Long-Lost 1967 Shelby Mustang GT350 Found in Canada After 46 Years

The first-year version is arguably the most desirable, with only 572 units made, including 11 pre-production prototypes and 34 factory Competition models. The latter are among the most coveted Mustangs ever made and usually fetch more than $1 million at public auctions. At the other end of the spectrum, we have the 1966 version, built in 2,386 examples.

From 1967 to 1969, Shelby rolled out more than 1,000 units per year, but production never exceeded 1,664 cars (which happened in 1968). These numbers make the 1967-to-1969 GT350s easier to find (and buy) than their 1965 counterpart, but that's not to say they're common. All original and unmolested examples are tough to locate and cost modern supercar money when they hit the auction block.

Then we have the so-called "missing" Shelbys. These cars are known to exist but haven't been seen in decades. They're usually hidden in barns and backyards awaiting restoration or forgotten by relatives of owners who passed away. The red 1967 GT350 you see here is one of those cars.

Discovered by classic car prospector and Mustang enthusiast Dennis Collins, this GT350 was shipped to Canada when new and went off the radar in 1977. That's when the current owner got it and put it into storage. Partially dismantled for restoration, the Shelby remained untouched for a whopping 46 years until the owner decided to let it go.

On top of being one of only a few GT350s sold in Canada, this fastback is also one of the very first cars built after Ford took over Shelby operations in 1967. As Collins explains, the car was initially scheduled to be built on April 25, but a delay saw it leave the assembly line on May 4. Meanwhile, Ford took over Shelby on April 27, so the GT350 got what enthusiasts call a "Z tag."

This doesn't necessarily make it a more desirable car, but it's a cool feature to have. And while it's one of 1,175 fastbacks built that year, the AM radio, the Candy Apple Red paint, and other options turn it into a one-of-55 gem. It also has only 31,478 miles (50,659 km) on the odometer, so it's a low-mileage example as far as classic muscle cars go.

The Mustang is in poor condition at first glance. The red paint is worn out, and the front fascia is missing. However, most of the parts have been stored inside the cabin and in the trunk, so this GT350 is ready for restoration. Of course, the original K-code engine is still under the hood, a significant feat for any Shelby.

1967 was the final year for the iron-block, 289-cubic-inch (4.7-liter) V8. In 1968, the GT350 got the larger 302-cubic-inch (4.9-liter) Windsor powerplant. The 289 came with 306 horsepower and 329 pound-feet (446 Nm) of torque when new.

Now that it has come out of hiding, this important piece of automotive history will return to the US, where it will get a proper restoration. Until that happens, check it out sitting on a trailer in the video below.