Few versions of the First Generation Mustang are more desirable than those wearing a Shelby badge. They typically command impressive prices and are viewed as rock-solid investment prospects. This 1966 Shelby GT350 ticks that box, having led a sheltered life and accumulated only 54,590 miles on its odometer. The new owner could elect to preserve this classic, although restoring it to a showroom state is a viable option. I must say a big thank you to Barn Finder Curvette for spotting this sweet Shelby listed here on eBay in Mount Airy, Maryland. The seller set their BIN at $250,000 with the option to make an offer.
Although essentially an evolution of the first-year offering, the 1966 Shelby GT350 brought one notable cosmetic change when compared to its predecessor. All GT350s produced in 1965 featured Wimbledon White paint, but the color palette expanded considerably in 1966. The first owner ordered this GT350 in Guardsman Blue with White stripes, representing a complete reversal of the 1965 combination. They remained its custodian until 1993, when their daughter inherited the car upon the first owner’s passing. She retained the car until 2013, when it was purchased by a collector. It rarely sees active service, helping to explain its low odometer reading. The car’s presentation is clean and tidy, but the seller notes a few cosmetic issues. They also confirm that there is evidence of a prior repair to one quarter panel, and that the first owner had it repainted. It retains its distinctive Shelby features, including the scoops and the beautiful aluminum wheels. The underside shots reveal little beyond dry surface corrosion, with no evidence of penetrating rust. The glass is excellent, and the trim condition is consistent with a survivor-grade classic.
The secret of what made the GT350 so desirable hides under the hood. Ford’s K-Code 289ci V8 delivered a very respectable 271hp and 312 ft/lbs of torque. That made the Mustang a fairly potent pony car by the standards of the day. However, Carroll Shelby’s company massaged the 289, pushing power and torque to 306hp and 329 ft/lbs. This car also features the desirable four-speed manual transmission, while the lack of power assistance for the steering and front disc brakes suggests that the first owner focused on straight-line performance. The GT350 only clocked approximately 52,000 miles between 1966 and 1993 and has accumulated a mere 2,500 miles since then. It recently received a fluid change, along with a new master cylinder and brake lines. The GT350 runs and drives as it should, making it a turnkey proposition.
The interior supports my belief that the first owner focused on performance when ordering this GT350. They elected to ignore any creature comforts, with this car not even scoring a radio. It features Sheby touches like the wheel, dash-mounted tachometer, and the correct seatbelts. The overall condition is consistent with a survivor that has been treated respectfully. The carpet is slightly faded, but the Black vinyl-upholstered surfaces and the dash appear virtually perfect. There is no wear and, crucially, no aftermarket additions. Even if the buyer elects to refresh this classic’s exterior, the interior could remain as-is.
Let’s not beat about the bush: $250,000 is a lot of money for a classic purchase. That figure severely limits the pool of potential buyers and may account for the relatively limited interest that this 1966 Ford Shelby GT350 has generated since it hit the market. That begs the question of what the best approach might be once the buyer has this GT350 safely tucked away in their garage. Some may feel that preservation is appropriate, but there is a valid argument for treating this classic to a restoration. Given that there is evidence of previous panel repairs and a repaint, this means that, although it remains mechanically original and unmolested, it isn’t a genuine survivor in the purest sense of the word. However, would you spend a quarter of a million dollars on a classic and then invest additional funds into a refresh? It will be fascinating to gauge your opinion on the subject.
Not every car needs to be restored, it wipes away much of a cars “personality” that only time and miles have created. The car looks great just as it sits.
Steve R
I completely agree with you Steve, not every car needs to be restored. Well said.
Another vote for just driving it as is.
After dropping a quarter million on it.
I thought all Shelby GT350’s gad 306 hp instead if the 271 mentioned.
It says 306 HP.
They’re only original …. I almost said it but I’m tired of hearing it too. This is a beautiful Shelby that should be maintained and driven.
Smokies – read it again: the text talks about the respectable 271HP of the basic Ford K-code 289, and goes on to say that Shelby upped that to 306 for the GT-350.
