Image via Bonhams
A 1965 Ford Mustang convertible owned by none other than musician Tom Petty auctioned over the weekend for $224,000. Listed at no reserve, the classic pony car generated plenty of attention before crossing the block at Bonhams’ even at The Quail on August 16.
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Many times, people will pay inflated prices for a car simply because at one point it was owned by a celebrity. Of course, the more popular that famous person the more of a premium the vehicle will fetch. That certainly seems to be the case here.
With the legendary musician’s name attached, the restored 1964.5 Mustang auctioned for multiple times more than had it been one not owned by someone with such a recognizable name. Sure, this one presents well in Rangoon Red with a white and red interior and it comes with a rare D-code 289ci V8 with 4-barrel carb, but that’s still not enough to account for the inflated top bid.
Other pluses of this vehicle include a 4-speed automatic transmission, front disc brakes, and other options perfect for hitting the open road and seeking out adventure.
The debate about what celebrity ownership does for car values is always ongoing. In this case, the auction helps establish that with the right person, like Tom Petty, the association is not only a net positive, but it has also quite an inflationary effect on price.
Petty has such a reputation and strong following with deep enough pockets that vehicles which have been owned by him should continue to command a strong premium at auction or even in a private sale. This is true for others, although we have seen some celebrities’ names add little to no additional value to a ride.
See this 1965 Ford Mustang’s lot listing here.
Images via Bonhams
