Rare Convertible: 1968 Shelby Cobra GT350

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The Shelby GT350 is perhaps the most iconic of the first-generation Ford Mustangs. Between 1965 and 1967, they were built by Shelby American in California. For 1968 through 1970, production moved in-house to Ford in Michigan with some assistance from Shelby. This 1968 edition is a rare convertible in that just 404 of them were produced (as confirmed by the seller’s Marti Report). Needing cosmetic restoration, it was in storage from 1980 until 2018 (we don’t know what it’s been up to the past six years). However, acquiring the fabled automobile will require a healthy checkbook.

These cars became known as the Shelby Cobra in 1968 and with it came an engine change. The previous K-code 289 cubic inch V8 had been discontinued and in its place was a 302 that produced 250 hp with a high-rise intake manifold (that added 20 horses). The GT350 had a companion, the GT500, which used a 428 Police Interceptor engine at 360 hp. These Michigan Shelby’s had sequential, horizontally mounted taillights like those used on the Mercury Cougar.

As a dealer has listed this Shely for sale, its history is largely provided by the Marti Report, which deals in numbers. Of the 404 convertibles produced in ’68, 238 sported Highland Green paint, clearly the most popular color and what’s on this car, original or an older repaint that’s ready for a makeover. There is some primer in places and we don’t know if there is any rust. The odometer reads 68,000 miles which sounds legit for having been in storage for 38 years.

We do know that the engine, transmission (manual), and rear axle have been rebuilt in the past 2,500 miles. And that all the tags (VIN, dash, door, etc.) are original to the Ford. The hot rod came with factory air conditioning and the convertible top has been replaced. The interior will require some attention, too. The vehicle currently calls Baton Rouge, Louisiana home and is available here on Facebook Marketplace (where furniture, pots, and pans get sold) for $95,000. With more work needed on the rare car, is this a fair asking price?

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  1. Shawn

    I am no Shelby expert, but I would feel $95,000 a little high. I know it’s an extremely desirable and rare car. But for what it will take to get it original, I’d say $75,000 is more reasonable.

    Like 27
  2. Terrry

    $95k for this? On Facebook Marketplace no less? The scammer, er I mean seller needs to get real.

    Like 20
  3. Mark RuggieroMember

    That price is a bargain for a ’68 I’m thinking. A well sorted original matching numbers is north of $200k. Much of the heavy mechanical lifting is already complete (assuming it was done properly). The seller says “great patina”, I ain’t so sure about that, but paint this baby up and go go go!

    Like 10
  4. Howie

    The interior and engine do not look that bad, yes the price is a bit high. Posted 10 weeks ago.

    Like 16

    This is an investment for an individual with disposable income, and a place to keep and work on it. In any case when it’s done it may just be worth twice the investment.

    Like 7
  6. Big C

    $75,000, $95,000, bah! What’s $20g’s? Mere pocket change to anyone that’s got the scratch for this car.

    Like 8
  7. J

    I’d keep it the way it is, drive it and enjoy it. 95 k is a bit high, maybe room to negotiate.

    Like 8
  8. PRA4SNW PRA4SNWMember

    I’m not going to comment on the price, as I’m no expert on Shelby pricing.

    There can’t be too many of these 68 convertibles left that haven’t been restored to within an inch of it’s life. So, yeah, this one will probably switch hands to someone who will spend the big $$ to make another static display piece.

    Like 10
  9. J

    Bull Durham, Kevin Costner owns one just like this, he drove it in the movie and bought it afterwards, had it restored.

    Like 7
    • ninja3000

      Nuke got his Porsche 911 (with a Blaupunkt!!) thanks to a big signing bonus. But Crash was a low-earning journeyman who probably negotiated a great deal on his used Shelby sometime in the early ’80s. Crash was always a smart one…

      Like 4
  10. steve

    According to Hagerty’s valuation, a #1 Concours condition is valued at $180K. #2 comes in at $148K, #3 is $113K and #4 is $103K. You can draw your own conclusions on this one.

    Like 9
    • bowmade

      spot on Steve. My question is: Why stall a restoration after substantial mechanical work is done if the ‘bones are good?’ Could be any number of reasons but why not finish the project? I would for a much less ‘buy in.’ In the long run it won’t be worth much if you can’t buy gas.

      Like 0
  11. Kevin

    Agree with J , fix anything mechanical and drive as is. There are too many trailer queens out there that you never see on the road anymore because they are over restored. They were meant to drive and have a blast doing so.

    Like 6
  12. Frank Sumatra

    Odd that the seller comments on “patina”. I would be surprised if a serious buyer would care about patina.

    Like 3
  13. 428CobraJet

    Nice car! agree a little hi

    Like 2
  14. johns41

    I would like to see a GT500 SCJ mustang; 1970 to be exact, now that would be something to dream about driving. My dad’s mechanic had one with AC no less; oh the good old days long gone. Man I’m old!!!!!

    Like 1
  15. Robert Gunn

    Just a little correction on the taillights 67 used Cougar lights without the bezels and 68 used 65 Thunderbird taillights with the bezels. In the case of California Specials the T-bird lights were not sequential. JS

    Like 4
  16. Ten50boy

    If it’s solid and original, the price isn’t over the moon. A buyer could feasibly double their investment with a proper restoration. A dream car for me….. but on a civil servant pension, it’ll remain a dream car! I’ll stick to more reasonable Torinos, Mustangs and the like!

    Like 3
  17. Jerry Johnson

    I am 73 years old. If I had bought this car new and kept it all these years, I guarantee it would not look like this. What is wrong with people who can let this happen to these cars? It blows my mind. So now I have to trust their expertise in explaining this cars condition so I can buy it at a ridicules price? No thanks.

    Like 6
  18. stevee

    Sold. All the speculating is now in the past.

    Like 0
    • PRA4SNW PRA4SNWMember

      It took 11 weeks to get the job done, but most likely worth it to both buyer and seller.

      Like 1

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