Beyond its provocative looks, this new mid-engine Ford promises to be one of the most exciting performance cars ever conceived by a publicly owned corporation. The cockpit is formed as a carbon fibre monocoque to which front and rear aluminium subframes are bolted. The engine is a frenzied version of Ford’s 3.5-litre EcoBoost V-6 that uses two turbochargers to, Ford says, knock out something “more than 600 horsepower” and more than 600 may mean more than 700. The transmission is a seven-speed dual-clutch automated manual. Of course the brake discs are carbon ceramic, and those 20-inch wheels are wrapped with Michelin Pilot Sport Cup 2 tires.

Related: Ford stuns in Detroit with GT

But while all that sounds high tech, the appeal of this new Ford GT is primal. There is no hybrid-electric drive, and power goes only to the rear wheels. And while the all-independent suspension includes active elements, getting the most out of the GT will require steady hands and a preternatural sense of car control.

When the new GT appeared in concept form at Detroit’s North American International Auto Show this past January, there was a collective gasp among the assembled press. This was Ford at its most audacious and ambitious. And all that extends to point that Ford won’t just be selling these to well connected collectors, max-contract NBA players, and those high-rollers who can’t spend their money fast enough at the Barrett-Jackson auction. Instead it’s throwing the car into competition. In June Ford announced that this GT would form the basis of an endurance racer that would campaign the entire FIA World Endurance Championship series internationally and the TUDOR United Sports Car Championship in North America. And yes, that includes the 24 Hours of Le Mans.

Remember: This Ford GT is the grandson of the legendary – as in truly legendary, and not just fairly well-known – Ford GT40 race car that first won at Le Mans in 1966 and then repeated the feat in 1967, 1968 and 1969. This new GT will give Ford a fighting chance of winning at Le Mans on the 50th anniversary of that first, hard fought win by the GT40. That ought to amp up the lust for the road car that much more.

But even if it doesn’t complete a lap at Le Mans, this is still one of the most arresting machines ever conceived. And Ford plans to build only about 250 per year. So the cost is going to be steep – think $400,000 or so when it goes on sale during 2016.

And there’s one car that’s an obvious alternative.

Then try…

As rocket-age spacey as the next Ford GT looks, it wouldn’t exist at all without the original GT40 racer from the 1960s or the Ford GT that was in production during the 2005 and 2006 model years. Original GT40s are absurdly expensive and frankly too raw and primitive to use on 21st Century streets. But the reborn Ford GT remains one of the most usable and friendly mid-engine supercars ever built. And it’s still mind-bogglingly beautiful.

And compared to either the original GT40 or coming GT, the one in the middle is a bargain. At least it is for now.

Compared with its prime rival, the Ferrari F430, the 2005 Ford GT was a big bruiser. More than 10-inches longer than an F430, with a 4.4-inch-longer wheelbase, the GT’s cockpit was roomier, the ride more comfortable and getting in and out much easier. It is perhaps unfair to call the Ford GT the Lincoln Town Car of mid-engine supercars, but it’s not really an insult either. The Ford GT really was a supercar that an owner could drive every day.

Powering the 2005 Ford GT was an all-aluminium 5.4-litre, DOHC, 32-valve V8 fortified with a supercharger. Compared with the smaller, high-strung engines in Ferraris or Porsches, the Ford GT powerplant, which delivered a hefty 550 horsepower and 500 pound-feet of torque, was a loafer, vastly more forgiving of missed shifts or lugging in traffic. It’s a derivative of the “modular” V8 engine family that Ford has built by the millions for use in everything from Mustangs and Crown Victoria cop cars to the F-series pickup.

The GT’s sole transmission was a conventional six-speed manual that requires serious concentration to operate smoothly and serious leg muscle to engage its clutch. The reward for mastering the engine and transmission – and really, it’s not terribly difficult – is a car that’s both blisteringly quick and unwaveringly civilized.

In tests when it was new, the Ford GT would thump to 60mph in a tenth or two more than three seconds and run through the quarter-mile in about 11.5sec at a trap speed approaching 130mph. Since then, various aftermarket companies have developed kits to pump up the GT’s engine to well beyond 600 horsepower with the commensurate increases in performance.

In sum, the 2005 Ford GT is a pussycat in a class of car that’s more often known for clawing and biting.

Most 10- to 12-year-old cars are simply used cars. They’re hitting the bottom of their depreciation curve and can be picked up for peanuts. That’s not the case with the Ford GT. For all intents and purposes, the 2005 and 2006 Ford GT is already a classic and, as such, is rapidly appreciating in value. Ford built only 4,038 of them, and demand far outstrips supply. Virtually every one of them has been pampered and cherished by its owners with many preserved in as-new condition. The 2006 Ford GT carried a sticker price of $139,995 (not including a $2,100 gas-guzzler tax and a $1,250 destination and delivery charge). If you can find a babied example for that price, buy it.

At the 2015 Barrett-Jackson auction in Scottsdale, Arizona, the third Ford GT built in 2005 sold for an astonishing $605,000. At the same auction house’s 2015 event in Palm Beach, Florida, a red 2006 Ford GT showing only 19 miles on its odometer sold for $319,000. And there’s no indication that Ford GT prices are headed anywhere but up.

But even $300,000 for a practically new 2006 GT is still at least $100,000 cheaper than what Ford is expected to ask for the 2017 GT.

So be a smart shopper.

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