Ford’s newest Mustang coupe is worth a lot more than its first.
The rights to the first 2020 Mustang Shelby GT500 were sold at the Barrett-Jackson auction in Scottsdale, Ariz., on Saturday night for $1.1 million, but it wasn’t all about the car.
The build slot was being auctioned by Ford to raise funds for the Juvenile Diabetes Research Foundation, and all of the proceeds from the sale were earmarked for the organization.
Barrett-Jackson owner Craig Jackson, an avid Mustang collector who owns several historic GT500s, placed the winning bid himself. It was the second highest price ever paid for a Mustang at auction, and exactly half of the $2.2 million that an experimental 1967 Shelby GT500 Super Snake sold for the previous weekend.
The new GT500 was unveiled at the Detroit Auto Show earlier in the week and features a 5.2-liter V8 with over 700 hp. Ford promises it will be able to cover a quarter-mile in under 11 seconds, making it one of the quickest cars in the world.
Also crossing the block on Saturday was the very first pre-production Mustang coupe, which was hand built at the Ford Pilot Plant in 1964. It’s one of just three like it that are known to survive and was used during the filming of the upcoming ‘Ford v.Ferrari” film for historical accuracy. It sold for $192,500.