MACH I Member
Joined: Aug 2007
Location: greater Chicago area
They have always limited SVT Cobra production to 7000 to 10,000 cars per year. (With none produced in 2000 due to the recall of 1999s and none produced in 2002.) Everyone loved the retro-styling of the 2005 Mustang when it came out. And 2004 Cobras were available for less than sticker when potential buyers fell in love with the retro Mustang and started waiting for the first Cobra version. So you had a two-year buildup of people waiting for a retro-Cobra on the demand side of the equation. Then the demand exploded exponentially when they (1) gave it 500HP (2) made it the first Shelby Mustang in 37 years (3) made it look just perfect. The fact that you and everyone you know wants one proves how huge the demand is. But the real problem was caused when Ford changed distribution of the Cobra and abandoned the SVT dealers. If this doesn't change, 600 SVT dealers get 12 GT500s per year, with only the first few sold for way more than sticker. But Ford threw all dealers a bone, where all of the 4000 dealers each get one or two GT500s a year. Each dealer has just one (or two) chances to charge way over sticker and make a bundle. When you see a dealer with several GT500s in stock, or a dealer who has sold several GT500s, they have paid other dealers (usually the smaller rural dealerships) $10K for their allocation or have outbid regular people on eBay for any GT500s with a reasonable reserve price (reasonable to them = 10K or less over sticker). Just look at mallofgeorgiafordinternetsales activity on eBay, since he pretty much re-lists the same car back on eBay with a higher reserve, to cover what he already had to pay.
My friend Rick wanted a 2007 GT500 and offered 7 dealerships $10K over last year and was told no by every one. He bought an Atomic Orange tintcoat metallic Z06 Corvette with every option, and still had to go to a dealer in Indiana to get it for full sticker of around $78K (it cost him around $84K with tax/license/title) because Chicago area dealers wanted at least $4K over sticker for their Z06 allotment.
I do see markups coming down somewhat. I debated waiting until 2009 and hoping that I could get one for sticker or $5K over at the most. But the local dealer I purchased my '96 and '01 Cobras from (at less than sticker both times) agreed to $10K over for his 2nd and last '08 GT500 allotment - and I could order it exactly the way I wanted it. As much as I hated to overpay, it is worth some money to get exactly what I want, rather than take what is available down the road. I just found out my VIN today, and my GT500 is to be built week after next.
2013 Boss 302 gotta-have-it green
2008 Shelby GT500 torch red with black stripes + sequentials
2001 Cobra mineral grey with 2003 Mach 1 shaker hood
1996 Cobra color-shifting mystic paint + sequentials