10 iconic Detroit vehicles just snagged more than $3.1M at auction

While electric vehicles may dominate headlines, iconic cars with internal combustion engines haven’t lost appeal.

Not even a little bit.

Some people keep them in the garage as an investment. Others like the feel of being behind the wheel.

Ten cars built by Ford sold for $3,143,800 at a Barrett-Jackson auction a week ago in Las Vegas.

Who buys classic cars at auction

John McElroy, veteran industry analyst and host of “Autoline After Hours” webcast and podcast, said auction bidding often involves investors but that’s not everyone.

“Most of the time, it involves a ‘gotta have it’ mentality,” McElroy told the Detroit Free Press. “It’s about rarity and demand. The more rare a car is, the higher the price it can command. And if a rare car is in high demand, the price goes up. Especially if the demand is from rich guys who want to own something that other people can’t get. They’re willing to spend a lot.”

Here’s a look at the latest batch of cars built by Ford and auctioned off on June 24:

• A 1968 Ford Mustang Eleanor Tribute Edition sold for $352,000. This is a Mustang resto-mod, a classic car that has been restored but modified with modern updates. The vehicle “was granted an official license and Certificate of Authenticity issued by Eleanor Licensing LLC for Eleanor’s character, looks and image as it appeared in the 2000 film ‘Gone in 60 Seconds,'” Barrett-Jackson said. It’s a tribute to the Shelby Mustang but is not a Shelby.

• A 1967 Ford Mustang Eleanor Tribute Edition for $260,700. This, too, is a Mustang resto-mod, a classic car that has been restored but modified with modern updates.

• A 1968 Ford Mustang Bullitt Custom Fastback sold for $242,000. This vehicle is named for the 1968 Steve McQueen action film “Bullitt” that’s known for an 11-minute action chase on the hills of San Francisco that changed Hollywood filmmaking forever.

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• A 1974 Ford Bronco Custom SUV sold for $220,000.

• A 1979 Ford Bronco Custom SUV sold for $216,700.

• A 1967 Ford Mustang Eleanor replica that belonged to Danny Gans sold for $200,200. Gans, a pop and Christian singer who performed on the Las Vegas Strip and collected cars, also playing “Deke” in the 1988 film “Bull Durham,” with Kevin Costner.

• A 1963 Ford Thunderbird M-Code Sports Roadster sold for $181,500. Only 37 Thunderbird Sports Roadsters were built in 1963 with a M-Code engine. “These cars … put out some 340 horsepower at the crankshaft, which is to say that they were plenty capable of shaming any Corvette-driving challengers,” according to RM Sotheby’s.

• A 1968 Shelby GT500KR sold for $275,000. It has been called the fastest, most luxurious Mustang ever built, by collectors.

• A 1968 Shelby GT500KR Convertible sold for $205,700. The initials “KR” stand for “King of the Road.”

• A 2019 Ford GT Lightweight Edition sold for $990,000. Yes, nearly $1 million. This Carbon Series Ford GT “can launch to 60 mph in under 3 seconds and achieve a top speed of over 216 mph,” Barrett-Jackson said.

Nostalgia matters

Ayalla Ruvio, an associate professor of marketing at the Broad College of Business at Michigan State University, studies how consumers use possessions to express their identity. So big ticket car auctions don’t surprise her.

Yes, investment plays a role at car auctions, Ruvio said. But there’s more.