The GT500 joined the Shelby Mustang range in 1967, with the company expanding its offerings to include a Convertible in 1968. While GT500 production ran to 1,542 cars during that model year, only 402 were the drop-top variant. That makes our feature Shelby a relatively rare beast, although other factors might attract potential buyers. It isn’t perfect but is a genuine survivor that can be enjoyed immediately. The buyer could hit the road while they contemplate whether preservation or restoration is their preferred option because with values continuing to climb, it should be a rock-solid long-term investment in either form.
I admire the seller because they are refreshingly candid about the condition of this 1968 GT500 Convertible. They admit that its Candy Apple Red paint is old and tired and that the car has flaws and imperfections. However, what it lacks is significant rust. The exterior looks clean, while the often rust-prone floors, rails, and torque boxes are rock-solid. The White power top works as it should, and the Mustang retains its distinctive Shelby features like the scoops, hood, and taillight panel. It would undoubtedly present significantly better if restored, but the lack of structural issues means it would still command respect if preserved as a survivor.
Before 1967, the Shelby Mustang range had always featured a 289ci V8 under the hood. The company upped the ante in 1967 when the GT500 hit the market, and by 1968, lifting the hood revealed a 428 Police Interceptor V8 generating 360hp and 420 ft/lbs of torque. This car’s first owner teamed that engine with a three-speed automatic transmission and power assistance for the steering and brakes to create a vehicle that was both fast and user-friendly. The ¼-mile journey should take 14.5 seconds, which remains fairly impressive by modern standards. The seller doesn’t expressly state that this Convertible is numbers-matching, which is a question worth asking if we have readers who might consider pursuing it further. They state that it runs and drives well, making it a turnkey proposition for its new owner.
This classic’s interior is presentable if the new owner chooses preservation, although it requires some work if the buyer elects to refresh this classic. The Black vinyl on the driver’s seat base is stretched, and the back seat appears to sport some minor nicks and marks. However, with high-quality seat covers relatively affordable, replacement might be worthwhile. The plastic trim in the rear passenger area has a few marks, but careful attention using a high-quality cleaner/preservative may improve the situation. The dash and console are excellent, and the pad isn’t warped or cracked. There are no visible aftermarket additions, with the factory AM radio still occupying its rightful place.
The seller listed this 1968 Shelby Mustang GT500 Convertible here on eBay in Fairhaven, Massachusetts. They set their BIN at $115,000 with the option to make an offer. The price is hardly chicken feed, and the pool of potential buyers will be limited as a consequence. However, the price seems realistic in the current market where tidy examples consistently change hands for over $140,000. This survivor needs work to reach that standard, but the lack of structural issues and rust means a restoration should be financially viable. Do you agree, or do you feel a lower price is more realistic?
Adam, nice write up.
By April 1968, the Cobra Jet 428 – not Police interceptor 428 engine – was factory installed.
Bigger valves, much better breathing and under-reported
@ 335 HP.
The fender emblems show “428 Cobra Jet”.
This ’68 needs some work but looks unmolested and fairly nice!
For the man who has everything, particularly mucho 💰
It looks nice… just wondering, would the automatic trans put a damper on the demand for it,and subsequently,it’s value??
Yep! The color, ragtop, 500 not 350, all the right boxes, I was getting aroused scrolling the pics, 1st before the write-up till I sadly saw that hump handle, deal breaker! If a stick, I’d gladly give $100k, but not 1$ more. So I’ll keep looking.
Sweet ride!! The sellers Ebay ID even says Shelby. Could have cleaned it up a bit.
What a great car. That said the price doesn’t seem crazy but unless the new buyer is prepared to do most of the restoration work themselves, it would be easy to get upside down in this one in a hurry imo. GLWS! It’s a beauty no matter how you slice it.
My dad bought a 68 just like this in 1979 for 10K. It had 19K miles on it. My mom told him he needed to sell it. He managed to hold onto it for one year and sold it for $10500. It would go like a bat out of hell, but wasn’t great at cornering
If I had the money, big if, I would buy this and just drive it. Whatever you put into restoring it with new paint and upholstery would be what you get back. It’s already pretty close to what #1 condition examples are going for. That AM radio would be going away that’s for sure, but kept on a shelf for the purists.
I have no interest in throwing tens of thousands at the morons who promulgate these numbers. I could afford to buy most of them, but then what? We all die and our inheritors win.
We all can agree that the 360hp figure is totally underrated.With 2.08/1.65 valves and almost a 1000cfm of total carb.I had a 390 in my F250 that was making that with one 4bbl and a 428CJ cam.Real hp is more than 400..I would drive it the way it is.I would spend a few hours with a buffer on the paint
I wonder what ‘Ol Shel felt about the Shelby Mustang being a convertible and an auto tranny.
I say drive it “as is”. It looks perfect for casual shows and Cars & Coffee events.
My biggest question (aside from “is it numbers matching”) is: how do you list a vehicle like this for sale without a Marti Report, or at least show a pic of the door tag?? If you share that then you won’t get everyone messaging to ask “is it real”.
Dream car. But, at that price, that ‘numbers matching’ issue is probably an issue.
This about that. Add says BIN or best offer. If you really wanted to buy Shelby. This guy knows Shelby. Helped me years back with a KR. If the car shown isn’t you. Ask what’s in the shop. Nobody has time for tire kickers. Find a stone. Or find a 60 yr old car at 60 year ago price.