No Reserve? 1968 Shelby GT500 Project

The reality is that in the classic world, some restoration projects are more worthy than others. When the vehicle in question is a 1968 Shelby GT500, the stakes rise considerably. These cars are some of the most desirable to hit the North American market, and pristine examples typically command eye-watering prices. Our feature Shelby requires work to achieve that standard, but the situation isn’t as bad as the images might suggest. The vehicle is essentially complete, retaining its numbers-matching V8. The body is rust-free, and most of the surface preparation is complete. If you relish the challenge of returning the beauty to its former glory, you will find the GT500 listed here on eBay in Odessa, Texas. The seller set their auction to open at $70,000, but there have been no bids to this point. Interestingly, the indications are that this could be a No Reserve auction.

There’s a lot to unpack with this GT500, making it hard to know where to start. The seller states that they purchased this classic in 1981 and drove it for a few years as its creators intended. The lure of a restoration proved irresistible, prompting them to dismantle the vehicle entirely and adopt a rotisserie approach. They thoroughly cleaned everything, ensuring that the vehicle hadn’t fallen foul of the typical Mustang rust problems. Once they confirmed the car was rock-solid, they turned their attention to the panels. They still require final surface preparation before the new owner applies the original shade of Lime Gold, but that process should be straightforward. The seller confirms that the bolt-on panels, including the distinctive Shelby components, fit perfectly. The car retains its original alloy wheels, and the underside of the trunk lid carries Carroll Shelby’s autograph.

It goes without saying that the 1968 Shelby GT500 is a potent beast. This car combines the 428 Police Interceptor V8 with a three-speed automatic transmission, power steering, and power front disc brakes. The V8 was a brutal beast, churning out a factory-quoted 360hp and 420 ft/lbs of torque. The seller indicates that the motor was strong when this Shelby still terrorized the tarmac, and that the car retains almost all of its original mechanical components. Unsurprisingly, the buyer’s shopping list will include items like a new exhaust system, but there should be no major parts that would potentially cost a fortune. The engine bay is freshly painted, just waiting for the buyer to bolt this beast back under the hood.

The first owner ordered this Shelby with its interior trimmed in Black, the most common choice among buyers in 1968. The seller admits this car requires carpet, door trims, kick panels, and other small items. It appears that the gauges are intact, as is the roll bar and the distinctive Shelby harnesses. The seller indicates that they had a Marti Report for this classic, but it appears they may have lost it. Investing in a replacement would be wise, maximizing the chances that the buyer can complete the build that would return the car to its factory form.

I acknowledge that whipping this 1968 Shelby GT500 into shape will be a major undertaking. However, with sound bones and the crucial components included in the deal, it is undoubtedly worthwhile. Don’t be fooled by the fact that it has received no bids, because the listing statistics confirm beyond doubt that it has generated significant interest. If I have interpreted the situation correctly and the seller’s auction is a No Reserve affair, somebody could secure this classic with a single bid. The price means that it isn’t a cheap project candidate, but with a healthy six-figure potential value awaiting the buyer if they achieve a high-end result, this Shelby could be worth the price.