If you’ve ever stood next to a 1968 Ford Shelby GT500, you know it doesn't just sit there. It looms. It’s got this aggressive, almost predatory stance that makes modern sports cars look like plastic toys. Honestly, 1968 was a weird, pivotal year for Carroll Shelby and Ford. The honeymoon phase of their partnership was cooling off, production was moving from California to Michigan, and the cars were getting heavier. People call it a muscle car, but by '68, Shelby was pushing it more as a high-end grand tourer.
Most people see the "Eleanor" from Gone in 60 Seconds and think that's what a stock '68 looks like. It isn't. Not even close. The real deal is more nuanced, a bit more "gentleman racer," and carries a history that’s way more interesting than a Hollywood body kit.
The Year Shelby Almost Lost Control
By the time 1967 wrapped up, Ford was taking a much larger role in the production of Shelby Mustangs. The operation moved from the small, soulful Shelby American facility at Los Angeles International Airport to the A.O. Smith Corporation in Ionia, Michigan. You’ve gotta realize what that meant for the car's DNA. It became more standardized. More "Ford."
This shift is why the 1968 Ford Shelby GT500 feels different from its predecessors. Ford wanted to sell more units, which meant making the car more livable. Power steering became common. Air conditioning was actually an option people chose. It wasn't just a track beast anymore; it was something you could actually drive to a steakhouse without arriving drenched in sweat and deafened by exhaust fumes.
The styling changed significantly too. The hood grew these massive twin scoops right at the leading edge, and the grille got a thinner, more elongated look. Out back, they used 1965 Thunderbird sequential taillights. It was a mashup of parts that somehow worked perfectly.
What’s Actually Under That Fiberglass Hood?
The heart of the 1968 Ford Shelby GT500 was the 428-cubic-inch Police Interceptor V8. Now, here is where things get sticky with the history buffs. Some people will tell you the 428 was a "lazy" engine compared to the 427 Sideoiler. And yeah, the 427 was a pure racing engine. But the 428 was a torque monster. It was designed for the street.
Ford rated it at 360 horsepower.
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If you believe that number, I’ve got a bridge to sell you. Insurance companies in the late 60s were hammering high-performance cars, so manufacturers "under-reported" power figures constantly. On a dyno, a well-tuned 428 PI engine is pushing way more than that, especially in the torque department. It’s the kind of power that doesn't scream—it just shoves you into the seat and stays there until you let off the gas.
Midway through the '68 model year, things got even crazier with the introduction of the GT500KR. The "KR" stood for King of the Road. These cars got the 428 Cobra Jet engine, which featured better breathing heads and a larger exhaust manifold. It was officially rated at 335 horsepower—less than the standard GT500—which was a total lie to keep the insurance adjusters happy. In reality, the KR was a street-legal sledgehammer.
The Interior: Luxury Meets Velocity
Step inside a '68 Shelby and you aren't greeted by a stripped-out race cockpit. You get the Mustang Deluxe interior. We're talking woodgrain appliques on the dash and door panels. You’ve got a functional center console with a padded armrest. There’s a roll bar, sure, but it’s padded and integrated into the design.
One of the coolest features—and one that collectors obsess over—is the Stewart-Warner gauges under the dash. They gave you real-time data on oil pressure and alternator charging, which you definitely needed when pushing a big-block V8 in summer traffic. The seats were usually the knitted vinyl "comfort weave" buckets. They aren't particularly supportive by modern standards—you’ll slide around in a sharp corner—but they look undeniably cool.
Handling the Beast: It’s Not a Miata
Don't expect surgical precision. Driving a 1968 Ford Shelby GT500 is an exercise in managing mass and momentum. You’ve got a massive iron block sitting over the front wheels.
Even with the heavy-duty suspension, which included thicker sway bars and stiffer springs than a standard Mustang, the car pushes in corners. It understeers. You have to respect it. You steer it with the throttle as much as the wheel. If you enter a turn too hot, the nose wants to keep going straight toward the nearest tree. But when you hit the apex and floor it? The rear settles, the tires bite, and the world disappears in a cloud of Goodyear Polyglas smoke.
