Hagerty Video: $50,000 loss in value: 2005 Ford GT takes a HUGE price cut | The Appraiser

Reading Time: 6 minutes
Posted: 2023-03-03 16:00:14
Author: Hagerty
Episode 28

In this episode of “The Appraiser,” Colin has the opportunity to look over a 2005 Ford GT with over 31,000 miles on the odometer. A Ford GT with this kind of milage is unheard of. Despite the high milage, the interior and exterior remain in great condition thanks to the owners love for the car. Will this Ford GT maintain a high price tag or will it take a cut due to the mileage? Tune in and find out.

This episode is presented by Hemmings (https://www.hemmings.com/)


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Hagerty Video Transcript

– 2005 Ford GT Supercar. Stock, these were 550 horsepower. Obviously, that wasn’t enough for Bill. A little more horsepower and a little more sound never hurt anybody. 31,000 Miles, nobody puts more than 500 miles on one of these things. – Not me, I’m driving and enjoying it. – [Colin] Turn your driving dreams into a reality @hemmings.com, the world’s most trusted clerk to car marketplace since 1954. Hemmings offers live online auctions and tens of thousands of collector cars, trucks and bikes, daily. – Hey, Colin! – Hey, Bill, how are you? – Doing fine, LTD. – LTD? – Living the dream. – Of course, you are. You drove in, in a Ford GT, you’re in sunny California. What could be better, right? – [Bill] That’s right, exactly right. – [Colin] Yeah, tell me a little bit

About your history with this Ford GT. – I saw the Super Bowl commercial and loved it and watched that about 1,000 times, went to the auto show in LA, saw it in person and fell in love with it and then sold a Pantera

And bought the car and been in love with it ever since. – Yeah, and you drive it. – Yeah, it’s a driver. It’s not perfect. It’s got 31,000 miles on it. – 31,000 Miles, haven’t you seen her? Nobody puts more than 500 miles on one of these things.

– Not me, I’m driving and enjoying it. – Well, they’re wonderful road cars. – [Bill] They are. – And, few people know that because like I said, nobody seems to drive ’em, but when you get ’em out on the road, they’re magnificent, so. – I didn’t buy it as an investment.

When I bought it, my friend said, “You know, you’re nuts. You’re paying that much for a Ford?” Now I’m a genius (chuckles). – Well, if you didn’t buy it for an investment, can we just cut this short? Can I just write you a check for what you paid for it and be done?

– Be done, that’s it. – Well, kidding aside, you know why you’re here. You’ve agreed to bring this great car down for me to look it over and do an appraisal. So I’ll check it over, you know, and when I’m done, come and get you

And we’ll talk about where the Ford GT market is today and what I think of yours. – Okay, thank you. – All right, cool. See you in a little bit. – [Bill] All right. – I finished my appraisal of Bill’s 2005 Ford GT Supercar. Now this is kind of a cool deal. A lot of the original owners of these cars didn’t keep them. Bill has and he’s driven it. So that is a cool factor on its own.

But also, the car has all four of the available options. It has the over the top stripes, it has the BBS wheels, it has the painted calipers and it has the McIntosh stereo. So let’s get beyond that. A couple of things I saw are things that Bill has done

To it during his ownership. And we’ll start under the rear clamshell here. Stock, these were 550 horsepower. Obviously, that wasn’t enough for Bill. He’s changed the supercharger pulley, given it some more boost. He’s put a Ford racing exhaust on it. And he’s also added this transaxle cooler over here

Which is kind of a mandatory thing, especially in a warm climate like California. I’ll see some other little pride of ownership things. He’s polished the control arms, it has braided, stainless steel brake lines underneath it, all neat stuff. And again, he’s not gonna sell it. It’s his car, he enjoys it.

You know, if it were my Ford GT, I would do the same things. A little more horsepower and a little more sound, never hurt anybody. Just walking around the outside of Bill’s GT, the car’s in excellent condition. It doesn’t show the 31,000 miles that are on the odometer. The paint is very nice. The trim is all very nice. And another aspect of this particular example that bears noting is that it is VIN number 1700.

So after the first 1,000 cars in 2005, the fit and finish got a little better. They changed some things around and made the cars just a little bit better, throughout. So now let’s go take a look inside. Now, one thing I can tell you that I noticed before I even got in, is

That Bill has raised the driver’s seat in this car. He’s got some risers under the seat tracks that looked like they raised a seat about two and a half inches or so. And it’s immediately apparent when I open the door because the seat cannot go any further back

Because it’s actually running into the door opening here. So, I’m gonna try to get in. This might not be the best idea I’ve ever had though. Ah, here you go. Okay, we’re in. Clearly a man of my height is not gonna drive this car comfortably, especially with a helmet, because even with the seat bolted to the floor, I can’t fit on these with a helmet. But, I’m in here now

And there are a couple things you look for in GTs. You look for corrosion under the clear coat on the steering wheel airbag. And it has a little bit. You can see a little bit of discoloration. It’s got a little bit of corrosion underneath there. That’s pretty normal.

The center consoles in these also corrode under the paint. This one doesn’t have any corrosion, so that’s nice. Again, it has the McIntosh stereo. Other than that, it’s all standard Ford GT fair. There’s some wear to the leather on the driver’s seat. So that would be expected with the mileage.

And we’re in here and I have the key. Let’s hear what that big 5.4 liter sounds like. So, even though it sits here and idles real nice and smooth, you can obviously hear it has a little bark when you rev it up. You know, these are 200-plus mile an hour cars and you can tell when you sit there and run it that, seems like you can do it.

So other than that, there’s really nothing of note to point out on Bill’s car. It’s a really nicely cared for car. He’s enjoyed it and he’s used it, but he’s also pampered it because I don’t see any damage or anything of note that would detract from its value other

Than what the odometer says. So I know what I think Bill’s car is worth. Let’s pull him back in here and see if he agrees with my number or not. Hey, Bill. – [Bill] Hey, Colin. – Welcome back. – Thank you. – Great car, had fun looking at it.

I see you’ve tweaked her up a little bit, a little supercharger pulley, exhaust and trans cooler. It’s all good stuff. You’ve had 31,000 fun miles, it looks like. – Yes, exactly. – So before I tell you what I think, what do you think your car’s worth today?

– Well, I haven’t exactly tracked it, you know, every day on the thing, but somewhere around 300,000. – Well, this rarely happens with two grown men but, I agree with you. I think it’s worth between 275,000 and $300,000. In today’s market, the wild card is the mileage.

If it had 500 miles or 2,000 miles or 6,000 miles, we see a lot of those. We don’t see a lot that have been enjoyed so thoroughly as you have enjoyed yours. So, you’re hero status in my book? – Yeah, I’ll take the fun factor versus the cost, so.

– Yeah, if you lost $50,000 because you drove it, that’s a pretty low cost per mile for that kind of fun. – I think so, I’m happy with the decision I made and I’m gonna continue driving it, so. – Yeah, well, you should, you should. I would do the same.

So, thank you so much- – Well, thank you. – For driving it over here and letting me play with it a little while. – Good, you’re welcome. You wanna gimme a million bucks? Well then, I’ll consider it. But I love the car. I bought it to drive it, that’s what I’m having fun with.