2017 Ford GT sells out as hypercar finance hits all time high.
The last Ford GT was a big hit when it first appeared in 2005 and Ford went on to produce around 4000 of them for worldwide markets with only 101 being officially imported into Europe and 28 into the UK. Probably the biggest surprise has been the residual values which historically have always seemed to manage to stay above the original MSRP of around $150,000. Prices and demand for the mid-engined V8 supercar have increased dramatically in the UK since 2011 and with the possibility of only 250 of the 2017 model being built, any coming into the UK through official channels will be like gold dust – particularly if the reported price of £250,000 turns out to be correct.
UK Ford GT allocation
In an interview given to Car Dealer magazine’s James Baggot, Ford UK Managing Director Mark Ovenden said they had received “around 50” strong expressions of interest in the car.
‘I would not like to see one sold that goes away into a private collection never to be seen again,’ said Ovenden.
‘The biggest challenge we will have will be allocating production. Our PR director Tim Holmes will head up the panel and he will look at a number of factors when choosing who gets one.’
In keeping with increased manufacturer interest and activity in their heritage operations, it sounds like Ford hope to ensure that the cars will go to enthusiasts who will help to promote the Blue Oval by actually using their cars. Ovenden said:
‘We want these special cars to go to enthusiasts, people who can help show them off. There are some dealers who have made tremendous investments in Ford over the years, some over multi-generations and they will be a category we will factor in when allocating cars.’
Demand for halo cars increasing
It is no surprise that Ford’s latest GT has created such intense interest. Halo cars and limited production specials are now so firmly in the sights of collectors that Classic & Sports Finance have seen a large increase in the number of enquiries for these cars in the last 12 months. Rob Johnson, Director of Classic & Sports Finance said:
“Interest in financing hypercars has exploded in the last 12 months. We have arranged finance packages for halo models from all the classic marques for many years, but 2014/15 has seen enquiry levels increase by 300-400%.”
Since 1999 Classic & Sports Finance has arranged finance facilities for classic supercars such as the Ferrari 250 SWB, F40, 288 GTO, Ford GT and McLaren F1 to name but a very few and with a shift in buyer focus to more modern supercars and the new breed of hypercars demand for multi-million pound facilities has increased dramatically.
“The availability of funding packages for these types of vehicle is extremely limited and even manufactures do not usually provide them even to these top tier customers. This year alone we have arranged funding facilities for a McLaren P1, Porsche 918 Spider and a Porsche Carrera GT as well cars such as the Porsche 911 GT3 RS 4.0 which has seen dramatic price increases. This is a specialist market which many funders don’t understand and consequently they don’t want to get involved”, said Johnson.
Specialist car finance market evolving
The increase in interest in finance for newer hypercars mirrors demand for classic car finance which has also seen a significant increase in demand with facilities growing in line with classic car values. The Carrera GT is a great example of this and we have seen prices increase on some cars by nearly 40% in the last six months.
The Ford GT is undoubtedly a future classic, and if you are wondering yes it does look even better in the flesh – we went all the way to Geneva to check it out!
Classic & Sports Finance is the UK’s leading car finance specialist for the funding of high value vehicles, classics and race cars. If you are interested in speaking to us about finance for a car you didn’t think could be funded – be it too valuable, a race car or simply too old – please get in touch even if you have tried elsewhere. You can contact us on 01869 351512 or email [email protected]