The Ford GT, particularly the legendary GT40, stands as a monument in automotive history, embodying a potent mix of racing pedigree, groundbreaking engineering, and sheer desirability. It’s a vehicle that transcends mere transportation, existing at the crossroads of historical significance and motorsport glory. While not every Ferrari race car commands attention, virtually every GT40 ever produced is considered noteworthy simply by its existence.
However, despite its iconic status, many Ferraris with similar or even lesser historical importance often fetch significantly higher prices. This begs the question: is the Ford GT40 undervalued in the collector car market?
While discussing the price of a GT40 inevitably involves figures with many zeros, it’s crucial to understand that we’re not talking about an everyday car. This is a vehicle steeped in legend, arguably the storybook car in American sports car history. To truly grasp its place in the collector market, we need to delve deeper into the factors that determine its value.
1966 Ford GT Mark II
Ford GT Values in Context: Ferrari Comparisons
When examining raw figures, it’s evident that only a select few GT40s, those boasting significant racing history, consistently break the $10 million barrier. The majority of GT40s, across various generations, tend to trade below this eight-figure mark. In fact, the “average” GT40 transaction hovers just under $6 million. This positions the Ford GT40 as a relative bargain when juxtaposed with European automotive royalty, particularly Ferraris of similar vintage and stature.
Consider the GT40’s contemporaries from Modena, such as the Ferrari 250 LM and the 330/412 P series. These Ferraris have long operated in a different financial stratosphere, often commanding prices three times higher than their Ford counterparts.
The Ferrari 250 LM has been a high-value collector car for over a decade. Sales data from the early 2010s reveal prices ranging from $10 million to $17 million. Current Hagerty valuation data indicates that a “rough” 250 LM now starts around $17 million, while pristine examples can reach an average of $24 million.
Le Mans Ferrari 330P3 of Lorenzo Bandini and Jean Guichet leading the Ford GT40 Mk
The ultra-rare Ferrari 330 P lineage further emphasizes this disparity. While recent auction data is scarce – a 2009 failed sale being the last publicly recorded instance – anecdotal evidence speaks volumes. According to a reliable source, a collector owning both a GT40 and a Ferrari 412 P receives private offers for both vehicles regularly. While both attract substantial sums, offers for the 412 P are consistently three times greater than those for the GT40.
The limited supply of these Ferraris, coupled with designs universally praised for their beauty and perfect proportions, provides ample justification for their premium valuations, even nearly 60 years after their racing heyday. However, this comparison merely highlights the market landscape in which the GT40 exists; it doesn’t fully explain why the Ford GT40’s value seems comparatively restrained.
Recent Appreciation in Ford GT Values
Like much of the collector car market, Ford GT40 values have experienced a significant upswing between January 2019 and April 2023, with the most notable surge occurring around October 2022. Hagerty data reveals that Condition #2 GT40s across all generations – from early prototypes to the final Mk. IV “J-Cars” – have jumped by approximately 28%. Interestingly, the road-focused Mk. IIIs and the distinctive Mk. IVs have witnessed the most substantial growth, each appreciating by 35%.
In stark contrast, Hagerty’s Blue Chip Index – which tracks the average values of 25 highly sought-after collector cars across various categories – decreased by 2.1 percent during the same 2019-2023 period.
This data suggests a market correction, recognizing the Ford GT40’s previously undervalued status. Collectors have clearly taken note of this in recent years. However, the question remains: why did it take so long for this iconic piece of automotive history to experience significant appreciation, and what factors continue to cap the GT40’s value relative to European sports cars with arguably less historical weight?
GT40 Mk II at Le Mans 1966
Unpacking the Factors Influencing Ford GT Values
Experts suggest that no single factor is solely responsible for the GT40’s valuation relative to its European counterparts. Instead, a confluence of elements contributes to its market position.
One primary challenge is the limited number of public sales of top-tier GT40 examples. According to Johnny Shaughnessy, a GT40 owner and specialist, “Most sales are private. These are more difficult cars to sell because, like most cars at this level, you need to find the right buyer.” This preference for private transactions means sale prices often remain undisclosed, hindering market transparency and potentially impacting perceived value.
Researching the GT40 reveals a complex history that demands a knowledgeable buyer. Dave Kinney, publisher of Hagerty Price Guide, explains, “One of the reasons why GT40 values are moderated is because there are so many series, produced by so many entities, across different periods. It becomes confusing to understand exactly what you are looking at.”
The Complexity of GT40 Variations
Compared to other prototype race cars of its era, the GT40 was produced in relatively larger numbers. However, even defining the total production figure is challenging. Focusing on the original Ford-sanctioned program from 1964 to 1969, encompassing prototypes to the Mk. IV “J-Cars,” estimates typically settle around 105 cars.
Within this production run, multiple assembly locations and custom competition configurations resulted in a dizzying array of variations across the four main generations. Kinney aptly describes this as “many differences without a distinction,” making it difficult for those outside the GT40 inner circle to fully grasp the nuances. He contrasts this with the Shelby Cobra, where “you either have the CSX serial number or you don’t,” offering a clearer marker of authenticity and lineage.
The initial GT40 Mk. I and prototypes were developed and built at Ford Advanced Vehicles in Slough, UK. When the 289-cubic-inch powered Mk. I proved less competitive, Ford partnered with Kar Kraft to integrate the 7.0-liter (427 cu in) big-block V-8 into the Mk. I chassis. These chassis were then shipped to Shelby American and Holman-Moody, Ford’s contracted race teams.
1966 Ford GT40 Mk II is prepared for Le Mans
Simultaneously, Alan Mann Racing in the UK continued development of the Mk. I platform for Ford. Five lightweight aluminum-bodied small-block Mk. Is were commissioned for Ford’s 1966 Le Mans campaign. Two were completed before the Alan Mann project shifted to the more robust Mk. II platform.
