Disclosure: This site may receive compensation when you click on some links and make purchases.

Two Owner 1968 Shelby GT500KR


We want to love this 1968 Shelby GT500KR. It is a Shelby for goodness sake! It has even been in the hands of the second owner since 1983. Still, there are some red flags here. A respray to cover repaired body damage and a badly running mismatched engine are all strikes against it. If it were 2006, the $90k asking price here on eBay might be realistic, but not in today’s market.


The muscle car market started to crash in 2007 and took the value of this Shelby right along with it. These beasts sold for upwards of a quarter million, but after things bottomed out in 2009 you would be lucky to get $100k for a clean driver. We doubt this seller will get $90k, but these are fairly rare cars, so they might get something close.


In 1968 the GT500KR was powered by Ford’s 427 Cobra Jet. This one is missing its original engine and the replacement fitted is not running well. It, along with the transmission are most likely going to need a rebuild and that should be taken into consideration when negotiating. We also suspect some corrosion issues that will need to be addressed.


This was the top Mustang you could get with around 400 horsepower, a luxurious interior, aggressive exterior, and even a roll-bar to remind you this was a Shelby. It was labeled as such anyway. Ford had moved production from the original Shelby headquarters to their own factory by this time and Carroll was starting to become less involved. Even so, we are sure the next owner will feel like the “King of the Road” when they take this one out.


  1. Don

    GT 500 KRs came with 428, NOT 427s!

    Like 0
  2. Don

    Shelby stated that if it were offered with the famous (and expensive) 427, it would cost more than the Cobra!

    Like 0
  3. J. Pickett

    Standard engine was not a 427 but a 428 Cobra Jet,

    Like 0
  4. William Robinson


    Like 0
  5. DRV

    It is in awesome original condition from the pics, but a numbers matching motor would do wonders monetarily. A poorly running motor could mean anything from old gas to stuck valves to whatever. If a # 1 is 130k, then this is a 50k car.

    Like 0
    • Zoo Barthelme

      even in the condition it is , this is at least, a $70,000 car, even without the matching engine….

      Like 0
      • Zoo Barthelme

        ….and I think the value comes from the original condition, everybody wants a rotisserie restore, this one needs to stay as original as it can….just freshen it up and drive it daily. I am so sick of all the purest. and all of those greedy idiots that have more money than brains….

        Like 0
  6. Peter R

    Why is this car even here? Overpriced with a non-matching badly running engine which needs an overhaul along with the tranny. Then the rust issue and poor bodywork. I’m totally lost as to why this rates to be on this site.

    Like 0
    • Jeff

      Probably because only 517 were built that year…….

      Like 0
    • Brian R

      I think it totally belongs on this site!

      Like 2
  7. geomechs geomechs Member

    At least he admitted it wasn’t the right engine. I think it would’ve done the vendor a lot of good to get the engine running properly but even then, he’s been tuned into BJ’s too many times.

    Like 1
  8. rancho bella

    Heavy. Not made at the Shelby shop in L.A……zzzzzzzzzzzzzzzzz

    Like 0
  9. Jeff

    *The last TRUE (CShelby involvement) Shelby mustang was 67′, Ford then hammered out an agreement with CarolS & Shelby America to use his name.

    Like 0
  10. Jim

    Always a shame to see such a legendary car looking so unhappy. Though the price is high, perhaps someone with some “gumption” will have the nerve to bring it back to its new state! I’m in no posit to say anything about wrecking or abusing great cars. I totally ruined two beautiful Gran Torino Sports in my youth. Had I known then what I know now…

    Like 0
  11. Bob Hayton

    I had a green 67 G T 500 , nice car, automatic- didn’t like that. The 6 MPG wasn’t so great , but with 1 carb disconnected I could get 16 on a trip at 70 MPH.
    A friend of mine bought a yellow 68 KR with a 4 speed new at Stark Hickey in Royal Oak , Mi. . You could smoke the L 70 tires in all 4 gears , but when you slammed 2nd your wrist would hit the consul , the only flaw I could see in the car other than the tires it came with.
    This green, the one listed, was the ugliest color ever. I almost bought a very rusty KR in Michigan back in 76. The color and amount of work needed ,decided not to.

    Like 0
    • Jim

      Hi, Bob, I once looked at a 1970 Mustang Mach 1 for sale that had a greatly modified engine (428 Cobra Jet) as well as nitrous, headers and many other bells and whistles. I had heard through the grapevine many things about the car, as it was locally owned…however, upon going to see it, I found it was an automatic. That killed it for me. In retrospect, I wish I had swallowed my pride…it really was a wonderful car; show quality, and fast as hell. The owner called the automatic a “pussy package!” Right now, I’m scoping out 1963 Falcon Sprints, much like the one Jay Leno features on You Tube. I think that might be the coolest little thing he owns, and I’ll bet he’d agree. Go and have a look…safe travels to you! http://www.youtube.com/watch?v=SYhTQx-NxAU

      Like 0
    • Zoo Barthelme

      ….that paint code is one of things that makes it rare….

      Like 0
  12. Webby

    You’d think they could have put a decent steering wheel on it. Sheesh. 2 spokes, tacky woodgrain, and a horn ring.

    Like 0
  13. brady

    yea the 500 KR came with the 428scj engine with 2 fours

    Like 0
  14. Bob Sobers

    The 68 GT500KR did not come with two fours. It had one four barrel 735 Holley and why would you change the steering wheel? It’s the correct wheel for the car.

    Like 0
  15. randy

    How much did it sell for? The link was killed.
    Sorry, I did notice the age of the post until after I posted.

    Like 1

Leave A Comment

RULES: No profanity, politics, or personal attacks.

Become a member to add images to your comments.


Get new comment updates via email. Or subscribe without commenting.