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Drag Pack Equipped: 1969 Shelby Mustang GT500

While the 1969 Shelby Mustang GT500 offered a winning combination of comfort and performance, some enthusiasts wanted more of the latter. Therefore, 192 buyers handed over the additional cash to specify their new Shelby with the Drag Pack. This option brought some notable upgrades, including the legendary 428 Super Cobra Jet V8. As you will see, even this wasn’t enough for this GT500’s original owner, so they spent some significant money to lift the car’s performance onto a different level. The seller has enjoyed the ownership experience with this classic but feels that it is time for another person to share that pleasure. Located in Yachats, Oregon, the owner has listed the Shelby for sale here on Craigslist. He has set a sale price of $135,500 but may entertain trades for the right vehicle. I have to say a big thank you to Barn Finder Kevin for spotting this potent beast for us.

At first glance, this GT500 appears to be a genuine survivor. The impression provided in the listing suggests that its Royal Maroon paint is original and that the car has never been the recipient of any restoration work. The owner is candid about it wearing a few minor nicks and marks, but if we’re talking about a classic with more than five decades under its belt, that’s understandable. It still presents nicely, and its next owner would have no reason to feel shame over its appearance or condition. The paint shines beautifully, while the panels also look impressive. There are no appreciable dents or bruises and no evidence or mention of rust. The White decals have weathered the passage of time well, while the distinctive Shelby scoops, rear spoiler, and badges seem to present nicely. The alloy wheels look spotless, and with the glass in a similar state, this GT500 would appear to have no immediate needs.

If this GT500 has a genuine weakness, that could fall to its interior presentation. If considered as a survivor, it remains serviceable. However, there are a few tasks that the buyer might tackle to lift the presentation to a higher level. The original White vinyl upholstery on the front seats has accumulated some rips and tears. These have probably deteriorated beyond the point of no return. That leaves two options for the next owner to consider. If originality remains essential, aftermarket slipcovers may offer protection from further deterioration. There are also some excellent high-quality upholstery sets available, and while these leave little change from $1,000, they will impart a factory-fresh appearance. The other issue is some cracking on the dash cap around the speaker area. If I had a dollar for every one of these I’ve seen, I could probably park another car in my workshop! Once again, reproductions are available, and they usually retail for around $500.The rest of the interior looks pretty good, with no screaming issues or aftermarket additions.

Disappointingly, this shot is as close as we get to see what is happening under the hood of this classic, but it makes a fascinating story. The original owner ordered the GT500 with their focus firmly set on outright performance. Therefore, they specified the car with the Drag Pack option. This brought the earth-shattering 428 Super Cobra Jet V8 that produced an “official” 335hp. Hooked to this is a C6 automatic transmission that feeds that enormous power to a 3.91 Traction-Lok rear end. Other features of the Drag Pack included an engine oil cooler to prevent that beautiful motor from going the full Chernobyl if pushed to its limits. This combination would have allowed the car to post a sub-14-second ¼-mile ET making it apparent why these were a favorite at strips across the country. However, that upgrade didn’t come cheap, helping to explain why only 192 buyers ticked the box in 1969. The original owner purchased the Shelby from Gotham Ford in New York and intended to use the car primarily for competition. While it proved pretty effective, it still wasn’t potent enough, in their opinion. The car returned to the dealership, where the Service Department pulled the engine and placed it to one side. While it is widely acknowledged that the SCJ produced power figures far above the 335hp that Ford quoted, what the dealership slotted into the engine bay took things to the next level. There was no more potent V8 engine in the Ford armory at that time than the legendary 427 “side oiler,” which is what we find here. This V8 was designed for hard work under competition conditions, with the improved lubrication system and other internal improvements allowing for a reliable power outputs in excess of 475hp. It isn’t clear what happened to this classic’s original motor, but the side oiler remains intact and in good health. The seller indicates that he uses the GT500 for occasional extended journeys, and it completes these with ease. That makes it a potent turnkey vehicle begging for a new owner.

