Carroll Shelby created the business model, followed in the early 1980s by Peter Brock, for selling modified versions of popular road cars with the blessing of, but no direct involvement from the manufacturer.
Shelby set up his Mustang modification line at an airfield in California and received 2+2 Mustangs directly from Ford. Under the bonnets went more powerful versions of Ford’s V8s and the bonnets themselves were replaced by lighter, fibreglass panels.
The Shelby Treatment involved suspension modifications, removal of the rear seat, a close ratio transmission and different wheels.
During its first year of existence, Shelby Mustang made 536 of its regular GT350 plus some supercharged GT350-R competition versions. More of these were made for 1966 but the big influence on sales was an order from car rental company Hertz, which ordered 936 Fastbacks that were designated 350-H
The relationship didn’t last though, and Shelby’s big mover for 1967 was the 7.0-litre GT500. These were available as a fastback or convertible with integrated roll bar and 271kW. For 1968, as Ford took a greater role in the cars’ production and marketing, a King of the Road 500KR model appeared, with distinctive looks but allegedly less power than the 1967 cars.
By 1969, Carroll Shelby’s role in the project ended and the range was trimmed to comprise just a GT350 and GT500, with an elongated nose and unique rear styling. Performance was further downplayed with 224kW from the stock 5.8-litre engine and 249kW from a detuned Cobra-Jet 428.
Sales remained strong though, with 1280 GT350s and over 2000 GT500 coupes and convertibles sold during 1969. Production wound down during 1970, when just 601 sales marked the end of the Shelby-Mustang adventure.
MUSTANG 1965-66
The first Shelbys were dedicated performance cars, with some even available through the USA’s largest car rental chain.
These have always been the most desirable Shelby-Mustang products and generally the most expensive. Very few have found their way to Australia and those that are here rarely appear in the open market.
Recent USA sales were headlined by a car with exceptional credentials including top honours at major Concours d’Elegance events. No surprise then its auction price was a record-setting US$550,000 (A$808,790).
Similar cars in good but not exceptional condition sold for less than half the record-setting price; these still offering buyers a great ownership experience and the knowledge they were driving one of the muscle-car markets more exclusive offerings.
Hertz-specification 350-H cars from 1966 are more common than the GT-350s seen during 2024 and marginally less expensive. Top price recorded during the prime selling season of August was US$253,000 (A$372K), with other excellent cars at $212,800 (A$313K) and $170,500 (A$250K)
HOW THE PRICES MOVED
2010
GT350 1965-66: $145,000-$200,000
GT350-H 1965-66: $165,000-$225,000
2015
GT350 1965-66: $175,000-$250,000
GT350-H 1965-66: $155,000-$225,000
2020
GT350 1965-66: $245,000-$320,000
GT350-H 1965-66: $220,000-$290,000
2024
GT350 1965-66: $335,000-$420,000
GT350-H 1965-66: $270,000-$360,000
MUSTANG 1967-68
Big-block engines were a feature of 1967-68 Shelby Mustangs, with distinctive body embellishments ensuring the passing throng knew very well you had spent big on a special Mustang.
Values didn’t move any faster, however, so GT500s are today worth only marginally more than GT-350s of similar age. No surprise really as two thirds of the Shelby Mustangs sold in 1967 were GT500s.
Local values for GT-350 cars were based on very tiny local sales volumes and could easily have been inaccurate. However, now with access to historic USA pricing information, local values are found to be consistent with the money paid by North American buyers.
The version to track down locally and in the USA is the 500KR. These were no more powerful than a stock GT500 but looked the business with bonnet-mount air-scoops, side stripes and ‘Shelby Le Mans’ embossed on the rocker covers of the big-block engine.
The year 1968 would see 933 coupes, but only 318 of the 500KR convertible produced. Few found their way to Australia and local values are based on North American sales.
HOW THE PRICES MOVED
2010
GT350 Fastback 1967-68: $130,000-$190,000
GT350/500 Conv. 1967-68: $140,000-$200,000
GT500 1967-68: $135,000-$180,000
GT500KR Fastback 1968: $155,000-$210,000
2015
GT350 Fastback 1967-68: $120,000-$190,000
GT350/500 Conv. 1967-68: $140,000-$200,000
GT500 1967-68: $135,000-$185,000
GT500KR Fastback 1968: $180,000-$235,000
2020
GT350 Fastback 1967-68: $130,00o-$190,000
GT500 1967-68: $165,000-$225,000
GT500KR Fastback 1968: $200,000-$260,000
2024
GT350 Fastback 1967-68: $130,000-$190,000
GT500 1967-68: $175,000-$235,000
GT500KR Fastback 1968: $240,000-$310,000
MUSTANG 1969-70
Ford was by 1969 in control of Shelby Mustang production and differences between these and mainstream cars had vanished. The 350GT used a 5.8-litre, 224kW V8, as per the XW/XY Falcon GTs, and was available as a fastback coupe or convertible.
Only 194 of the smaller-engined convertible were sold, yet current values of around US$100,000 (A$148K) are below the money being paid for earlier, more common cars.
GT500s with milder versions of the 7.0-litre engine and sometimes optional automatic transmission are relatively cheap as well. Mid-2024 auctions brought several to light, with prices for excellent, original Fastbacks in the US$140-160,000 range (A$205-$235K) with one reaching US$175,000 (A$257K).
Convertible versions of the 1969 GT350 and GT500 were seen in reasonable numbers, but typically sell for slightly less than the prices achieved by GT500 Fastbacks.
HOW THE PRICES MOVED
2010
GT350 Fastback 1969-70: $110,000-$165,000
GT500 Fastback 1969-70: $145,000-$200,000
GT500 Convertible 1969-70: $175,000-$255,000
2015
GT350 Fastback 1969-70: $110,000-$165,000
GT500 Fastback 1969: $125,000-$175,000
2020
GT350 Fastback 1969-70: $130,000-$190,000
GT500 1969: $165,000-$225,000
2024
GT350 Fastback 1967-70: $130,000-$190,000
GT500 1969: $175,000-$235,000