I also say leave it as it is. It’s now closer to being original than to being restored, and I wouldn’t do a thing other than drive it! IF I had a cool quarter of a million to spend on a street car…
1/4 mill. lot of coin but if pockets are bottom less enjoy yourself. I’ll take 30 acres in the middle of nowhere for that coin
What is there to restore? Its perfect the way it is.
Anything more is over-restoration. Why do that. Then it becomes a museum piece that everyone is afraid to drive. At 250k, it’s almost there now. Don’t make it worse by trying to doll it up.
Buy it, Drive it!
Totally agree. Drive it.
Would make a couple of changes, though. Not a fan of the wheels. Remove and store for the next guy. American Torque Thrusts and Goodyear Blue Streaks all around. Plus lower it a little. Love this car.
Sweet!! The seller has some Hot Wheels cars at $1 each, that is more in my budget.
One of the nicest “original” Mustangs posted, but still not worth a quarter million as it sits, sorry.
Especially that its had a repair job.
DA, Totally agree.
250k for a needs alot work way out of line
As the buyer will obviously have deep pockets, seems this would be a good candidate for a dry-ice cleanup. Then maintain and drive…your quarter million dollar car…
$250,000? It’s a Mustang. Silly money for a car they made a million of with some aftermarket doo dads added on.
Initially I got my other BFs nemesis,”Error 403″, and hoping this takes, but much more brief just in case. Probably just as well the comment didn’t take, as I pretty much said what others said. Not mentioned was the GT350H “rent-a-racer”, although they never said that then, basically this car, except color. I heard those are allegedly worth this kind of money, maybe more. I read, this car cost about $4438 new. A basic ’66 2+2 was about $2700, and could be optioned out similarly, just not padding ol’ Shel’s pockets. My beef is,,,,okay, in ’66, $4400 was still a lot of money, but far more people had $4400 then, than 1/4 mil today. This is nothing more than greed and selfishness, to be bought and housed in a climate controlled garage with all the other, “ones”, for oohs and ahhs from their other millionaire buddies and while you may be tired of hearing me say so, it’s just a shame more people can’t enjoy this.
Another word about the GT350H. There was a rumor that people would rent them and pull the motors. That was an urban legend, as there were strict rules about renting them and all numbers had to match upon return.
Price shows how many years have passed since I used to use owners GT350 back in 1970 or so to deliver Chicken Delight on the lower East side of New York . Racing Chevy Nova’s up and down 14th ST the only thing that kept me out of trouble was because we gave free chicken to the cops .
IF I had 250k burning a hole in my pocket, I’d buy the car and refresh cosmetics investigating previous damage. Leave original areas of the car alone.
I don’t think the price is out of line. People are spending big money on original Shelby’s and with the condition this car is in,I wouldn’t restore this car. Find another in this original shape. Because it has had the quarter panel repainted doesn’t mean repaint the whole car. Things happen. The paint job in no way hurts the value in my opinion. Year’s ago I had a 64 GTO in factory original condition,it got more looks than a freshly restored trailer queen. People would crowd around me at the gas station. Took me a half hour or more just to fill the tank. My advise,leave it alone.
The 66s don’t bring as much $$ as the 65 GT-350s. I looked at BaT results because a decent red one just sold there a few weeks ago for $145k.
There were three 66 sales in the past year at 195k, 174k, and 145k. There were also several GT-350H sales under 200k.
So I think this one is high considering its history although I do love the color on this one a lot!
My high school buddy bought one these about 30 years ago (we’re still friends). I think it was a ’65 though. A friend of his in San Jose had it, and George kept in touch with him until he was ready to sell. It had low miles, but George had it repainted because the sail panels were wrinkled from racing on the road course. Yes, low miles, but they were likely all at flat out speeds!
George ended up with a very nice dream car, and yes, I’ve ridden in it. These were scary fast! When the value reached 25k, George sold it, even though some people told him that may be a mistake.
Love the car. FMV is closer to $100-$125K.
Odd there’s no fan shroud.
Are those mufflers as loud as flowmasters?
I wouldn’t have one that’s not completely restored. That said, I believe the Bin is somewhat optimistic.