If it weren’t for the original owner’s changes under the hood, I would have no hesitation in classing this 1969 Shelby Mustang GT500 as an original survivor. While it should offer enough power in its current form to satisfy most hardened enthusiasts, it is no longer numbers-matching. That is disappointing in any GT500, but it is more so when this is 1-of-192 that rolled out of the showroom equipped with the Drag Pack. It is difficult to determine how profound the impact could be on its potential value because while the lack of originality will be seen as a negative attribute, the motor that replaces it is one of the most desirable produced by Ford during this period. It will be interesting to gauge the opinion of our readers. Do you see the change in a positive light, or has it undermined this classic’s value?


  1. Avatar photo shelbyGT500 Member

    Hoe about a picture of the engine please?

    Like 6
    • Avatar photo Adam Clarke Staff

      I agree with you 100%, shelbyGT500. It is always a mystery why someone would advertise a classic car and then fail to supply a photo of its defining feature. Still, I guess we can’t have it all.

      Like 8
      • Avatar photo Machcopper

        Sorry about no pics of the engine bay. I have some but with my new phone they take them in a narrow image when my Galaxy Z fold is closed. I am updating my Craigslist advertisement. I also needed to add that I have the original 428scj short block with partial vin stamping. I added a few pics below.

        Like 8
    • Avatar photo Machcopper

      here is the driver side of the 427 side oiler, you can view other pics below or just email me for some pics

      Like 9
  2. Avatar photo Machcopper

    Well, here you go. Under the hood of the Shelby GT500 with a 427 side oiler short block with the 428cj heads. Also, not listed was the fact I do have the original 428 scj short block.

    Like 7
  3. Avatar photo Machcopper

    Here is the original short block, it will need at least one sleeve due to a chip at the bottom of the bore. I was going to save it and eventually sleeve the entire block.

    Like 9
  4. Avatar photo alphasud Member

    I’m not one to usually comment on Mustangs but this one really stands out in the crowd. Given the original paint and interior and still having the original engine block and the legendary 427 currently under the hood I think the asking price is reasonable considering the significance of this car. It may not have come directly from the Shelby workshop but it’s about a good as it gets here. My only regret is not being there in person to hear and smell this awesome ride. As far as the smell comment. True motorheads know what I mean.

    Like 18
    • Avatar photo Bob P

      As soon as I read “smell”, I sniffed. It was totally involuntary, and it made me smile. I know what you mean.

      Like 5
  5. Avatar photo Stan

    The side oiler is a monster.
    Really fast looking setup. Serious Ford performance here. Nice car 👍😎

    Like 9
  6. Avatar photo Big Al

    Can someone please explain what a side oiler is ?

    Must be rare ! I’ve never heard it ! Thank You

    Big Al

    Like 0
    • Avatar photo 370zpp Member

      Hey Al, I was just thinking the same thing. Sounds like something you buy in the back of an adult bookstore.

      Like 4
    • Avatar photo Daryl

      The 427 Side oiler is part of the ford FE family and is the peak of the ford big block performers. They were introduced in 58 and ended in 76. they came in several displacements from 330 to 428. they replaced the tire Y blocks, the 427 version was the only “Race only” version the 427 started in 63 and was actually a 425.98 CI engine however in the day 427 was the max cubic inch size sanctioned by race bodies. The thin wall blocks made for weight savings but were strengthened with high nickel content. They had a thick deck to withstand extra compression rations. a shorter 3.784 in stroke was used for high RPM use. These blocks cannot be bored out more then 0.030 inch safely. they used solid lifters and could rev for days!

      Like 15
    • Avatar photo alphasud Member

      The side oiler refers to the oil galley runs along the outside of the engine block instead of in the valley of the engine. This was to promote better bottom end lubrication in high speed high load situations.

      Like 13
      • Avatar photo Big Al

        Thank You for explaining this so I could understand.


        Big Al

        Like 8
  7. Avatar photo Machcopper

    Don’t forget about the “todays” price on these beast of an engine. They can run from $25k on up. especially the early dated ones like this one.

