The first-generation Ford Mustang is arguably one of the most iconic and sought-after classics from the golden muscle car era. But at nearly three million units sold from 1964 through 1973, it's anything but rare. The Shelby versions, on the other hand, are a rare sight.
Not only were the Shelby cars short-lived compared to the regular Mustang, but they were also built in limited numbers. Shelby debuted the GT350 in 1965 and launched the GT500 in 1967. Both were discontinued in 1969 when Carroll Shelby and Ford parted ways. In short, the Shelbys were around for only five model years.
As for production, records show that only 7,104 GT350s left the Shelby shop from 1965 to 1969. That's an average of only 1,420 vehicles per model year. Built from 1967 to 1969, the GT500 saw daylight in 6,916 units, including the one-year-only GT500KR (1,452 examples). In all, Shelby made a little more than 14,000 GT350s and GT500s.
What about the 1970 Shelbys, you ask? Well, while those do exist, they're actually unsold 1969 cars that got 1970 VINs. Fewer than 800 examples were sold as 1970 vehicles, which is about 25% of the total 1969 Shelby inventory. These "last batch" GT350 and GT500 models are obviously the rarest of the first-gen Shelby Mustangs. And the Competition Red example you see here is one of the finest in existence.
The muscle car has been restored in recent years, so it's not one of those incredible survivors that spent its entire life in storage, but it has quite a few fantastic things to brag about. For starters, this Shelby was a one-owner car until early December 2023, when it changed hands at a public auction. We're talking about 53 years with the same owner, which is something you don't hear about very often.
Moreover, it's a GT500 convertible, a rare body style regardless of the model year. If you're hooked on numbers, Shelby made only one in 1967, 402 in 1968 (plus 518 KRs), and 335 in 1969. It's unclear how many drop-tops got 1970 VINs, but the Marti Report it comes with confirms it's a super-rare gem.
For starters, it's one of only 54 cars equipped with the 428-cubic-inch (7.0-liter) V8 and the automatic transmission. The engine is not a regular Cobra Jet, though. This Shelby was ordered with the Super Cobra Jet Drag Pack option, which makes it one of only 21 sold like this. It's also one of only eight wearing Competition Red, which is a special-order paint, and sporting these trim codes.
Moreover, Shelby expert Jim Wicks says it's actually a one-of-one car when all the features and options are taken into account. All told, you won't see another like it on the road, regardless of whether we're talking about 1969 or 1970 Shelby GT500s. The fact that it's a flawless restoration loaded with original parts is just the icing on the cake.
How much is a one-of-one GT500 with the Super Cobra Jet bundle worth today? Well, this car crossed the auction block for $286,000. It's the second 1970 Shelby GT500 ever auctioned, surpassed only by a Gulfstream Aqua four-speed example that changed hands for $352,000 in early 2023. Hit the play button below for the full walkaround.
Ask Ciprian about cars and he'll reveal an obsession with classics and an annoyance with modern design cues. Read his articles and you'll understand why his ideal SUV is the 1969 Chevrolet K5 Blazer. Full profile
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