Dont shoot me please. I am just posting this info out of concern for our beloved Mustangs and our INVESTMENTS.
OK, so I have a beautiful 05 Windveil Blue GT Mustang. Bought it new in April 05. Paid about sticker back then, $28,000ish. Now its got 12,500 miles. I have been looking at the markets on these cars as I may sell mine and do something different. Not unhappy, just change cars versus wives that all. Its still cheaper to do that.
So, anyway, I have a good friend here that has been in the car business for almost 30 years. He has Manheim Market Report on his computer at his lot. I noticed about 4 months ago that the GT's were bringing about $22/23,000 average at the auctions. I even took my car to Carmax back in May and they offered $23,300 with 10,000 miles to buy it outright. Not bad I guess...........
But jump forward to August/September 06 and I have seen a sudden and dramatic drop in values. I visited the Ford dealer I bought my car from last year about two weeks ago. I told them I was thinking of selling my car and if they wanted to buy it would they make me an offer. The used car manager got out his Blackbook, ponders his thoughts, then says he would buy it in the $16,000's.
$16,000's........................... Made me shudder for a moment. I thanked him and walked out quickly. Actually I cussed him under my breath and wanted to smack the crap out of him...........
Last week I attended a Manheim Auto Auction for dealers. I saw a brand new 06 Tungsten Gray GT, 5 speed, Premium with fan blades, 1,267 miles. The bidding started at $25,000 then dropped to $24k, then $23k, then $22k, then $21,500k. Not one bid from dealers......... Not one. I would guess that a retail buyer would fall all over hinmself to buy an 06 GT like this for $21,500! I would.
Recently there was a local ad in our newspaper from an individual with an 05 GT Mustang, white, black stripes, 5 speed, and only 8,000 miles. His asking price, $21,500. I had mine advertised at the same time and was asking $24,500. Over a two week period not one call................
It was even listed on Autotrader.com, Cars.com, and our local newspaper in print.
Whats happening to our GT's??? They have plummeted in value if you ask me. Maybe in 25 years our 05's will be worth $40,000.