Restored Numbers Matching GT500 428 4 Speed

Did you happen to catch the Milton Robson auction in Georgia back in November? This auction of top notch, investment grade cars best summarized the classic car market in 2010. Namely, the best cars are bringing record money. Many were surprised when Robson's 1970 Shelby GT500 Convertible brought $368K, but not us. After all, we sold a 1967 Shelby GT350 Paxton supercharged car earlier this year for $240K, followed up by a 1967 Shelby GT500 automatic for $160K, not to mention a 1968 Shelby GT500KR Convertible for $275K. Anyone who thinks that investment grade cars are dropping in value (we hear it all of the time) are probably the same guys telling you that you were nuts to buy gold at 700 bucks an ounce.

The words "investment grade" don't even begin to describe this 1967 Shelby GT500. With its original 428 and 4-speed, a ton of documentation, and a concours-grade restoration, this car was the pinnacle of Ford performance in 1967 and remains the pinnacle of Ford collectability today. As a '67, it was built by the guys at Shelby American in Los Angeles, not in Detroit by Ford, which was the case after 1968.In 1967, it was the fastest, nastiest, most expensive snake you could buy, and that's still pretty much true today. Expensive? Re-read the first paragraph in this article and you decide. But it is very likely one of the most documented Shelby Mustangs on the market today and you will search high and low for a more investment-worthy example.

Shelby GT500 number 02110 was delivered new to Jack Loftus Ford in Hinsdale, Illinois, and still carries all the original order information, invoices and receipts. Recently restored to better-than-new condition throughout, it represents an incredible opportunity to own a thoroughbred. Paint and bodywork are show quality, befitting a car of this caliber. The fiberglass pieces fit properly, including the rear decklid spoiler, which is always tough to work with. Shelby upgrades included the hood, nose, and rear deck, and all those pieces are in spectacular condition. The bright red paint has been finished to levels that would make workers at Rolls-Royce envious, and the white stripes have been properly painted on and are not decals (which, while not original to this particular car, were a popular modification when the car was new). Along the rockers, correct GT500 stripes and call-outs have been installed as original.

This '67 also retains its center-mounted high-beam headlamps, which were illegal in many states and later production cars had them moved to the outboard areas of the grille. Trim is beautifully restored and probably looks better today than it did the moment the pieces came off the assembly line. Front and rear bumpers have been re-chromed to show standards, and all the lenses are new or restored originals. Shelby didn't do much advertising, letting the car speak for itself, but the correct Shelby badges are on the grille, front fenders, rear spoiler and gas cap. All the glass looks so good; I have to believe it is new throughout. With the introduction of the 1967 models, regular Mustangs could get a 320-bhp 390-cid four-barrel V-8. Shelby, naturally, went one step beyond the factory. The small block GT350 still used a 289 cubic inch V-8 with 306 horsepower, but the new GT 500 got a reworked 428 cubic inch "Police Interceptor" engine that easily one-upped the Camaro SS with its 396 cubic inch big block. The 428 was typically reserved for bigger Fords, where it made 345 horsepower. Shelby added the cast-aluminum medium-rise intake manifold from Ford's 427, a pair of Holley four-barrel carburetors, and other upgrades for a very conservative rating of 355 horsepower (most experts agree that the engine probably put out 410-420 horsepower and as much as 450 pounds of torque). Fully rebuilt and detailed for top-level shows, the 428 in this GT500 is the original piece. There's correct Ford Blue paint on the block, cast aluminum valve covers with the COBRA logo, and a matching cast aluminum air cleaner up top. Exacting details like the coil, plug wires, hoses, and clamps all precisely recreate the factory-fresh look. The alternator has the correct AUTOLITE stamping, new decals have been installed where needed to replicate the originals, and a fresh reproduction battery is in the tray. You'll also note that 02110 is equipped with optional power steering and power disc brakes, because in 1967, even Shelby knew its clients wanted more than just raw performance from their new snakes. But this one doesn't disappoint in the performance department it starts instantly and drives beautifully, with that endless flow of big block torque accompanied by the basso-profundo of big block dual exhaust.

Underneath, you'll find a chassis that is equally well detailed. The transmission is the original 4-speed manual and it drives an indestructible Ford 9-inch rear carrying 3.50 gears. The floors themselves have been painted in red oxide primer, with some red overspray, because the guys at the factory were none too careful about where they shot the paint. The brakes are new, the Koni red shocks are fresh, and the suspension is detailed to the point where inspection marks were faithfully duplicated wherever needed. The dual exhaust system I mentioned earlier is the correct type, and sounds amazing when blowing through the chrome trumpets out back. It rides on those gorgeous 10-spoke Shelby aluminum wheels and wears authentic-looking E70-15 Goodyear Speedway 350 tires.

Inside you'll find a black comfort weave bucket seat interior. Shelby focused most of their energy on the performance and appearance areas of the car, leaving the already excellent Mustang interior virtually intact. The first thing you notice is the wood steering wheel, which is fully restored and was apparently installed on the car after it was shipped to the original dealer, but before it was delivered to the customer, there's an invoice from Shelby to Jack Loftus Ford for the wheel, which cost a whopping $33.95, including the "klick pins" required to install it. Everything is 100% new or restored, from the carpets to the headliner. The gauges, including the auxiliary gauges under the radio, have been rebuilt and function perfectly. In front of the driver is the optional 8000 RPM tachometer and trip odometer, while the brake pedal shows the optional power front disc brake badge. New seat belts hang from the Shelby-installed roll bar. In back, the fold-down rear seat has been properly restored, and the trunk is stuffed with a correct trunk mat, jack assembly, and matching fifth alloy wheel and Goodyear tire.

As I mentioned, documentation on this car is extensive. From the original invoices, shipping orders, order forms, and other transaction paperwork to a new Marti Report, this car has a paper trail a mile long. It appears on page 744 of the 1997 SAAC World Registry, and is a previously unknown car out of long-term private ownership, so it is poised to show and win at the highest levels. There are also receipts from the restoration and the usual owner's manuals, booklets and other items that an owner would receive with his new Shelby.

With documents, its original drive-train (a big block and a 4-speed), and a spectacular restoration, there aren't any reasons NOT to buy this Shelby. No excuses about how you really wanted a 4-speed, no hemming and hawing about maybe you'll wait for a red one, THIS is the right car. Now is the time to move correct, documented, and freshly restored, its value is well-established. If previous trends are any indication, this one will continue to inch its way up the value scale, making it the ideal car to invest in today. Shelby Mustang values are as blue chip as they come, with international demand, and transaction rates have been strong. Good Shelbys always find new homes, and this one is one of the nicest ones available anywhere. Make a move before the market does (it already has!) and enjoy the stability that comes from a blue-chip investment. Call us today!