Long-Term Owner: 1968 Shelby Mustang GT500

There has long been a belief that 1,140 Shelby GT500 Fastbacks rolled out of the factory in 1968, and our feature car’s owner mentions that figure in their listing. However, the internet can be a source of misinformation, which is the case here. The Shelby World Registry has updated the figure using the latest information, showing the total drop to 1,020 cars. The seller has been the Shelby’s custodian for thirty-five years but feels the time is right for a new owner to experience the motoring pleasure only a genuine GT500 provides. Therefore, they have listed it for sale here on eBay in Merrill, Wisconsin. Bidding has raced past the reserve to sit at $100,000. For those with the available funds, there is still time to stake your claim on this classic.

I’m always attracted to a history of long-term ownership of classic cars, especially high-performance models like the GT500. If vehicles of that type are subjected to a hard life, it generally shows in an untidy appearance or the loss of vital original mechanical components. That isn’t the case here because it seems this Shelby’s owner has treated it with respect for more than three decades. He admits it received a professional repaint in its original Candyapple Red utilizing a clear-over-base process. The paint shines beautifully, with no orange peel or other problems. The panels are as straight as an arrow, and all of the distinctive Shelby fiberglass additions and badges are intact. Before finding its way to its current location, the GT500 spent its life in Florida. It has always been garage-kept, helping it to remain rust-free. The panels exhibit no problems, and the underside shots show floors and rails with nothing beyond the occasional spot of surface corrosion. The original owner ordered the car with tinted glass that is flawless, while the beautiful Shelby alloy wheels are excellent.

If considered as a driver-grade car, this GT500’s interior needs nothing. Its black vinyl upholstery is free from physical damage, with the same true for the carpet. The dash and pad are excellent, and there are no signs of wear or lifting on the faux woodgrain trim. The seller swapped the original AM radio for a factory AM/FM unit, but there are no further modifications. They indicate the air conditioning system is complete but has some leaking hoses requiring attention before it blows cold. The original owner ordered the Shelby with a Tilt-Away wheel, a factory tach, and a Sport Deck rear seat. These items remain intact and in good condition.

For the uninitiated, what we find under the hood separates the GT500 from mere mortals. The 428-4V powerhouse pumps out an impressive 360hp. The original owner elected to back this V8 with a three-speed automatic transmission, while the car features power steering and power front disc brakes. Did the combination make these classics fast? Just a bit! The journey down the ¼ mile would take 14.3 seconds, with the 428 running out of breath when the needle nudges 127mph. The seller indicates that the GT500 runs and drives extremely well, with the motor pinning the driver in their seat when they floor the loud pedal. No specific mention is made of the vehicle’s numbers-matching status, but that is the impression provided in the listing. They include a Marti Report in the sale and indicate that the car is listed on the Shelby World Registry.

Given the desirability and rarity of the 1968 Shelby Mustang GT500, I’m not surprised that this car has already received twenty-nine bids. I would expect that number to grow substantially before the auction ends, especially given that the reserve has passed. That means that the highest bidder will take this classic home, which I can’t see as a bad thing. The bidding could hit $150,000 before the hammer falls, although I wouldn’t rule out a higher figure. With any Mustang wearing the Shelby badge increasing in popularity and value, are you tempted to make a play for this one?


  1. RoughDiamond

    Ford Motor Company sure built that ’68 Shelby GT500 right. Kudos to the owner for being such a great custodian of this Mustang. Personally I wish it was a 4-speed though.

    Like 17
  2. Chris

    I didn’t know any Shelby ‘Stangs came with auto and air. Nice looking example!

    Like 5
    • Rick Rothermel

      The softening of the Shelby experience from its bar-brawl origins is part of the reason that Carroll Shelby lost interest in developing the cars further. His final influence was reflected in the KR models.

      Like 3
    • Big C

      Imagine negotiating with your wife to buy a Shelby Mustang, back in the day. “Yes dear, AND we can get it with a/c, plus an automatic!” “You’ll be able to drive it to the hairdesser!”

      Like 6
      • Blue

        I actually did just that for a 68 427/450 hp Nova CPO with an auto with a 3500 stall speed, it worked and she drove it with the headers open everywhere. I was a good salesman.

        Like 3
    • Chuck Dickinson

      You could order anything on a Shelby that you could order on a ‘regular’ Mustang. After all, the Shelby add-ons would not be affected by options.

      Like 2
  3. HC Member

    For high end Shelby like this I would have expected a manual trans, not an automatic. Surely for this price he could get the air working. Still a great find looks to have been well cared for over the years.

    Like 4
  4. Johnny

    I had a chance to buy one off of my cousin. When you have to remove the motor to change spark plugs—is a complete turn off to me. Plus I always thought they were ugly as bad weather. I still don,t like them and find the regular mustang better looking. Her brother–that was a dentist in North Carolina bought it and had it gone over and I heard he sold it later and passed away.

    Like 2
    • Psychofish2

      Thank you for saying that. Tacky, I’ve thought that since they were new [I was 12].
      Of course Ford itself worked really hard to make the regular Mustang that way after ’66.

      Like 0
    • joenywf64

      What about the better looking front end of the ’67, or the ’69-’70s? They(& the ’68) all have killer tailites & scoops.
      I personally am not crazy tho about the “froggish” looking front end on the ’68 shelby(& on many recent modern stangs & other “cars”),or the out of place ’68 steering wheel. But IMO, everything else is just fine on these.

      Like 1
  5. Rick

    I had a BB 71 Vett some years back. One plug was a real pain to change and it was quicker to unbolt the motor mount and lift that side of the engine slightly for this procedure🙀

    Like 5
  6. Howie

    Sweet car, lets see how high it goes. I would of cleaned up the interior.

    Like 3
  7. HC Member

    Probably right about the wife wanting an automatic so she could drive it too. But no manual 4 speed on a Shelby? Damn.

    Like 1
  8. PRA4SNW PRA4SNW Member

    I can’t really go along with this stereotype / joke that an automatic has wife acceptance factor. There are a lot of other, more sensible reasons for wanting an automatic that I don’t need to list here.

    My wife would prefer to drive a manual in any of our non daily drivers and would frown if I came home with an automatic transmissioned funmobile. We took a friend’s C5 auto out for a cruise and both of us found it boring.

    Like 2
  9. William R McDonald

    This guy has been smokin the bud too long! Lookin’ at the pictures and hearing what it needs, I think 100k + is way out of line!!!! Just sayin.

    Like 2
  10. HC Member

    Looks like you’d have to remove the Master cylinder to get at those back spark plugs. Ouch

    Like 1
  11. Jackie Hollingsworth


    Like 0

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