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S-Code Driver: 1968 Ford Mustang GT Fastback

The classic car scene is an interesting one. It throws us a situation where a rare car might not be particularly desirable, while a desirable car might not necessarily be rare. The 1st Generation Mustang is a perfect example of this. In general terms, you could never class these as a rare car. However, that hasn’t stopped them from becoming more desirable with each passing year. This 1968 GT Fastback is one of the more coveted examples. It runs and drives, and could be a great project to tackle as time and circumstances allow. It is located in Manahawkin, New Jersey, and has been listed for sale here on eBay. The auction has been set to open at $40,000, but there have been no bids to this point. There are currently 78 people watching the listing, so maybe one of them will be the first to act. They might also be considering whether they could beat the pack by hitting the $45,000 BIN button.

When the Mustang rolled out Metuchen Assembly in March of 1968, it wore Wimbledon White paint with a Black-Out hood treatment. The majority of that paint is still present, but it is showing its age. The supplied photos of the vehicle’s exterior don’t give us a clear look at all of the lower extremities. What can be seen looks to be free from major issues. However, the ones of the underside paint a positive picture. We get a look at the floors, frame rails, and the torque box region. All of these look incredibly clean. There is corrosion in the trunk, but I don’t think that this has penetrated the steel. I would be tackling this quickly before it has the chance to prove me wrong. There are a few trim items that are missing, but the glass looks like it is in good condition.

The owner doesn’t specifically say that the Fastback is a numbers-matching car, but there is an S-Code V8 nestled under the hood. This 390ci motor should be producing 325hp, which finds its way to the road via a 4-speed manual transmission. Power steering and power brakes should make for a relaxed motoring experience. In this guise, this is a car that should be a bit of a barn-stormer. A ¼ mile ET of 14.4 seconds is nothing to sneeze at. The engine and transmission were both treated to a rebuild around 10-years-ago, and the car has done little work since. The owner replaced the clutch and flywheel at the same time, and the front end received a complete rebuild. Recent additions include a new fuel tank and a new exhaust. The owner says that the Mustang runs and drives well and is ready to be enjoyed immediately.

The interior of the GT is generally acceptable for a daily driver, but a purist would want to attend to a few issues if it is to present perfectly. It remains serviceable, but there are many little details that make the difference here. The dash pad is the most apparent problem because it is cracked badly. There are armrests and a few other pieces missing, while some of the upholstered surfaces are worn or torn. The covers on the front seats and the door trims have been replaced at some point, and I suspect that the same might be true of the carpet. I would be inclined to deep clean everything first, but I can’t help but think that an interior trim kit will be the best way to get the interior sparkling once again. Prices on these vary widely, depending on the requirements of the owner. They can sell for as little as $900, with a premium kit selling closer to $2,000.

In 1968, Ford managed to sell 317,404 examples of the Mustang across all body types. Of these, 12,087 were the GT. Both figures mean that these cars were not rare when they were new. However, that doesn’t mean that they are not desirable and highly-sought. Today, a good 1968 S-Code GT Fastback can easily fetch $50,000. From there, the sky is the limit. Prices of $80,000 for a pristine example are not unprecedented. This one shows a lot of promise, and it will be interesting to see whether one of the watchers decides to bid on this classic.


  1. Classic Steel

    I like the car. I hope it doesn’t go green with no side mirror..

    Good luck on sale 👍

    Like 4
  2. Troy s

    Good old white with the black out hood treatment, not a bad combination at all but I’m trying to remember if I ever saw one like that before. Black wheels and raised white letter tires compliment this as does the black interior. Another 390 that hopefully was upgraded a bit over stock, and the 4 speed adds to the I’m Steve McQueen factor,
    nice car except for the primer fender.
    Maybe with a slight downhill grade a 390 Mustang could cut 14.4, stock. Where do these quoted times come from? Just curious is all.

    Like 5
    • Will Irby

      I’m with you on the dubious E.T. I have an old magazine road test of a ’68 390 Mustang; the best they could do was 15.0. That car was an automatic, but I don’t know if the 4-speed in this one would improve much in that. It would depend on rear axle ratio and available traction, but still not as quick as a V6 Camry.

      Like 1
      • Troy s

        I have old Hot Rod tests, whether I believe their quoted times and sarcastic remarks about a ’67 390 Mustang makes for fun reading at least ,,, low 15’s at best, might’ve been an automatic, no quicker than the all new SS 350 Camaro, good low end torque lousy top end…according to them. At least a dozen old time street racers/stop light runners would only laugh whenever I brought up the 390 cars, not so funny with mention of the 427 or even 428. I know a 390 can be built to run hard, just not a stock S code. Shucks on the Camry, haha.

