1968 Shelby Mustang GT500 Has the Full Package: Rare, Unrestored, Numbers-Matching

A track-prepped rig with a 306-horsepower small-block V8, the GT350 was followed in 1967 by the GT500. The latter was developed with racing in mind, but it was quite the potent Mustang thanks to a 428-cubic-inch (7.0-liter) FE-series V8 rated at 360 horses.

The "Police Interceptor" engine was replaced by the 335-horsepower 428 Cobra Jet in 1968, but the GT500 remained the most potent Shelby vehicle until Carroll stopped modifying Fords in 1969. With only 6,916 units built (including 1,452 GT500KR models), the Shelby GT500 is one of the rarest and most desirable first-generation Mustangs.

If you're in the market for one, here's a 1968 version that has it all. Yes, it may not look showrooms-new, but that's because we're not looking at a rotisserie restoration. This muscle car is an unrestored survivor apart from a repaint it got in the early 2000s (about 20 years ago as of 2024). It's one of those cars we don't see every day.

Hailing from Cincinnati, Ohio, this GT500 had only one owner since new. It's now located in Austin, Texas, and it's being offered for sale publicly for the very first time.

While we could argue that the paint doesn't look bad thanks to its relatively recent refresh, the rest of the car confirms that this GT500 was taken care of. The interior looks spotless for an unrestored vehicle of this age, with minor wear and tear on the seats. And needless to say, the brown upholstery looks superb next to the Highland Green paint.

The engine bay looks just as impressive. Sure, it needs a proper cleaning to shine again, but you can definitely see the 428-cubic-inch V8 hasn't been altered. And the even better news is that both the engine and the automatic transmission are numbers-matching. It doesn't get any better than this, right?

Actually, it does! The V8 runs properly and sounds fetching while the car drives as it should. You can hear the V8 rumble in the video below.

And if it's one of 1,542 GT500s built status is not rare enough for you, the drivetrain combo, color, and options turn it into an ever scarcer gem. For starters, it's one of 1,140 fastbacks made that year. According to the seller, it's one of only 38 finished in Highland Green and ordered with the Saddle Tan interior, and the automatic transmission. If we also factor in the air conditioning, it's one of just eight made like this.

Not surprisingly, for such a legendary muscle car, bidding has exceeded $80,000 as of this writing, with about four hours until the auction concludes. That's low given that most 1968 GT500s fetched more than $140,000 in recent years, but the seller has a reserve in place.