FR500 at Barrett-Jackson

Cobra-R

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Complete 05 FR500 boy racer went for $54,000 at the Barrett-Jackson auction tonight. Somebody got a bargain. Wish I would have been there to bid on that. Lot # 719.1

The Ford FR500C is a hand built race car and is one of only 28 of its kind. It is the first turn-key race car that Ford has had on the market since the 1960's. This car is non-production, non-VIN and non-street able. This race car was not modified after assembly line production, but rather, hand built with attention to detail through the entire process. The FR500C was built in 2005 to compete in the Grand American Series GS Class. It also won that same year. This one was the 12th built of only 28 produced (although 3 no longer exist); this FR500C-0512 was owned by former Roush Racing driver, Mike Miller. It was driven by Pete Halsmer and Stu Hayner in the 2006 Grand Am Series. Pete has been racing for over 25 years and his experience with the sport is second to none. He won numerous championships, including Daytona 24 hour GTO Races two years in a row for Roush Racing. Co-Driver, Stu Hayner, also has extensive racing experience and a reputation as a winner. Hayner has the distinction of winning two races (1 hour sprint & 12 hour endurance) - in two different series (Corvette Challenge & SCCA Endurance Championship) - in two different countries (U.S. & Canada) - in two different type racecars, all within a single 24 hour period.

**SOLD ON BILL OF SALE ONLY**

Brian
 
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mrmustang

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I was high bidder on and off until 48K which is when the wife called to check in on me :rolleyes: and told me to stop bidding :shrug: . I knew I should not have answered the phone just then. :bash:

Enough said.


Bill S.
 
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cobra186

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mrmustang said:
I was high bidder on and off until 48K which is when the wife called to check in on me :rolleyes: and told me to stop bidding :shrug: . I knew I should not have answered the phone just then. :bash:

Enough said.


Bill S.


You will never own another R/track car unless you quit listening to your wife... just buy what you want and be done with it. I'm sure she gets wants she wants in life so do something for yourself :poke:
 

CPViolation

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mrmustang said:
I was high bidder on and off until 48K which is when the wife called to check in on me :rolleyes: and told me to stop bidding :shrug: . I knew I should not have answered the phone just then. :bash:

Enough said.


Bill S.
My wife wants me to have fun. She is my Cobra Woman/riding partner.
 

93SVTCobra

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I couldn't believe what it went for! I called a friend of mine down there to bid for me but he was outside and couldn't get in quick enough.

I wonder if that will affect the price of the rest of them.......
 

mrmustang

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93SVTCobra said:
I couldn't believe what it went for! I called a friend of mine down there to bid for me but he was outside and couldn't get in quick enough.

I wonder if that will affect the price of the rest of them.......

No I do not believe this will affect the pricing structure of the others as Barrett Jackson is not "the market maker" it once was.

Truth be known, my wife did not really care if I purchased it, but she did remind me I would be draining an account needed for my new business venture this summer. She trusts me and knew I would do the right thing with the family in mind :) . Still, at under 50K, I would have bought it in a heartbeat :D ......Otherwise, just bad timing on my part...There will be another down the road when I'm in a better financial position than I am right now.


Bill S.
 
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93SVTCobra

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On the older cars BJ is DEFINITELY the price setter. Do you think that Shelby and Hemi prices wouldn't keep going up if they weren't selling for crazy money on BJ?

hopefully for my sake the prices on the FR500 come down! :)
 

mrmustang

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93SVTCobra said:
On the older cars BJ is DEFINITELY the price setter. Do you think that Shelby and Hemi prices wouldn't keep going up if they weren't selling for crazy money on BJ?

It's funny you posted this, as I was speaking with a few of the "professional" collectors at the auction on Sunday afternoon and they think that prices have actually fallen from this time last year (as well as Scottsdale vs WPB). This taking into account what sold, what it was (1 of 1 cars not included as they stand alone), and what cars similar or equal to these have sold over the past 12 months. We figured the market has slid backwards about 15-20% on certain muscle cars (Shelbys, Z28, CJ Mustangs, Cuda/Challenger, Corvette (especially the corvettes), and T Birds just to name a few) as a general rule. Of course on the flipside, "clones" and "replicas" seem to be gaining in value vs the slide of the originals and we can't figure that one out at all. Thank god I don't do this for a living any more, otherwise I'd be popping Nexium pills all day long.....


Bill S.
 

1995COBRA-R

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I just talked to a couple friends that attended. They said the clone market is really weak (not sure how that relates to Bill's opinion).

They saw the FR500C. They said it looked to be a very nice car. IMO, the cost of the car would have been the cheapest part (racing it is where it'll get your budget ;-) ). It seems to me that that car was a good buy? It cost $125K (new)? I guess you have to do some modifications to the car before racing it in the Koni Challenge? $150,000 (plus spare parts)?

They said a lot of cars were sold for low prices on Friday. They mentioned many late-1960 and early-1970 cars that had very low mileage (one had 1200 miles) that went for less than $10K (a very low mile Buick went for $3500). Heck, I would have paid $3600 and used it to drive to the grocery store.

They bought a couple of cars to re-sale. I couldn't get them to admit any real prices paid (darn used car dealers ;-) ).

One tried to buy a '65 (or '66) Mustang convertible in excellent restored condition (V-8, automatic). He was outbid at $20K.

mrmustang said:
We figured the market has slid backwards about 15-20% on certain muscle cars.
They also mentioned this. They said this occurrence made them somewhat lower what they bid for cars (I guess they were worried about trying to catch a falling knife, if it is indeed, a permanent downward value movement).

Bill, What percentage of restoration cost is a clone/replica now? They mentioned a fake Chevelle SS 396 that went for ~$20K which they guessed was 50% of the cost to build the car.

I still prefer to just lose money on race cars. At least I know that I don't have to worry about capital gain taxes. :-D
 

mrmustang

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1995COBRA-R said:
Bill, What percentage of restoration cost is a clone/replica now? They mentioned a fake Chevelle SS 396 that went for ~$20K which they guessed was 50% of the cost to build the car.

I would have to agree with this statement. The cost to build a clone of say a Hemi Cuda, SS Chevelle, or Boss 302 clone far exceeds the price they are getting on the block.

Bill S.
 

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