When it comes to classic cars, nothing’s more exciting than seeing a rare muscle car come out of long-term storage. They’re usually dusty and rusty, but that doesn’t bother me one bit. It’s part of the story. However, not all vehicles that spend decades in hiding are barn finds that need restoration. This 1968 Shelby GT500 emerged as a fully restored rig.
I know it sounds a bit confusing, so let me explain. Originally shipped to Downey Auto Center in California, this Mustang spent a few good years on the road. However, it wasn’t driven all that much. The car’s early ownership history is unknown, but the vehicle is documented in the Shelby Registry with one owner from 1981 to 2023.
During this time, the GT500 spent most of its life in a garage, with very limited time on the road. The owner, a lady named Patricia Farrell, reportedly parked the car due to a minor front-end accident. She decided to have the Shelby restored in 2007 and got it back in pristine condition some two and a half years later. She kept the car away from the public eye until 2023 when she sold it privately.
The current owner decided to sell the GT500 after only one year and commissioned a high-profile classic car dealer to handle the process. It’s the first time this Shelby was showcased online and the first time it’s been listed for sale.
What makes it a holy grail? Well, for starters, it’s one of the rarest 1968 Shelby Mustangs out there. Carroll Shelby’s shop produced 4,451 muscle cars that year, 1,423 of which were GT500s. According to the Marti Report that comes with the car, it’s one of only 405 fastbacks equipped with a four-speed manual gearbox.
Things get quite rare when the colors and options are factored in. This car is one of only 22 painted Raven Black and one of only 17 ordered with the knitted black Decor Bucket seats. Only five of these cars rolled off the assembly line with an air conditioning unit. The report also says it’s the only one shipped to the Pacific States, but one of five is rare enough in my book.
Additionally, this Shelby is one of the lowest-mileage 1968 GT500s out there. The odometer shows 19,676 original miles (31,665 km), which is extremely low for a vehicle that’s 56 years old as of 2024.
The car was restored by Extreme Restoration from 2007 to 2010 and refreshed again by the same famous shop in 2023. The GT500 retains nearly all of its original body panels, a feat that also applies to the gorgeous interior.
The 428-cubic-inch (7.0-liter) V8 engine is obviously numbers-matching, as are the four-speed transmission and the 3.00 rear end. Both the exhaust system and power steering are highly original. The V8 runs as well as it looks, and the car drives like it has just rolled off the assembly line. That’s something you can see for yourself in the video below.
And if you’re wondering how much you’d have to pay to own a gem like this, the black Mustang recently became one of only three 1968 Shelby GT500s to change hands for more than $300,000. The fastback found a new home for $319,000, making it the third-most expensive muscle car of its kind. A GT500 Convertible sold for $330,000 in 2020, while the GT500 EFI prototype went under the hammer for $396,000 in 2021.