Unrestored 1968 Shelby GT500 Headed to Auction!

There are a few iconic names in the muscle car world and Shelby happens to be near the top. Add the name “GT500” and you are talking about one of the rarest and most sought after cars ever built. You’re looking at one of the 1044 real-deal 1968 Shelby GT500 Mustangs ever built. It is going to be auctioned at the Mecum Indy event in May, so start checking your couch cushions for a few million pennies. It can be found here on Mecum’s site and is set to be sold Friday, May 17th.

The engine is a 428 cubic inch V8 topped with an aluminum intake and Holley 715 CFM 4-barrel carburetor. The finned valve covers and matching air cleaner are a very classy touch and look great against the blue engine block. When Ford made their official horsepower declaration, they “estimated” it at 335 (with a wink), but the actual number was about 400! All that power gets to the ground through a 4-speed manual transmission and 10-spoke wheels.

The paint is Raven black with matching black interior. You can see a small tear along the seam of the Driver’s seat, but other than that, the interior looks great. Hopefully, a lot of the original parts will be able to be re-used during any future restoration work. Do you think this car should be restored, left as-is or mechanically restored so it can be driven?

So how much will this car go for? It’s tough to say for sure. It is lot R225, which crosses the block Friday in prime-time. Unrestored examples of these cars rarely come up for auction. If you’re talking about restored examples, a 1967 sold at Barrett-Jackson in 2015 for $400,000! How much do you think it will go for? Drop us a comment with your best guess.

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Comments

  1. KSwheatfarmer Member

    I’m sure not a player when it comes to cars of this stature but I do have an opinion on a restoration concerning it. Do Not .This could end up being the last unrestored example in existence.

    34
  2. Chris Kennedy

    If I was a wealthy man, I would buy it, get it mechanically sound, give it a top notch detail, buff the paint, polish the chrome. A new, correct set of tires and run it how it turns out.

    In my mind, some cars should remain original and this one would be one of those cars.

    47
  3. JK of Miami

    My guess is $300,000 because it’s a 1968 model and the market has softened the last couple years.

    8
  4. Woody

    I agree,they are original once and this car needs to stay as-is.Price depends on whoever has the deepest pockets and wants this rare find,and its black!Guess here is $295,000YEP!

    10
  5. Gaspumpchas

    Agreed Gentlemen. Do you think the owner will clean it up?? Its the stuff that dreams are made of. Drop dead Gorgeous. Good luck to the new owner. would love to see what it sells for!

    Cheers
    GPC

    3
    • mike D

      personally, I’d be tempted to leave it as it sits with ” slight” fixes to get it roadworthy I would say it should buff out , but, if not would not repaint

      3
  6. Ted

    How do you make any vehicle instantly worth 40% more?

    Just whisper barrett ripoff…..

    4
    • PatrickM

      In a way, I agree. I just do not understand why a restoration deflates the value. I’m not talking stripping paint or replacing power train or anything like that. Just clean it, maintain it, repair it with as close to original FoMoCo parts as possible. This is one rare beauty! But, like many others, I do not have the $$$ to compete. Even if it only sells for $200,000.00, it would still be way out of my league. Yet, that being said, and this being such a fantastic car, I still feel that the current owner deserves a fair price for his product. Would washing and polishing take away value? Fixing the drivers seat? If yes, then I think some of you need to come off the stuff.

      4
    • Jim jones

      Or put “Shelby” on it…..

  7. James Schmidt

    Personally, if i bought this car (if i had the money) id trailer it around to car shows UNRESTORED. i already have my own 68 coupe thats been unrestored but has had a paint mach up in 2001. Granted im only 15 and its sittin in my grandpas barn in ohio right now waiting to be collected when i turn 18. if i bought it all id need is a 68 fastback and ill have all 3 models of the car (excluding options).

    10
  8. Tom Sterlacci

    Although the 68 is very similar to the 67, it did not hit the same highest price point. My guess is that the hood of the 67 balances out the rest of the sheet metal better than the more ‘nostral’ look of the 68. The 69 as you know is a totally different animal.

    Since I could not find its mileage I’m saying $225,000 – $250,000.

