Will Ferrell Feels 'So Lucky' to Have Done “Elf”: It 'Continues to Resonate in a Way That's Pretty Incredible' (Exclusive)

"It's really quite special," the actor tells PEOPLE of the beloved holiday film, which was released in 2003

Will Ferrell will always have a special place in his heart for Elf.

In an exclusive interview with PEOPLE, the actor, 57, reacts to it being over two decades since the holiday film was released and reflects on the impact it still has on audiences new and old to this day.

"It's really quite special," Ferrell says of the movie. "I mean, it continues to grow by leaps and bounds, and it continues to kind of entrench itself as kind of a holiday classic for people. I'm so lucky to have a movie like that in my catalog."

Noting that the film "really means so much to so many people," the star — who has partnered with PayPal — continues, "And not only during the holidays, but year-round. I have people come to me saying, 'We watch Elf on July 4th. We just love it.' "

"So that's what's so great about what I get to do," adds Ferrell. "You never really have an idea of what's going to land with people, and I love the fact that this movie continues to resonate in a way that's pretty incredible."

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Related: The Cast of Elf: Where Are They Now?

Elf, released in 2003, follows Ferrell as Buddy the Elf, a human raised by Santa Claus' elves in the North Pole and his adventures as he sets out to find his biological father in the real world in New York City.

Alongside Ferrell, the holiday project, directed by Jon Favreau, also stars Zooey Deschanel, Mary Steenburgen and Peter Dinklage, as well the late James Caan, Bob Newhart and Ed Asner.

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Back in 2021, Ferrell appeared on the cover of The Hollywood Reporter and spoke about the success of the film, which earned over $220 million worldwide against a $33 million budget, and how plans for a sequel never panned out.

Ferrell told the outlet he turned down the sequel, and a $29 million paycheck, due to it having a similar premise as the original movie. "I would have had to promote the movie from an honest place, which would've been, like, 'Oh no, it's not good. I just couldn't turn down that much money,'" Ferrell told THR. "And I thought, 'Can I actually say those words? I don't think I can, so I guess I can't do the movie.' "

Elf is available to stream.