The Worst Is Over! 1968 Shelby GT500 Project

What’s wrong with this picture? A car without Flintstone floorboards or evidence of vermin or nut husks? Someone has clearly stolen all the “fun” by getting this 1968 Shelby Cobra GT500 in Trenton, New Jersey well on its way to being a usable automobile again. Solid metal, rebuilt original 428 engine, documented numbers-matching components, and more await the new owner here on eBay where an opening bid of $79,995 will get the party started.

The original tail light panel reveals the factory Lime Gold paint. Original upper scoops and one original and one reproduction side scoop come with the car, though some parts may need to be rebuilt or replaced. The 355 HP GT500 held the middle spot in Shelby’s lineup of GT350, GT500 and GT500 KR Mustangs for 1968 (thanks to for some details).

A new one-piece floor replaced the rusty original. The sale includes a host of mostly original interior parts, many of which need to be recovered or replaced, and also the factory AM radio, and a new full floor console, factory non-tilt steering column, and a fully restored original deluxe steering wheel.

The cavalcade of good news continues, as the sale includes the original fiberglass front valance, original hood, front fender extensions, and more. The original 428 Police Interceptor short block has been refreshed and retains many proper original or original-matching parts. Beyond the obvious labor of “some assembly required,” finishing this high-performance classic will require substantial cash. What’s your high bid?

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  1. J Paul Member

    “…opening bid of $79,995”


    While I’m certainly happy that this car will become complete and gorgeous at some point, that’s a ton of money.

    Mustang experts: how much would it cost to give a car like this the proper restoration it deserves?

  2. 86_Vette_Convertible

    More than I could even consider. Like Shelby’s but the price is ridiculous.

  3. RichS

    One too many digits in the asking price. You can take any one of the 5 out and now you’re in my wheelhouse.

  4. Thomas Long

    You and me too, Rich.

  5. Tom Member

    Wow, ok, where do you start with this one?

    Ok, great project, if all real which is sounds to be, what is this car worth when concours in today’s market? $200K. I am not an expert so I hope an EXPERT WHO KNOWS chimes in. 80K. How much to finish it, CONCOURS? Or any level for that matter.

    whatever level of quality it is finished to will determine its quality/condition thus value.

    Question: Why does the seller not complete what has been started and sell it when done?

    Answer: because they will probably have more IN IT than it can sell for.

    Just don’t k know IF what is already done, the “parts” that come with it plus what it will take to finish it correctly will add up to less than what it is worth.

    Original color of that Lime, in my book, is far down the list of preferred colors. if you change the color from it “birth color” what does that do to the value?

    Again I guess if you are building for max value to concours condition, then original build sheet color should matter. that may affect resale??

    If built to concours condition = no one will ever drive it. = !!!!!!???? !!!!! UGH !

  6. Jimmy

    Worth the restoration if you have a big bank account. Would love to take it on but sadly I don’t have a big bank account.

  7. Dick Johnson

    Gonna’ quit eating ‘bissits ‘n’ sau-sage gravy’ when I read ’bout these high-end projects. This is two-for-two now on this site. My acid reflux really kicked in this time. Maybe if I back off on the Tabasco sauce… might help.

    Looks like I’ll have to spend the next two hours trying to get that lil’ bit of sausage out of my ‘wind pahhp.’

  8. Steve A

    Buy a Dynacorn body and build a new one that would out perform any original 68 for a LOT less money. Everything would be new and you wouldn’t have to be afraid to drive the snot out of it! So it’s not an original. So what???

  9. JohnD

    The statement “The 355 HP GT500 held the middle spot in Shelby’s lineup of GT350, GT500 and GT500 KR Mustangs for 1968” is not quite right. It was the GT350 and the GT500, and then the GT500 was replaced by the KR. All 3 were never in the lineup at the same time.

    A short time ago I paid about $20K more than this for a NICE car. I still feel like I overpaid, but this craziness might make me feel better.

    • Tony

      Check here for production numbers. I guess it all depends on how you look at it but they produced all three models in the same year. Scroll down to the 1968 Shelby models which shows all three being produced during the same year.

      • JohnD

        The middle spot in the lineup suggests all three were produced at the same time. I mentioned it solely because so many people get, and apparently still want to get, it wrong. And if I am being too picky, then none of this matters and just take a dynacorn body and a coyote and call it a Shelby.

  10. PRA4SNW Member

    Not a bad idea, I guess.
    Put it up with a price that makes you happy and if it doesn’t sell, finish the work and then sell.

  11. 1st Gear

    All my lunch money for the 80 thousand years.

  12. Fran

    I wish BF pictures would download!

    I love it, “the worst is over” lol. Plan on 100k more to do it right. I know personally. Never buy a project car. First of all the bozos come out of the woodwork claiming to want to work on your car. I had 4 of them when I was doing my Boss 302 over. If it wasn’t for the 5th guy in upstate NY mine would have never got finished! I should have called the 5th guy first! It would have saved me 35k!


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