This intricate web of variations persisted even with the road-going Mk. III. Only seven Mk. IIIs were built, each exhibiting subtle production differences and optional features. Even when Ford centralized development with the Mk. IV, race cars remained highly adaptable, modified to suit specific tracks and race conditions.
The Challenges of GT40 Restoration
This inherent diversity makes GT40s exceptionally complex and costly to restore accurately. Shaughnessy emphasizes, “They are very complicated to restore correctly.” His own 1966 GT40 Mk. I, recently subjected to a multi-year comprehensive restoration, secured a second-place class finish at the 2021 Pebble Beach Concours d’Elegance, highlighting the level of dedication required.
Achieving a truly correct restoration demands significant time and the right expertise. “Two years of my restoration were primarily research. We digitized previously unseen [GT40] archive photos from Ford, which had never been done before,” Shaughnessy recounts.
A significant part of the challenge lies in accurately documenting the subtle variations in production and preparation. Effective GT40 restorations typically focus on a specific period in the car’s history, rather than necessarily its earliest or latest configuration.
Shaughnessy opted to restore his Mk. I to its original street specification, necessitating meticulous research and planning. He details the custom-ordered herringbone-pattern brake lines sourced from India, $4000 wiper blades, $10,000 headlights, and $16,000 wheels.
Even seemingly straightforward details like engine finishes are subject to interpretation. “They really just used whatever they had available,” he explains. “Engine block finishes varied – some GT40s had black blocks, others blue, or blue heads, or black heads. Exhausts might have ceramic coating, or not. Every car was slightly different.”
The Ford GT Driving Experience: Form Over Function on the Road?
Once a GT40 is acquired and meticulously restored, the question arises: how enjoyable is it to drive?
The answer, particularly for road use, might be surprising. Gary Bartlett, a long-time enthusiast, collector, and Mk. III GT40 owner, notes, “On the track, they’re fantastic. On the road, not so much. They’re small, noisy, and hot. Road tours are perhaps not ideal.”
Ford GT40 safety car at Goodwood
Even well-restored examples like Bartlett’s Mk. III are not inherently user-friendly. Bartlett recounts his first post-restoration drive: “It was probably 50 degrees outside, and I thought my wife was going to pass out, it was so hot inside. It was brutal. I had to stop for water at a gas station, then turn around and go back. We didn’t make it to Dover.”
Shaughnessy echoes this sentiment: “They’re exhausting cars. The greenhouse effect is the biggest issue, it wears you out. And if you’re over six feet tall, you simply won’t fit.”
These limitations are amplified in the big-block 427 Mk. IIs and Mk. IVs. Shaughnessy, who drove his 7.0-liter Mk. IV before restoring his Mk. I, states, “Driving a Mk. IV is tough. It’s a car you need to approach with respect and a certain level of comfortability.”
Limited Racing Opportunities and the Rise of Replicas
Adding to the practicality challenges, opportunities to competitively vintage race a GT40, especially in the United States, are relatively limited. Outside of events like the Monterey Motorsports Reunion, Classic Daytona, Daytona Historics, and the Velocity Invitational, the US vintage racing calendar offers few GT40-centric events.
In contrast, Europe and the UK boast a more vibrant vintage racing scene, with events like Le Mans Classic, GT40 classes at Goodwood, and dedicated GT40 racing series.
Regardless of location, a significant number of GT40 owners commission high-quality, often $500,000, replicas of their cars. These replicas, often tweaked for improved usability with better seats, cooling, and easier operation, allow owners to enjoy the GT40 experience without risking their valuable originals. The real GT40s are often preserved in garages, becoming rolling museum pieces. As Bartlett observes, “Most owners probably don’t even track them. They put them in the garage and admire them.”
1966 Ford GT40 75th Member Meeting at Goodwood
Who Buys Ford GTs? The Enthusiast and the Collector
So, who is drawn to owning a Ford GT, whether for display or the occasional track day? The answer points to passionate enthusiasts deeply connected to the GT40 legend. Bartlett, owning both a Mk. I GT40 and modern 2005 and 2019 Ford GTs, exemplifies this dedication. Data supports this: 57% of GT40 owners also own a 2005-2006 Ford GT, and an equal percentage own a 2017+ Ford GT. A remarkable 42% own all three. The modern Ford GTs serve as a more accessible way to engage with the GT lineage without the demands of owning and using an original GT40.
Demographically, GT40 owners are the oldest among these groups, averaging 65 years old. 2005 GT owners average 59, and 2017+ GT owners average 56, reflecting the generational appeal of these vehicles.
Ford GT side view red white blue
Beyond GT superfans, Shelby collectors are another significant overlapping demographic. 71% of GT40 owners insured by Hagerty also own a Shelby Cobra, and 33% own an original GT350. Interestingly, GT40 owners also show openness to other marques, with 38% owning a Ferrari 250 GT variant, blurring the traditional Ford vs. Ferrari divide.
Ultimately, the Ford GT40’s value reflects a complex interplay of factors. Its rich history, the monumental effort behind its development and racing success, and its iconic status are undeniable. However, the intricacies of its many variations, the challenges of restoration, and its limited usability contribute to a more nuanced valuation compared to some of its European rivals. The Ford GT40’s price point represents the intersection of modern market realities with a legendary, albeit brief, chapter of American motorsport dominance on the world stage.
1966 Le Mans start
Check out the Hagerty Media homepage for more automotive stories, and subscribe to their newsletters for curated content.
Sourced from Hagerty Insider
Click below for more information about Ford GT values.
