1963 Shelby Cobra 289

This car, Lot 240, sold for $803,000, including buyer’s premium, at RM Sotheby’s auction in Monterey, CA, on August 19, 2017.

So much has been written about the Shelby Cobra. It would simply be an exercise in mind-to-hand dexterity to key in additional details about a car that has been dissected more thoroughly than the Eagles’ “Hotel California” album.

In short, Carroll Shelby, along with his highly skilled team, pulled off a corporate and marketing feat that will likely never happen again.

Today, the Shelby Cobra remains the most-duplicated, re-created, knocked-off car in the world. It’s also instantly identified, sought after and envied. It’s the elusive dream of every car hunter out there to find the proverbial lost Cobra in the barn.

It’s pretty amazing to see how much one no-compromises car — that actually made it to production — has affected so many people around the world.

By the books

Cobras get broken down into various categories — and even more minutiae — if one wishes to separate the run of cars from each other. Early cars, late cars, 260s, 289s, 427s, leaf spring, coil springs, worm-and-sector or rack-and-pinion steering — and so on. It can be really confusing. Grab a used copy of the Illustrated Shelby Buyer’s Guide by Jay Lamm and Nick Nicaise if you want a primer on the subject. This book will set you back about 10 bucks on Amazon, but it will cover the basics of what makes these cars tick.

Chevrolet’s missed opportunity

Chet McFallo bought chassis CSX2075 new at Francis Ford in Portland, OR. He owned a well-known machine and high-performance engine shop in the area. He paid $6,600 for the car.

The story gets better. Had it not been for the fumblings of the local Chevrolet dealer, McFallo would have ended up with a new 1963 Corvette coupe.

While McFallo was very fond of the Ford brand, he was also the president of the local Corvette Club. So when the new 1963 Split- Window coupe became available, McFallo quickly hustled down to the Chevrolet dealer and placed an order for a weapons-grade Corvette.

Problem was, he wanted one with a special order Z11 427 in it. Or at the minimum, a 409.

The Chevrolet dealer took his deposit and said they could get it done through a COPO order (Central Office Production Order). This would skirt the factory build specs, and his “one-off” Corvette was officially on order. After waiting several weeks for his very special Corvette to come in, McFallo became disgruntled at the lack of progress and asked for his deposit back.

Too bad for GM and Chevrolet — but hooray for Carroll Shelby and Ford.

After GM dropped the ball, McFallo, now ever more determined to purchase the most bang for his buck, waltzed down to Francis Ford and laid eyes on two 1963 Cobras sitting on the showroom floor. One was in red, one was in black. He test drove the red one home to show it to his wife — and returned the next day to plop down the cash for CSX2075 in black.

CSX2075 gets a makeover

Chet McFallo was never content with the out-of-the-box performance of a factory-built car (even a Shelby). He had modified and built engines for plenty of racers — even NASCAR teams — so he decided to rework CSX2075 to perform on some of the area tracks.

First he took CSX2075 street racing, but he soon decided that drag racing was a better idea. He reworked the 289-ci engine to exacting specifications, swapped out the headers, which required modifying the footwell, upgraded the traction control and threw a set of drag tires out back on lightweight magnesium wheels.

Over time, CSX2075 evolved into a sinister Dragonsnake build in search of an ever-faster time.

Feared on the track

The McFallo racing team became feared on the track. While Chet toasted the original Ford 289, other, more-potent engines followed. The car was raced extensively throughout the Pacific Northwest — even in Canada — and quickly became notorious for setting very quick times and dominating. Vintage photos of the Shelby in drag-racing attire show some of the various builds and modifications over time, which is very cool and a great addition to showcase the history of the machine.

The first 289 Cobra — maybe

By the books, CSX2075 is the first 289-equipped Cobra. Sources in the Cobra brand and history confirm this. However, Mr. Carroll Shelby himself disagreed — at least technically.

While CSX2075 was slated to be the first 289 Cobra by the production order, the first customer to actually get a 289 Cobra got CSX2044. It was a custom order that was changed from a 260 to a 289 as soon as the client caught wind of the upcoming engine upgrade.

We could split hairs here and argue about this for hours — which would be fine by me, as long as all this involves a few dry gin martinis with freshly stuffed bleu-cheese olives.

Owned by Carroll Shelby himself

After Mr. McFallo’s ownership, CSX2075 was passed around a few times. Over time, it was transformed from the independent Dragonsnake back into the car you see today. In short, it morphed from a radical drag car to a more usable street example.

Overall, CSX2075 was never fully restored (and never should be). It remains largely original, at least by the body, interior and chassis, and it retains much of its original Shelby DNA.

CSX2075 quickly traded hands through a few dealers and was sold to Carroll Shelby. Shelby did not own the car very long, and he sold it to the consignor at Monterey.

Cool Cobra

CSX2075 is utterly cool. It carries an authentic patina that you simply cannot replicate.

While there are original Cobras out there that are downright scary, a few seem to be just right. These just-right Cobras carry paint that looks perfectly worn, seats that replicate a superbly worn catcher’s mitt, gauges that have yellowed to perfection and so on. It’s definitely a case of beauty in the eyes of the beholder.

For me, this Cobra has the right look, stance and airtight history. It never tried to be anything more than what it is — just a great old driver.

The verdict

At the same RM Sotheby’s Monterey sale, another Cobra, CSX2344, sold for $1,100,000 all-in.

This was an on-the-button, original car with 16,000 miles from new. Everything was documented, and the car shows signs of age, wear and use. It was highly original throughout, including the engine and transmission. It is a totally unmolested example with single-family ownership from new. It’s a perfect valuation benchmark car for us to stack up against CSX2075.

By the math, an additional $300,000 bought you a better Cobra than CSX2075. That car, CSX2344, will probably be more coveted over time.

However, if you wanted a more usable car, you might gravitate to our subject CSX2075. You really can’t do anything to the car that hasn’t already been done (short of putting it into a telephone pole). It’s been modified and altered from stock — but not overly so. The miles you put on it will never deteriorate the value — nor will the next stone chip. It’s a very usable example — and by my standards, a great car to own.

I can’t simply call the car well bought because it sold for under RM Sotheby’s estimate ($850,000 to $950,000). Auction houses place estimates on cars based on discussions with the seller and on their results databases.

Using the ACC Pocket Price Guide, a worm-and-sector 289 Cobra has a median value of $900,000. Naturally, $900k might buy you a better example, one that’s been restored and beautified, but placing a value on the “cool” factor and history of this car is something entirely different — especially one that was owned by Carroll Shelby.

By the condition alone, well sold. By the unrepeatable history and perfect patina, fairly bought.

(Introductory description courtesy of RM Sotheby’s.)