    Like 5
  8. Avatar photo BA

    All you need to know is carrol figured out how to improve the oiling problems of the 427 & with help created one of the winningest engines & race cars in history spanking formula 1 racing to a world title and IMHO is NO DEMERIT TO A GT500 in fact should raise the price because of historical implications. Well done SIR!

    Like 5
    • Avatar photo Stephen Sachs

      A real Shelby fan knows the side oiler is the ultimate upgrade. Stronger, more reliable and more powerful than the original CJ. Even ol’ Shel himself said these cars are meant to be driven, and driven the way they were built, HARD! He didn’t care if you left the way it left the plant, or changed everything, as long as you didn’t just polish it and stare at it. Now go smoke the tires one more time before the new owner gets it!

      Like 1
  9. Avatar photo Ike Onick

    The “hood up” image reminds of how much fun car shows are. Not!!

    Like 2
  10. Avatar photo gaspumpchas

    Ford had some problems with oiling on the FE Mills, they oiled from the top of the crank and it was found that the oiling was insuffiuent. The “side oiler” was the fix for the hi perormance 427’s- oils from the side of the crank. Also had side bolting on the main caps. ran them in everything from Race cars to cabin cruisers; the boats would typically run 2 side oilers- one in standard rotation and one in reverse rotation. Any corrections to this blurb would be welcomed. I’m down to 2 brain cells..

    Like 5
  11. Avatar photo 433jeff

    427 is a big plus, to bad it wasn’t an option, big plus, i wont even wine about the auto, oops to late

    Like 1
  12. Avatar photo Howie

    I would luv to own this, not the best photos to sell a car.

    Like 1
  13. Avatar photo Daryl

    Back around 1996 I lived in Livermore California. Along railroad Ave , where Livermore met Pleasanton was a classic car sales company. A small one but it had great cars. They had a white on white 4 speed manual 69 Drag pack car for sale for 25K.. I had the money from well before I was married and was ready to go buy the car. My wife pooped a brick and helped me change my mind in epic temper tantrum fashion. In the end she forged my name on my 401k, stole 30K, divorced me and disappeared.

    Never marry the sexy redhead……. you are welcome!

    Like 4
    • Avatar photo Ike Onick

      Well Daryl, we are all thinking it so I’m gonna ask- At any point in time was it worth it? No details required. Just a simple “Yes” or “No” will do.

      Like 1
      • Avatar photo Daryl

        well sir since you asked… There were some moments that were worthy of their own chapter in my XXX book of life for sure, but mostly they were overshadowed by sheer terror of what she may be up to next, and vodka laced insanity …Looking back the 30K of “Go away” money may have been a blessing even though it did cost me a Shelby… hahahhahahaha

        Like 3
    • Avatar photo robert semrad

      Buckin’ Fitch…..

      Like 0
    • Avatar photo Jon.in.Chico

      I hear ya … I had a ’55 T-Bird for sale back in ’74 in Chicago … a guy showed up in a ’68 GT500 and wanted to trade even … my (ex)wife said she didn’t want another “effin Mustang,” so it didn’t happen … same when I wanted to trade a ’77 Vette on a 308 – she was in real estate so we traded it in on a Lincoln … broads just don’t know cars and we shouldn’t listen to them, but “happy wife, happy wife” … but I did get the house

      Like 1
      • Avatar photo Daryl

        Old School 308s have really shot up. I own a 76 vetroresina. and the 68 GT500 would certainly have looked good on the net worth line too….It makes me feel better that I am not the only idiot here..hahahhahha

        Like 0
  14. Avatar photo eusmine Member

    The author of this article claims this car was purchased from Gotham Form (Marti Report). The owner of Gotham Form in New York was a guy named Bill Kolbys Jr., somewhat legendary guy of the time and long time friend of C.Shelby. He raced these cars, but more importantly, he would upgrade these 428 SCJ engines if the owners requested it, and their favorite engine upgrade was the 427. http://www.thecoralsnake.com/Gotham.
    Interesting car…

    Like 0

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