    I appreciate Shelbys. But please don’t hate me I am primarily a bowtie guy.

    2
    • James Schmidt

      im primarily a chevy fan to, but my grandpa gave me my ’68. personally id rather have his ’69 cyclone with the 428 C/J but that cyclone has been restored which lowers the value for some reason and my mustang, though it was parked for 30 years in a leaking barn, there wasnt a bit of rust when they pulled the vinyl roof off. if it was a shelby, i would’ve cried. he had a 2008 shelby gt500 but when obama shut down the coal mines he had to sell it.

      3
    • tommy

      great me to I had a 1967 427 435 horse fast back vett then I think they were better then any ford !! now I opened up a can of worms ha ha. this is in my nephew car 1971 nova.

  9. James Matti

    I wish I had the $$$, time and place to have this. I had a 68 1/2 Fastbsck GT Deluxe back in high school and college. Boy do I miss that car.

    1
  10. MARK

    I know of an unrestored Gt 500KR convertible everthing original in about the same condition not far from my town. Have talked to the owner many times and he wont sell at any price. He well into his eighties and in bad health. I think it is his kids inheritance. Gonna be interesting to see what happens.

    3
  11. mike

    In 1968 Ford had it right. Big power in a awesome car. With a 4 speed it must be sweet to drive! Love it!

    1
    • John

      My brother-in-law had a new 289/271 4 speed version of the original fastback. I loved driving that car. I do not believe his had power steering, but it was simple, smooth, and for the time, quite fast. He bought the first set of Crager mags that I ever saw. At one point, he had to put a clutch in it and added a lightweight flywheel at the same time so it revved like nothing I’d ever seen. I loved that car. He traded it for a 68 Shelby 500 Convertible. I never liked the Shelby as much as the 289/271 — but he never let me drive it.

      1
  12. John

    It needs to have the seats re-foamed, the carpets replaced, and it needs a tank of gas. Someday, a NOS steering wheel without a crack at the bottom would make a good item to ask Santa for at Christmas.

    Otherwise, I’d hop in it and drive. I’d have to use it as a get-away-car since I’d have to rob a bank to afford it.

    Great find.

    2
  13. Rob S.

    Final hammer price will depend on how much alcohol the bidders consume! And the usual “whos member is bigger” syndrome that accompanies popular car auctions. 67s usually command higher prices than 68s so you can’t really compare auction sales between the two. The market has softened slightly so this will be fun to watch. I am going to say $ 195,000

    1
    • CFJ

      Great post!

  14. Dom Colucci

    $165,000

  15. pacekid

    Wow! Let’s see what happens!

  16. Cody

    205k

  17. Tom Stewart

    Clean it up, make it safe, drive it.

    1
  18. Kevin

    Correct me if I’m wrong? But didn’t Ford manufacturer these begining in the end of 67? Shelby’s name was just for the model? Excuse my ignorance I’m still learning but I do see this bringing well over $200k.

  19. Ron

    FYI the car referenced in the link in the last paragraph was given to Mike Shelby by his father. The Shelby family provenance had a huge influence on that particular car and it’s sale.

    1
  20. Kevin

    I’m going to say about 265k

  21. John Revels

    Would love this gem! I would say $195,000! I have owned a lot of fastbacks over the years, my first in high school was a 1968 fastback in 1970! I even paid $125. for a 68 fastback in 1974! I now only have a 1972 Olympic mustang and a 2011! And by the way— the Bullitt mustang seen on one of the “Bluebloods” shows— i use to own that one also!

  22. CFJ

    TLC and drive! Think the Boss 429 is the most iconic Mustang, worth more than this GT500….

  23. 71Boss351

    It’s not a GT500 KR so I don’t think it will top out over $180,000. I could be wrong as there are not many unrestored GT500’s out there to find.

    I would get running with the correct FOMOCO parts and drive it.

    I would rather have a 1969 BOSS 429 due to lower production figures.

  24. tommy

    wow how cool is that John.owning a bullitt stung sweet car love the car.

  25. Danny from Colombia

    I’ll leave it as is, unless it is not safe to drive
    It will end close to half a million or just above

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