Recent increase in value?

[Kiteboarder Ken]

Hello all, I was lucky enough to make a very good deal on a one owner 2300 mile car near the beginning of the pandemic. I left my alerts on any new FGT that come up for sale just because its interesting to me to see what comes up. Also after about a year of seriously looking, I guess I can't break the habit. It seems like the asking prices have increased significantly in the last year. Are our cars getting more expensive or are folks putting them out there to see if they can get top dollar? I did check BAT and several have sold for $100K+ more than I paid for mine. And mine is flawless-Rich Brookes the man himself did my PPI. Also, will the NFGT come down in price anytime soon? Looks like a ton of them are for sale as well. Where is the bottom on those? I still kick myself for not buying a few GTs that were less than $100K back at the bottom. WHYYYYYYYYYY didn't I pull the trigger????? One of my buddies (NOT Nostradamous) told me they would be down to $75k so I waited and waited and ended up paying a lot more than that. Anyway, 15 months later I am still smitten with my GT and I love looking at her everyday. Drive once a week or so snapping peoples heads as they turn around to look at her. Anyone looking- just do it!

 

[dbk]

Before all the autoerotic asphyxiation starts, the same GT3 RS that was $210k less than a year ago is $280k now. The entire car market is absolutely, insanely ballistic. Often on the most random of cars. The last 3 NGTs on BaT were all over $1 million.

 

[extrap]

Hello all, I was lucky enough ...

You sound almost identical to my purchase scenario: Bought my flawless '05 July 2020 with Rich's help, which I of course still love (the car, not Rich. Well ... ). And I've watched FGT prices going up and up, on Bat and the dealer's askings. It seems like the dealers watch BaT's results and then set their asking price X% higher than the latest high water BaT result, and maybe even set to out-price each other! I don't think we'll know much of anything concrete on future values until the economy cools off from the gubmint's free money printing and giveaways.

Could you tell me what you're using in the way of alerts? I'm looking for a car with mileage.

When I was looking last year I just checked Auto Trader, Carfax and several other similar sites on an almost daily basis. Is there a better way? A single source? Something besides those? Neither Rich nor Shelby know of a mileage FGT for sale right now.

 

[PeteK]

Bring a Trailer is the best site for following FGT sales. You can set alerts there and follow the auctions, as well as investigate past sales. As far as I know, they keep the full listing and comments from each auction up in their archives forever.

 

[Art138]

In fact there is an 06 at BAT with 8,000 miles at 270k with six days to go.

 

[2112]

Are prices skyrocketing or is our dollar worth a whole lot less than it was a while ago? Seems a like a lot of things besides cars are going crazy now.

Also, were non-salvage '05-'06 FGTs ever selling less than a $100K? I never saw any for all the time I was looking to buy.
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[Gary]

I sold my totaled 05 with 15k miles for 85K before covid. And I mean totaled. Not a panel undamaged. The buyer completely restored it.

 

[ChipBeck]

Gentlemen,

On a percentage basis new and old Ford GT prices are pretty flat compared to the 200% increase of 2x4’s and plywood I just bought at Home Depot. The cost of gas at my stations is up 50% in the last 6 months. GT’s up 30%….NBD.

Chip

 

[PeteK]

Yeah, I walked into Home Depot a month ago to buy a sheet of plywood. Nothing fancy, just exterior sheathing, and it was almost $80. I paid $11 for the same stuff 6 months ago. So I decided to wait. Prices are starting to drop, so I’ll wait some more. They probably won’t get back to where they were last year, but should get to maybe 30% more than last year.

 

[Shark01]

I also highly doubt that even repaired salvage cars were ever sub-$100k. I tracked a lot of prices circa 2012-13 and the lowest data point Is have is $128k for a repaired salvage. Then by mid-2013, prices were moving up.

As others have said, everything is up now.....including cars that should be high on the depreciation curve like Ferrari 488s. Crazy times.....

 

[KennethClay]

As others have said, everything is up now.....including cars that should be high on the depreciation curve like Ferrari 488s. Crazy times.....

“Inflation is always and everywhere a monetary phenomenon" - Milton Friedman

With the massive amount of government spending (2021 deficit projected to be $3 trillion) and multiple stimulus packages going out, it should be no surprise that we are seeing all these dollars chasing goods that were always limited (FGTs, for instance) and goods that are supply chain limited. Crazy times, indeed!

 

[extrap]

Yeah, I walked into Hone Depot a month ago to buy a sheet of plywood. Nothing fancy, just exterior sheathing, and it was almost $80. I paid $11 for the same stuff 6 months ago. So I decided to wait. Prices are starting to drop, so I’ll wait some more. They probably won’t get back to where they were last year, but should get to maybe 30% more than last year.