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The brakes were power-assisted discs in the front and drums in the rear. They work. Once. Twice. If you’re doing repeated high-speed stops, you’re going to experience brake fade that’ll turn your hair white. It’s a car built for the drag strip and the open highway, not the tight hairpins of the Tail of the Dragon.
Buying a Real One: The "Shelby Tax" Is Real
If you’re looking to put one of these in your garage, prepare your bank account for a beating. The market for these cars has exploded over the last decade. A clean, numbers-matching 1968 Ford Shelby GT500 can easily clear $150,000. If it’s a GT500KR convertible in a rare color like Special Orange or WT5014? You’re looking at $250,000 or more.
Authentication is everything. Because it’s so easy to turn a standard '68 Mustang fastback into a "tribute" or "clone," you have to check the SAAC (Shelby American Automobile Club) Registry.
The VIN on the dash should match the one on the door and the hidden ones on the inner fenders. More importantly, the Shelby serial number (located on a plate on the driver's side inner fender) must be verified. People fake these all the time. If the owner doesn’t have a Marti Report, walk away. A Marti Report is basically the birth certificate for the car, detailing exactly how it left the factory. Without it, you’re just buying an expensive "maybe."
Common Myths vs. Reality
- Myth: Every '68 GT500 came with a 4-speed manual.
- Reality: Nope. A huge chunk of them were ordered with the C6 automatic. Because these were marketed as luxury cruisers, many buyers wanted the "select-shift" ease of an auto.
- Myth: They were all built by Carroll Shelby’s team in California.
- Reality: As mentioned, '68 was the year production moved to Michigan. While Carroll was still the face of the brand, Ford’s corporate fingers were all over the assembly line.
- Myth: The fiberglass panels fit perfectly.
- Reality: These cars were essentially hand-assembled hybrids. The gaps between the fiberglass hood and the fenders can be huge. If you see a '68 Shelby with laser-perfect panel gaps, it’s probably been over-restored by a modern shop. From the factory, they were a bit rough around the edges.
Maintenance and the Reality of Ownership
Owning one isn't all car shows and thumbs-up at stoplights. These are old, temperamental machines. The 428 engine runs hot. If you live in a warm climate, you’ll probably end up installing a larger aluminum radiator just to keep the needle out of the red.
The carburetors—usually a single Holley 715 CFM four-barrel—require a "mechanical sympathy" that’s lost on the fuel-injection generation. You have to know how to listen to the engine. You have to know how to prime it after it’s been sitting for two weeks.
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Parts are surprisingly available, though. Since the GT500 shares so much with the standard Mustang, you can get mechanical components at almost any specialty shop. The Shelby-specific trim, however, is a different story. If you crack a fiberglass nose piece or lose a specific piece of '68-only interior trim, you’re going to be scouring eBay and paying a premium.
Why We Still Care
So why do we obsess over a car that’s objectively worse at driving than a modern Toyota Camry?
Because the 1968 Ford Shelby GT500 represents a peak of American bravado. It was the end of an era where you could walk into a dealership and buy a literal race-inspired monster with a warranty. It has a presence that modern cars can’t replicate with all the carbon fiber in the world.
It sounds like thunder. It smells like high-octane fuel and old vinyl. It’s a visceral, physical experience that reminds you that driving used to be an active participation sport, not just a way to get to work.
Next Steps for Prospective Owners
If you're serious about getting into the Shelby world, don't buy the first car you see on an auction site.
- Join the SAAC. The Shelby American Automobile Club is the gold standard. The members know every nut and bolt. They can help you spot a fake from three pictures.
- Inspect the cowl. Like all Mustangs from this era, the cowl area (where the wipers are) is prone to rust. If it's rotted, it's a "dashboard-out" repair that costs thousands.
- Check the fiberglass. Look for stress cracks around the hood pins and the rear decklid. Repainting fiberglass is a specialized skill; you can't just take it to a local Maaco.
- Verify the engine code. Make sure the "S" or "R" in the VIN matches the physical engine in the car. A "period-correct" engine is okay, but a "numbers-matching" engine is where the value lies.
Owning a GT500 is a responsibility. You aren't just a driver; you're a caretaker for a piece of 1960s Americana that will likely outlast us all if we keep the oil changed and the rust at bay.