Reminder: Mecum FGT trends at 6.05PM CST 10/12 (today)


Art138

GT Owner
Mark II Lifetime
Jan 4, 2011
624
Weston,FL
In the interest of benchmarking: http://www.mecum.com/auctions/lot_d...emv&utm_medium=email&utm_campaign=CH1013-S219 Any predications on what the hammer drops for??
 

1434gt

GT Owner
Aug 29, 2006
233
236500
 

Cobraguy

GT Owner
231,000 + com.
 

GTdrummer

GT Owner
Mark II Lifetime
Le Mans 2010 Supporter
Mar 13, 2010
2,104
Richmond Virginia
225
 

shelbyelite

PERMANENTLY BANNED
May 10, 2007
1
GTdrummer is the winner!!!
People paying these prices at these auctions don't make sense to me. Seller only nets about $200k (could have gotten that selling private party) and buyer ends up paying over $240k (could have bought several like red cars cheaper on the net). Only real winner here, is the auction houses.
 
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TiggsGT

GT Owner
Dec 22, 2012
33
Bay Area, CA
Reserve wasn't even met at 225k which I think is surprising. With buyer's premium, I think ~245 is strong money for that car. Thought reserve would be in the 200-225 range. Next one up for auction is the yellow one in November I think.
 

RALPHIE

GT Owner
Mar 1, 2007
7,278
... Only real winner here, is the auction houses.

:agree:
 

Xcentric

GT Owner
Mark II Lifetime
Jul 9, 2012
5,213
Myakka City, Florida
Stupid high reserve. But stupid throwing tens of thousands at Mecum too for rolling your car on and off a ramp. I think there must be a lot of stupid people with a lot of stupid money.
 

RJY

GT Owner
Feb 13, 2013
130
TN
Just looked at the Mecum results for Chicago. The GT sold for $240k. Maybe an off the block sale occurred?
 

GKW05GT

GT Owner
Mark II Lifetime
May 28, 2011
2,755
Fayetteville, Ga.
Just looked at the Mecum results for Chicago. The GT sold for $240k. Maybe an off the block sale occurred?
Saw same thing with buyers premium added in way oversold. I'll bet Dana took a cut to make this happen "poor guy" These auctions sure have brought a lot of recent attention to our cars not sure if that is good or bad.
 

FBA

GT Owner
Dec 5, 2010
1,663
31.022340° N / 44.846191° W
i have been saying for years that the buyers at Mecum and BJ have more money than brains, paying well over what cars are actually worth. And the 8-10% buyer's premium? As Shelby mentioned - these cars can be bought for far less outside of those venues...and that's what these cars are really worth, not the stupid money they get at Mecum and BJ.
 

Sinovac

GT Owner
Mark II Lifetime
Jul 18, 2006
5,832
Largo, Florida
I was in Hershey for the RM auction. Those buyers seem to be much more astute. I fell in love with this Lincoln:
 

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dbk

The Favor Factory™
Staff member
Le Mans 2010 Supporter
Jul 30, 2005
15,187
Metro Detroit
Personally, I think there's more to it than just stupid buyers showing up at these auctions. What are the odds that one particularly vehicle model could repetitively and coincidentally go for substantially over retail market value at auction? That'd be one heck of a run of luck finding uninformed buyers with several hundred thousand dollars to spend.
 

FBA

GT Owner
Dec 5, 2010
1,663
31.022340° N / 44.846191° W
Oh, well, from what I see following these auctions, the FGT is far from the only car going at well over market. How would you explain 4-5 cars a year being sold at well over market at Mecum and BJ, while the other hundred + or so cars changing hands sell for much less?

What I'm saying, is that the buyers there at these auctions (most all of them) have more money than brains and are overpaying for everything. It's a live auction frenzy thing IMO-

When you take out that part of the equation, buyers have far more time to think about and examine what it is they are planning to purchase; ie, buying on Ebay / local dealer or somewhere else in the market.

Also, those live auction buyers believe that if the car comes from Mecum or BJ, they're getting a fine quality car with all the due diligence already done etc...

I have always maintained that when one buys a car from one of those auctions, the only chance of selling it and breaking even is buy selling it at one of those same auctions later on, because the rest of the market won't pay those insane prices.

That being said, there are plenty of great deals to be had at both of those auctions; some really nice cars at good value...but that's in the lower priced stuff, not in the higher end of the spectrum.

A lot of those buyers pay a premium to show off that they just can. Like I said, more money than brains and both Mecum and BJ know it.
 

dbk

The Favor Factory™
Staff member
Le Mans 2010 Supporter
Jul 30, 2005
15,187
Metro Detroit
How would you explain 4-5 cars a year being sold at well over market at Mecum and BJ, while the other hundred + or so cars changing hands sell for much less?

What I'm saying, is that the buyers there at these auctions (most all of them) have more money than brains and are overpaying for everything.

Aren't these two statements contradictory?

I agree with you on the first part.
 

FBA

GT Owner
Dec 5, 2010
1,663
31.022340° N / 44.846191° W
Nope, both statements point to the same thing - the buyers there have more money than brains and are overpaying for most cars sold there. Not really sure how you read them differently Dave. Those are very special buyers - LOL
 

dbk

The Favor Factory™
Staff member
Le Mans 2010 Supporter
Jul 30, 2005
15,187
Metro Detroit
I'm multitasking! I read it as the other cars being non-Ford GT cars changing hands for much less at auction. I'd say it's safe to say nobody is overpaying by 15% at auction to buy a Ferrari 360. At the end of the day, my point is that it's pretty easy to "protect the reserve" and the FGT has turned into a pretty convenient marketing tool.
 

FBA

GT Owner
Dec 5, 2010
1,663
31.022340° N / 44.846191° W
Being that it's one of a very few modern day cars that actually escalates in value, yes, I would agree!
 

txviper

GT Owner
Mark II Lifetime
Dec 31, 2007
613
i have been saying for years that the buyers at Mecum and BJ have more money than brains, paying well over what cars are actually worth. And the 8-10% buyer's premium? As Shelby mentioned - these cars can be bought for far less outside of those venues...and that's what these cars are really worth, not the stupid money they get at Mecum and BJ.

So your concept is that the wealthy guys that have gotten to where they are for a reason, suddenly go in the category of more money than brains? Did it ever occur to you that most of these people do this as a hobby? Not as a business? Have you ever paid more than you should have for something? You knew you wanted it so it didn't matter, right? Maybe it was $1000 and you paid $1200? Did that make you stupid?

No, its all relative to your income and value perceived. Just because you couldn't, or wouldn't, doesn't make someone else dumb for doing it. Also the GT is a pretty safe bet that within a year it will be worth considerably more that it is now. There are not to many cars that aren't stupid money that can accomplish that.

Bottom line is it is helping our values. So be happy.
 

Xcentric

GT Owner
Mark II Lifetime
Jul 9, 2012
5,213
Myakka City, Florida
All it's doing for me is driving my insurance rates up.