Well Documented Driver: 1968 Ford Shelby Mustang GT500

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A known ownership history and comprehensive documentation can separate a good classic from a great one when considering investment potential. This 1969 Ford Shelby Mustang GT500 ticks those boxes and underwent a light cosmetic restoration in the 1980s. It isn’t a trailer queen, but potential buyers can consider it a well-preserved driver. The time has come for the Shelby to find a new home, with the seller listing it here on eBay in Columbia, New Jersey. They set their BIN at $125,000 with the option to make an offer.

Whenever the topic of conversation turns to desirable First Generation Mustangs, the Shelby name will inevitably rate a mention. Carroll Shelby’s success with the Cobra and GT40 programs made him the ideal candidate to produce high-performance variants of Ford’s iconic pony car. This GT500 rolled off the line in 1968, with its first owner ordering it in classic Wimbledon White. The seller states the vehicle underwent restoration in the 1980s, confirming it was more of a light cosmetic approach than a full-blown rotisserie process. The Shelby still presents well, with the paint holding a healthy shine and no evidence of significant visible defects. The news gets better when we broach the subject of rust because the underside shots confirm this baby is rock-solid. Shelby made a bold visual statement with its vehicles, courtesy of distinctive scoops and spoilers. This GT500 retains these in good condition, along with the beautiful spoked alloy wheels. There are no problems with the trim, and the glass is crystal clear.

This GT500’s interior continues the theme of positive news, with the Saddle vinyl trim in generally good order. The exception is the driver’s seat, which has developed a couple of seam separations on the backrest. I’m unsure whether these are repairable or if cover replacement will be the only alternative. The wheel has slight wear, but those appear to be the only issues. I could live with the wheel, but I would probably splash $400 on a pair of replacement front covers if I found this GT500 in my garage. The dash and faux woodgrain look excellent, the pad hasn’t suffered at the hands of UV rays, and the console armrest doesn’t exhibit the seemingly typical bending or deterioration.

Lifting the hood reveals equal helpings of good and bad news for potential buyers. This GT500 is a turnkey proposition that can be enjoyed immediately. Its engine bay houses a 428ci V8 and four-speed manual transmission. This powerplant produces an “official” 335hp and 440 ft/lbs of torque, although many believe both figures were grossly underestimated. The best word to describe a 1968 GT500 is fast because the ¼-mile journey takes around 14.2 seconds. Okay, that’s the good news, but there are factors for potential buyers to consider if they view this Shelby purely as an investment. The car is no longer numbers-matching. The seller admits the engine block and transmission were replaced at some point, but the cylinder heads are correct. Discovering why the changes occurred may be possible because the car has a known ownership history. The fact it is a turnkey proposition is the first piece of positive news, but there is more for those who prize documentation. The sale includes a Marti Report, SAAC Registration, the Build Sheet, and a stack of service and repair receipts from the 1980s.

Any classic with a six-figure asking price can’t be considered genuinely affordable to most mere mortals. Cars of that caliber will appeal to many, but fewer will have the funds to park such classics in their garage. However, the seller’s BIN for this 1968 Shelby Mustang GT500 is competitive, considering the loss of its numbers-matching status. I doubt they will be inundated with inquiries, but I believe it will eventually find a new home. The seller may need to compromise, but what do you feel is a realistic price?

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  1. Aussie Dave Aussie DaveMember

    Wow, 14.2 for the quarter? Same as our GTHO phase III, 4 door sedan with a 351.
    But this Shelby is at least have the price of a phase III.
    Decision time.

    Like 3
    • JoeNYWF64

      I still can’t believe a heavier ’73-’74 sd-455 firebird with low 8.4 to 1 compression & cast iron intake & quadrajet might be even faster.

      Like 3
    • Harry

      If performance is similar then it’s a no brainer in terms of choice. Do you want a 4 door with totally unremarkable design or a fastback coupe with timeless design. Regardless of market value.

      Like 1
  2. HoA HoAMember

    Here’s another fun one from the dusty archives, I actually rode in a car exactly like this, and remains to this day, the fastest car I ever rode in, not that anything in my old age could top it. I knew a guy just out of HS in ’72, his dad worked for Ford in some capacity, and got a couple cars, one was a ’68 Galaxie fastback, 390, 4 speed( he claimed the only 4 speed car) and this car, that somehow, the kid got. I know, some folks, anyway, he gave me a ride, and I swear, the 1-2 full throttle shift, topped out the front shocks, the front wheels could have come off the ground. 2-3 shift was equally exciting, but by then, were doing 100. The 428 was a monster, that hp was fudges, and more like over 400hp. and the 1/4 times are a bit misleading, as traction was a big concern. 13s easy with a few mods and a top speed Trooper Jim would be proud of, handing you the ticket. I read, this car cost a whopping $4700 new, when a “regular” Mustang was half that. I never cared for the front end and too many tail lights, but boy howdy, thinking about what we drive today, amazing one could buy a monster like this. Already sold, so better luck next time, Ritchie Rich. I bet someone bought this, will detail it to the 9s, and resell it for a million bucks.

    Like 12
  3. Steve R

    Nice car. There’s plenty of reasons it found a new owner.

    Steve R

    Like 5
  4. Howie

    Already Sold!!

    Like 5
  5. TorinoSCJ69

    Plenty is right … 1st year the 428 came as a Cobra Jet, single four barrel with better heads than the police engine with the dual Holley 4 barrels in ’67.
    Lots of grunt on the street – this 428 CJ with its better breathing pulled harder. The 1968 1/2 Mustang Fastback with this 428 CJ mill ran in the 13’s.
    This GT500 is a nice one.

    Like 6
  6. Tony

    It has standard door panels, which no ‘68
    Shelby did.

    Like 2
  7. Al

    Find it hard to justify without original drive train and tranny. Seem more like a clone to me, and not worth the money.

    Like 1
    • Harry

      Lol, It’s hardly a clone. Very few cars from this era still maintain the original drive line and still bring high sales numbers. Are you new to vintage cars?

      Like 1

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