I keep wondering how our local Home Depot's crowd of shoppers can still be as plentiful as ever. Are they just browsing? Buying fewer items? The less expensive items? Going deeper into debt? ... or is the gubmint still printing money and sending it out at a record pace?

Anyway, this all makes me think FGT values are likely to continue upward to follow general inflation ... at least until the economy cools off anyway.

 

[2112]

“Inflation is always and everywhere a monetary phenomenon" - Milton Friedman

With the massive amount of government spending (2021 deficit projected to be $3 trillion) and multiple stimulus packages going out, it should be no surprise that we are seeing all these dollars chasing goods that were always limited (FGTs, for instance) and goods that are supply chain limited. Crazy times, indeed!

^^^^^This

Milton Friedman was a Genius BTW. Note how he is now being vilified by certain groups.
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[2112]

I also highly doubt that even repaired salvage cars were ever sub-$100k. I tracked a lot of prices circa 2012-13 and the lowest data point Is have is $128k for a repaired salvage. Then by mid-2013, prices were moving up.

As others have said, everything is up now.....including cars that should be high on the depreciation curve like Ferrari 488s. Crazy times.....

It is like all the guys who bought their Z8's for $75K.

 

[Roadtrip]

It is like all the guys who bought their Z8's for $75K.

LOL I remember those rumors too...

Personally when I was searching for Z8's (2012) they were in the low $100k-125k range, I picked mine up for $120k... I only saw one near $75k... but it had 60k miles and an accident on the Car Fax, I regret not jumping on it. The lowest I personally saw a Ford GT was a buddy that paid $140k and sold it a year later with 25k+ miles for $130k... unfortunately he sold it right before the big jump in prices about 8 years ago.

 

[dbk]

There is a member here that bought a non-salvage, high mileage Ford GT for well under $100k in the early days. I think it was $85k. That is definitely the lowest I have ever seen for a non-salvage car. There was a fair amount that were available between $110-130k for a bit. Lowest I ever saw any other non-red car sell for was $105k for a black car with some miles, but nothing obscene. Seems crazy now. That's about the price of a loaded used Kia today.

 

[F Pilot]

A 5 figure GT... Why would you sell one in the first place, but for 5 figs? Must have been estate/divorce situations. I had seen a few salvage titles for $125K circa 2008 when the sky was falling. I was looking at them with a buddy who was looking at the time. They didn’t appeal to me at that time. Stupidly, he didn’t pull the trigger, now he will be paying 2 times that.

 

[Kiteboarder Ken]

I also highly doubt that even repaired salvage cars were ever sub-$100k. I tracked a lot of prices circa 2012-13 and the lowest data point Is have is $128k for a repaired salvage. Then by mid-2013, prices were moving up.

As others have said, everything is up now.....including cars that should be high on the depreciation curve like Ferrari 488s. Crazy times.....

I was at the Tampa Machinery auction years ago when a low mileage GT was up for auction. They sold all of the Sheriff confiscated cars at that time-not an ideal place for high end cars. You had to be preapproved to get in the bidding circle. I think that severely limited the amount of bidders as most didn't know that was a requirement. It was a Saturday so there was nothing you could do if you hadn't done it earlier in the week. There was a doctor running a pill mill and they had his entire collection being auctioned off. He had some Ferraris, a nice Viper and GT-all were blue. Some Italian guys were there and were all lathered up about those Ferraris- I can't remember the models as I would have rather had the GT or the Viper and I have never been to interested in Italian sports cars. I bid that GT up to 75K and that was my limit at that time. That car sold in the low 80's (+10% buyers premium). That's the one that got away from me. A buddy of mine went to a dealer auction and bought a red one in 2010 for $75K, another dealer wanted the car and came late to the auction, he gave him 10K extra to buy that car. I also remember the guy Jr. on Orange county choppers had a black GT that he advertised for 99K and that he would take the buyer out on a track to demo it. So there were some deals back in the day.

 

[ByeEnzo]

I just asked Hagerty to bump up the agreed value on my 57k mile 2005 FGT, especially since it’s getting a full refurb with Rich.

 

[2112]

If you have an actual value policy, and it is easily shown where values are today, would an actual value policy not pay you the market value of the car without having to have an agreed value?

Also, with a rising tide, would you need to raise your agreed value every couple of months?

With my logic, an agreed value policy works best when it can be shown to be a depreciating asset but worth more to you than the market would indicate.

Not poking holes in anything here, just posing a question.
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