Production of the GT began in 2004 at the Wixom plant in Michigan, where the supercar would also receive its supercharged, 5.4-liter V-8 mated to a six-speed manual transmission. The development process included input from Carroll Shelby, the same man who helped develop the GT40 race car back in the 1960s. Ford->ke31 built 4,038 GTs through 2006, with only about 300 sold outside the United States. The production also included a Heritage Edition series, of which only 343 were built. These special-edition supercars came with standard equipment, but the GTs regular paint and stripes were replaced by a Gulf livery similar to the 1969 Ford GT40 that triumphed at Le Mans.

Heritage Edition versions of the GT have become particularly collectible in the 21st century, with many examples selling for more than $300,000 at public auctions.

Updated 12/17/2015: One of the 343 GT Heritage Edition ever built was recently sold for the amazing amount of $440,000. This bid made it the most expensive car sold at Mecum's Austin 2015 auction held Dec. 11-12 at the Austin Convention Center in Texas.

Click past the jump to read more about the Ford GT Heritage Edition.

Exterior

The GT saga began in 2002, when Ford unveiled the GT40 Concept car in Detroit. Designed by Camilo Pardo under the guidance of J Mays, the GT paid homage to the GT40 race car of the 1960s as far as styling goes. Although bigger, wider and taller than its forerunner, the GT carried over most of the cues that made the GT40 unique, including the overall shape, the nose, the side intakes, the roof and most of the rear fascia.

With the Heritage Edition, Ford brought the two relatives even closer by means of a Gulf livery similar to the GT40 that won the 24 Hours of Le Mans race in 1969. Specifically, the limited-edition supercar is finished in the same light-blue with an orange front bumper and orange stripe running its length. The standard exterior features remained unaltered, meaning the Heritage Edition is equipped with the same BBS forged-alloy wheels and Goodyear Eagle F1 tires. Options included a tow hook and grey calipers.

Exterior Dimensions

Interior

The interior of the GT was somewhat spartan for mid-2000s standards and resembled the cockpit of the GT40's. The instrument panel came with seven different gauges that stretched all the way above the center console with five additional switches placed right below. The door panels were built in a similar, lightweight fashion, while the bucket seats featured the GT40's famous brass eyelets, albeit replicated in a more modern fashion.

Unlike its ancestor, the GT came with a wide center console for the gear shifter, the parking brake, and several knobs and buttons. The McIntosh sound system was an option. The Heritage Edition included no additional features inside.

Drivetrain

Under the rear bonnet of the GT lurks a 5.4-liter, four-valve V-8, which is part of Ford's Modular family of engines. This specific unit was introduced in 1999 in the Lincoln Navigator and later modified to suit not just the GT supercar, but the Mustang SVT Cobra R and the Shelby GT500 as well. The mill was retired in 2012.

In the GT, the eight-banger featured an aluminum block specifically designed for this program and was strapped to a Lysholm twin-screw-type supercharger. The output stood at 550 horsepower and 500 pound-feet of torque, the highest rating for this configuration until 2011, when the Shelby GT500 was updated to 500 ponies and 510 pound-feet. Power was routed to the rear wheels through a Ricardo six-speed manual transmission with a limited-slip differential.

Performance was staggering for the mid-2000s, as the GT could charge from 0 to 60 mph in as quick as 3.5 seconds and up to 150 mph in just under 17 seconds. Its best quarter-mile run in stock condition stood at 11.2 seconds at 131 mph. Top speed was electronically limited to 205 mph. On the other hand, the GT returned only 12 mpg in the city and 19 mpg on the highway.

Drivetrain Specifications

Prices

When launched in 2004, the Ford GT retailed from $139,995, a sticker that increased to $149,995 in mid-2005. With all the options added, the GT would fetch in excess of $163,000. This particular Heritage Edition model built for the Canadian market was bought for $208,995 back in 2006, the GT's final year on the market. Since then, the value of this supercar has increased significantly, with low-mileage examples fetching more than $300,000 at auction.

A Heritage Edition model with only 2,400 miles, for instance, sold for $320,000 at Mecum’s auction in Kissimee, Florida back in 2014. The version shown here, likely the lowest-mileage Heritage Edition with only 11 miles on the odo, is listed on eBay at $529,995 as of January 2015. Quite expensive, but we're talking about only 11 miles of road action.

Competition

Ferrari F430

When it was developed back in the 1960s, the GT40's main goal was to defeat Ferrari, which, at the time, used race cars such as the 250 LM, the 275 GTB, and later, the 330 P4. Although the modern GT wasn't aimed at a particular supercar, the Ford-Ferrari war was reignited by the launch of the F430. Maranello's replacement for the 360 model also arrived in 2004, and, much like the GT, it came in a mid-engine, rear-wheel-drive configuration with a V-8 under its rear bonnet.

However, the Italians opted for a naturally aspirated eight-banger displacing 4.3 liters and generating 491 horsepower and 343 pound-feet of torque. Less powerful than its American competitor, the F430 needed 3.9 seconds to reach 60 mph from a standing start, to go with a top speed of 196 mph. Despite being slower, the F430 had plenty of other feats to brag about, including a computer-controlled limited-slip active differential and the first application of Ferrari's Manettino. The F430 later evolved into the 430 Scuderia, which had its engine tweaked to deliver 503 ponies and 350 pound-feet of torque.

The Ferrari F430 retailed from $186,925 in the United States.

Lamborghini Gallardo

The Gallardo was introduced in 2003 as the company's first entry-level supercar since the Jalpa, which was discontinued in 1988. Heavily related to the Audi R8 -- the Audi acquired the Lambo in 1999 -- the Gallardo is most known for being Lamborghini's best-selling model, with 14,022 units built through 2013.

Initially powered by a 5.0-liter V-10, the Gallardo boasted 493 horsepower and 376 pound-feet of torque, making it less powerful and slower than the Ford GT. By 2006, when the latter was discontinued, the Gallardo cranked out 513 horsepower, enough to sprint from naught to 60 mph in four seconds. The supercar was later updated to a 5.2-liter V-10, with output increased to 552 ponies. The most powerful version on the Gallardo was the Supperleggera Edizione Tecnica, which needed 3.4 seconds to charge from 0 to 60 mph thanks to its 562 horses.

The first units to hit U.S. shores for the 2004 model year had a starting price of around $160,000. The sticker increased to nearly $200,000 by 2007.

Conclusion

There's no doubt the Ford GT holds a special place in America's recent automotive history, especially with so few U.S.-built supercars around. With Chrysler and GM focusing the front-engined Viper and Corvette Z06/ZR1, respectively, in the early 2000s, the GT surfaced as the only supercar developed by a major American manufacturer, but that changes with the revealing of the 2017 Ford GT. While the standard GT is the modern embodiment of the iconic GT40 racer, the Heritage Edition adds more appeal to this Detroit-developed supercar by means of an authentic Gulf livery and the tradition of a Le Mans-winning race car all Americans should be proud of.