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One Family Owned: 1968 Ford Mustang GT500KR

This 1968 Ford Mustang GT500KR has been in single family ownership all its life, and is said to remain incredibly original – right down to the soft top and rear window. The GT500KR is the ultimate spec, with the factory four-speed manual transmission and dealer-installed air conditioning. The seller has been dropping the price each Friday that I’ve seen it listed, and pledges to continue doing so in the listing. Check out this survivor Shelby here on eBay with an asking price of $164,500 and the option to submit a best offer.

This is a striking car, wearing colors not often associated with a Shelby Mustang. The seller notes it is one of four to come with an AM/FM radio, and that the color is a special order. The 428 and 4-speed function as they should, and despite not seeing much in the way of regular road use over the last several, the seller says the Mustang has still been started up weekly. One small tear is noted in the top, but no other flaws are noted (or disclosed) in the listing. The body does appear to be quite straight in the pictures.

The interior just looks gently worn, and is really quite handsome when you factor in the wood trim and black seating surfaces. This is practically luxurious for a Shelby car, with wood inserts running down the door panels and round the shifter. I would love to see photos with the top down, as these GT500KRs look even more bad-ass with no roof. The seller notes he has records for the Shelby Corporation sending a check for $209.00 to the Ford dealer to modify the dash for the air conditioning installation.

It would seem given the options, condition, and long-term ownership that this Shelby was cherished from new, treated like a member of the family. The seller contends you should buy one of these now before the prices go up even higher, but I’m beginning to wonder if that’s true. We’ve got a whole generation of collectors who didn’t grow up worshiping Caroll Shelby, and I don’t see too many of them wanting to spend six-figures on a powerful-but-ancient convertible. What do you think – will these muscle cars continue to appreciate or stall out?


  1. Bob_in_TN Bob_in_TN Member

    Eye-catching car. I like Mustangs but I am not really into Shelbys, thus I am not an expert. The Shelby experts can chime in with their comments relative to what is right and wrong, and if the asking price is in the ballpark. “Powerful but ancient,” that’s a pretty good description.

    Jeff, I also wonder about the muscle car market long-term. I kind of think there will be distinct stratification in the future market, with certain cars holding high value and being like Duesenbergs are today. Then perhaps another group which may cool but are solid long-term propositions. Then another group — perhaps the largest group — which will lose value, and will find bottom and stay there, like the Model A has done. Which cars do which in my scenario, I don’t really have a good idea.

    Like 9
    • Steve R

      The solution to that is, buy what you like and only spend an amount you are comfortable with. People have been whining and crying wolf about the muscle car market crashing since the gas crisis in the 1970’s and with a renewed vigor when states such as California started mandating semi annual smog inspections for older car in 1984. So far, they have all been proven wrong.

      Muscle cars are still prevalent in popular culture, they have a fan base beyond cars like the model-A and T. The cars effected most will be based models, 4 doors and rusty piles needing extensive rust repair to the body and substructure. It goes back to one of the first things smart shoppers learn early on, buy the best car you can afford, the people that follow that will be fine in the long run.

      Steve R

      Like 13
      • Steve

        Great looking car , but that asking price is way out of reach! 😮😮😮

        Like 0
    • Chas358 Chasman358


      Great comment.

      Like 0
  2. Classic Steel

    Well were pushing the envelopes continually on price. Its a beauty for sure-but i think were 40 over asking price. This makes it a bear 🐻 market so see if it gets snagged so the next seller can try 200 soon

    I get the buy what you can afford comments and also don’t feel bad for clones created for the average owner when your dream car is-never within reach.

    Like 8
  3. DRV

    Even Ferrari dove in 1991. In the world of mechanical Americana these are near the top. I don’t see their relative value changing until the next generation of collectors take over. My 35 year old kids love these but also love the 20 year old BMWs.

    Like 2
  4. Troy s

    Prices may cool a bit, certain “desirable ” rare muscle cars will always be a commodity and hold a strong value. We’re never going to see a Hemicuda or GT500 Shelby in good condition for fifteen hundred bucks, as one might have decades ago believe it or not.
    The kids are alright, plenty of current and future gear heads out there…..a must for the hobby to progress.

    Like 3
    • Steve R

      Some people have trouble getting it through their heads that Hemicuda’s and GT500’s still aren’t $1,500. They seem to think that’s since they once sold for that price, they still should. However, if the shoe was on the other foot and they were sellers, they would be asking top dollar.

      Steve R

      Like 8
  5. Tempo Matador Ray

    @Steve R, I applaud 👏🏽 your comment. Lot’s of opinions forever locked in the past…

    Like 4
  6. TimM

    Beautiful car there’s no denying that!! However for $164,000 there best not be any rips in the drop top or anywhere!! The Ford GT sold for about this much back in 2005 and is twice the car this is!! I know it’s a Shelby but think about what else that amount of money can buy you!! You could buy a new GT500 mustang and a new corvette!! I know there not classics but they are very drivable and really good long trip cars!! Not to mention a pretty good investment if you take care of them!!! I’m all for classics but my grandmother use to say don’t be penny wise and pound foolish!!! Just my opinion!!!

    Like 2
  7. canadainmarkseh

    I’ve never liked the look of the shelby’s I think that the stock mustangs looked better and the price is way to high for what you get.

    Like 3
  8. dyno dan

    this has become a hobby for Kings and Noblemen. Serfs need not apply.

    Like 1
  9. JohnD

    Wheels have to go. Give them back to the Dukes. Car is way overpriced. Why call it a “Mustang”? I don’t think Mustang appears anywhere on the two I have . …

    Like 2

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