I look forward to seeing pics of it

 

[Enzo101]

The last bad title car I've seen sell was a 6k mile Canadian car for 255k here in the states. A white 06 car with some miles, I think 6500, was listed for 275k a few months ago on ebay.

 

[fjpikul]

In that case Rich Brooks should be your guy to do the inspection and give you advice.

 

[stephenmutz]

The main way I know of to get an idea on valuation is to check prior sales at any/all sources you can find. Here's Bring a Trailer's https://bringatrailer.com/ford/gt/

That said, if I assume it's about a 9.5 / 10 condition, I'd say it might be worth $375k-$400k ... but judging by recent sale prices on BaT it could be $25K or more higher or lower than that. I reduced that range by $25K due to the incident, but that's just me, no idea how to really nail that down ... but check out this 05 sale that was repaired after significant damage: https://bringatrailer.com/listing/2005-ford-gt-37/ ... scroll down to the last ~10 pics to see the severity of the damage, and the car still sold for $361K on 8/7/21.

Good luck with your search, and I look forward to seeing pics of it

Thanks, that link is a great example. I have pic of this car in the ditch and it is wayyyyyy less damage.

 

[HighHP]

If it was a garage queen car with a coupe hundred miles, it would affect the price. However, with this many miles it tends to be more of a driver car. A quality job of replacing parts back to new with no frame or other damage seems to not affect resale value by much.

 

[twobjshelbys]

Get a PPI by Rich. It sounds like Insurance did repairs but if it was a salvage avoid it. If it is salvage be aware that some states can limit registration and even if you can in your state down the line it will affect value.

 

[PeteK]

You didn’t mention it had a salvage title but if it does, That brand on the title definitely will affect value. How much is a difficult question. Very important—Many insurance companies will limit their coverage on salvage title cars.

Simple repairs will not affect it much. In some situations it might even add to the value, such as for a driver car, if you dinked up the front cover with rock chips and/or parking lot scratches, a fresh paint job on the front cover would remove all those. IMO, that would add a couple thousand back to the value.

 

[69b302]

Thanks, that link is a great example. I have pic of this car in the ditch and it is wayyyyyy less damage.

$75K in repair cost is a lot, and indicates a lot of damage(maybe not easily seen). Parts were not that expensive back in 2010. The bills from the repair should detail what was replaced and labor to arrive at the $75K. I might try and call the shop that did the work, and see if they can provide any details on the repair.

 

[2112]

I would have guessed a $75,000 repair bill in 2010 would have indicated quite a bit of damage.

Even today I would expect that amount to cover quite a bit, but with parts availability and everything else, not nearly as much.

 

[Shark01]

I agree that $75k in damage 12 years ago seems like more than sliding gently into a ditch.

Everybody has a different opinion on how an accident affects values. There are whack jobs over on the Ferrari forum that claim they won’t buy an accident car at any price, not even my Diablo being tapped in the rear causing $6,500 in damage....it was just worthless in their small minds.

There used to be a rule of thumb a long time ago where you would lose the amount of the repair cost itself compared to a similar non-accident car. So assuming the comp is $400k you would be at $325k, a 19% reduction, which seems pretty fair compared to those who would want a 30% reduction.

 

[stephenmutz]

This is all very helpful! I have requested the repair bill and confirmation on the state of the title, if it is salvage or not.

How much does Rich charge for PPI?

 

[fjpikul]

You would have to discuss that with him.

 

[Nafod]

This may not be a salvage titled vehicle. It will show repairs made on a carfax. If the insurance company paid the repair bill and did not take possession and resale as branded or salvage, then its just a regular car with damage history.
Rear deck lids complete use to be in the 38k range years ago(I think)plus other parts, repaint, etc. , So 75k, would want a repair bill to document.
Bottom line this is a car with known history and should have a PPI and Rich is the person to go for this.

 

[Specracer]

Rich Roback is also a good source for a PPI as well (he was a tech on the program), he also might be more flexible timing wise. @GT Tech

 

[stephenmutz]

I got confirmation and saw the Title, it is clean and not salvaged. The Carfax does show the incident, which I think is good candor.

Here is an image of the repair bills. I am still trying to gauge the reasonable discount based on the repairs and would love any insight. How would you discount the value of this GT at 3600 miles given the two attachments? Let me know if those links don't work.

Link go Repairs: HERE

Noted that I should have Rich do an inspection, but could someone help me understand the main purpose of said inspection given that he has consistently had it serviced and meticulously cares for his cars?

 

[extrap]

I got confirmation and saw the Title, it is clean and not salvaged. The Carfax does show the incident, which I think is good candor.

Here is an image of the wreck + repair bills. I am still trying to gauge the reasonable discount based on the repairs and would love any insight. How would you discount the value of this GT at 3600 miles given the two attachments? Let me know if those links don't work.

Link to Image: HERE
Link go Repairs: HERE

Noted that I should have Rich do an inspection, but could someone help me understand the main purpose of said inspection given that he has consistently had it serviced and meticulously cares for his cars?

If you're saying you'd be relying on the seller and his repair guy, hmmm, I dunno, people selling cars never fib ... do they? But, giving them the benefit of the doubt, they might honestly not know everything to check. Plus they're not on your side like somebody you pay should be. Rich Brooks can fill that role. And there a couple others.

I 'might' rely on the seller's word, and my own inspection on a $30k vehicle. But not one this expensive. That's just me, though.

Look what all can be needed on an FGT that has not even been driven, much less crashed and repaired: https://www.fordgtforum.com/forums/threads/hidden-dangers-of-buying-low-mile-car.36905/#post-505422