Photograph by Tom Corcoran
Feature: Shelbyville, USA: Preparation, Prices & Pitfalls
October 1, 2004
As values of pristine examples of the GT350 have broken through the six-figure barrier, the need for prudence on a would-be owner’s part has never been greater. According to Curt Vogt, proprietor of Cobra Automotive, a leading restorer of the breed, the first step for anyone searching for the “right” GT350 or -500 is to join the Shelby American Automobile Club. One membership benefit alone makes the dues worthwhile: The Club has a complete list of all Shelby Mustang serial numbers–as well as corresponding numbers for the Ford-built cars that became Shelbys–and can easily weed out what are generously called “clones” of the real thing.
Beyond authenticity, the condition of any given car is an issue. Like all Mustangs, GT350s and -500s rust, and more than a few have been crashed at least once. Vogt advises that when a body shell is fully de-rusted, repaired, and repainted, more than half the restoration battle is over. The rest consists of mechanical refurbishment (which is straightforward) and trim repair/replacement; in both cases, most parts are readily available.
Labor is a major expense. Vogt estimates that a typical full restoration will require as many as 1,000 hours. Add parts, and a completed “as-new” GT350 can cost anywhere from $50,000 to $100,000. Plus the original purchase price of the car, that is. And, if the owner chooses to “upgrade” the car–typically with invisible modifications that increase horsepower and improve handling–the sky’s the limit.
Not surprisingly, Vogt recommends buying cars that are already restored, using the services of an expert to verify that the quality of work done is up to expectations.
As with many other cars in the exploding muscle car market, values are shooting skyward and vary considerably. As a rule, early cars from 1965 and 1966 cost more than later Shelby Mustangs, and their values depend on condition, history, and how quickly the seller needs to move the car. Prices for these cars have started as low as $36,000, but the $70,000 paid for a ’66 GT350 that sold recently at Barrett-Jackson is probably more representative of what you can expect. Values for the most desired examples–the racing “R” among them–can go substantially into the six figures. Later cars tend to be less expensive, though a 1968 GT500 KR convertible went for $95,000 at the same Barrett-Jackson sale.
Cobra Automotive, 203.284.3863, www.cobraautomotive.com
Shelby
American Automobile Club, www.saac.com
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