Why Have Late Model Pontiac GTO Prices Plummeted So Hard?
It might be fast, but that doesn’t mean it will sell fast.
Pontiac’s fifth generation GTO is almost the perfect definition of a niche vehicle. For some, its the epitome or everything GM could do right with a car, for others its the exact opposite. Everyone knows that the GTO was simply a rebranded third-generation Holden Monaro from Australia. When it made its way over to the USA, it received the legendary GTO name that languished throughout the years but still carried a lot of weight within the company. To this day, classic GTOs fetch high dollars in the used market, and are still one of the most recognizable muscle cars of all time. Why can’t a fifth generation GTO hold the same coveted value of its ancestors?
To answer that question we will look at a recent BringATrailer auction, where a 2006 Impulse Blue Metallic, LS2-equipped GTO failed to meet it’s reserve, with the highest bid falling at $10,500. This particular GTO sports about 70,000 miles and has the more desirable 6-speed manual. It has some common minor modifications to the platform such as a cam, headers and exhaust, but otherwise seems very well taken care and looks really stunning in the metallic blue. Let’s consider that a 2006 GTO originally sold at an MSRP of around $30,000-40,000 dollars depending on options.
At 70,000 miles, the car isn’t exactly new and seen several years worth of driving miles. Although albeit that fact, the car is in obviously excellent condition. What would one have to do to make this GTO worth its reserve price (the exact value of which we are still unsure of)? This is the problem: we don’t think the GTO’s value will ever rise. This is due to the fact that it is an end all be all niche vehicle. It was too expensive to begin with, its styling has not aged particularly well, and its form was too conservative. Most people will agree that it did not deserve the GTO name, as its appearance was far from revolutionary, loud, and unmistakable like its predecessors before it.
Somehow, GM managed to pull this same error twice, with the release of the Chevy SS falling flat like the fifth-generation GTO before it. It was too expensive, severely under-styled and only appealed to a very small market of consumers. Those that were adventurous enough to buy one, most likely loved it like no other, however, the demographic was increasingly small. If you love your GTO, we suggest you keep yours forever, because we don’t see them being worth selling anytime soon.
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