        Like 2
      • Steve R

        There were many magazines doing road tests at the time. Some writers were better drivers than others, don’t believe everything you read, either good or bad. Just like today, numbers published in magazines have have a dubious relationship with what the average person will put up at the track.

        Steve R

        Like 2
      • 19sixty5 Member

        My best friend bought a 68 Mustang GT 390 4 speed convert back in 1970. Fantastic looking car, even the Chevy and Mopar guys loved it’s appearance, but the performance just wasn’t there. It was plagued by wheel hop, even with the 3:25 rear. The 390’s were just not that fast. But… when Ford introduced the 428 CJ in the Mustang, it was a beast, creating quite a stir in Super Stock at the time.

        Like 2
    • Will Irby

      Yeah, nowhere near 14.4, that’s for sure. Not even downhill–maybe off a cliff with a tailwind.

      Like 2
  3. Timothy Phaff

    All because of one car, all prices have gone out of reach for the Son & Farther projects. I have a fresh 428CJ that I was going to put in a Fastback roller but at $20 000 plus for one, that dream is gone.

    Like 2
  4. ken wheeler

    yea good luck on that bin of 45K. Cost 50K to restore it properly.

    Like 3
    • Tony Tabacchi

      Exactly. At least $50k. And then you’ve got $95k + in a $50k car. I love the S code cars. I had one 48 years ago. It was pretty doggy mainly due to the horribly restrictive exhaust system. Headers, gears, and a cam change made It a pretty respectable car.

      Like 1
  5. Big Len

    Don’t forget, those old tests were done with narrow bias ply tires. Fresh summer rubber will make a significant difference.

    Like 5
  6. Kenneth Carney

    I look at this car and see a really nice
    Bullitt prospect–which is what I might’ve
    done to it 20 years ago. But if this car is
    original, I’d just as soon leave it be. At least it runs and drives and can be redone easily. I wonder if many moonshiners used these to haul illegal
    whiskey here in the South.

    Like 0
  7. skibum2

    40K???.. Hahahahahahahaha sorry,

    Like 1
  8. Nick

    1968 Ford Torino GT (PHR)
    428ci/335hp, 3spd auto, 3.25, 0-60 – n/a, 1/4 mile – 14.50 @ 99.34mph
    1968 Mustang (MT)
    390ci/335hp, 3spd manual, 3.25, 0-60 – 7.8, 1/4 mile – 15.20 @ 94mph
    1968 Shelby Mustang GT500KR (CL)
    428ci/335hp, 3spd auto, 3.50, 0-60 – 6.9, 1/4 mile – 14.57 @ 99.55mph
    1968 Shelby Mustang Convertible (MT)
    428ci/360hp, 3spd auto, 3.50, 0-60 – 6.5, 1/4 mile – 14.75 @ 98mph
    1968 Mercury Cyclone (CL)
    428ci/335hp, 3spd auto, 3.91, 0-60 – 6.2, 1/4 mile – 14.40 @ 99.44mph
    1968 Mercury Cyclone GT (MT)
    428ci/335hp, auto, 4.11, 1/4 mile – 13.86@ 101.69mph
    1968 Mercury Cougar (MT)
    390ci/335hp, 3spd manual, 3.25, 0-60 – 8.0, 1/4 mile – 15.4 @ 91mph
    1968 Mercury Cougar (CL)
    427ci/390hp, 3spd auto, 3.50, 0-60 – 7.1, 1/4 mile – 15.12 @ 93.6mph

    Like 3
    • Mike

      My 68 Torino GT didn’t break into the 14’s until the 390 blew up, and was replaced with a 351W out of a Mach 1….kept the 4speed and changed the finals from 3.50 to 3.70….Pretty quick then. Covered the quarter glass with class winner stickers. That was 40 years ago.

      Like 2
  9. JBD

    Drag Times were all over the map. Not like todays Test ‘n’ Tuners and well documented tests.
    What is funny is the ’68 390/325 HP rating, when the 68 1/2 428 SCJ came out it was rated at 335 HP but put out closer to 385 HP all day.

    Like 0
  10. Jackie Hollingsworth

    Way overpriced as are most Mustang fastbacks are.The 1971-73 Mustang Fastbacks are the only ones that you can still buy at a fair price and they are starting to move in that direction also.

    Like 0

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