Assembled 10 days ahead of schedule on February 21, 1969, this 1969 Shelby GT500 left the factory finished as it is today, in Acapulco Blue over black trim with Clarion Knit and Corinthian vinyl Hi-Back seats. The car was further equipped with an automatic transmission, air conditioning, sport-deck rear seat, tilt-away steering wheel, AM/FM radio and tinted glass.
Upon delivery to Gerber-Payne Ford of Fremont, MI, on March 4, 1969, the car was retained as a dealer demonstrator, where it accumulated just under 7,000 miles before being sold to its first owner later that year. While its first owner’s identity has been lost to history, this GT500’s lineage picks up again with Jack Owne of Wisconsin in the 1980s before reportedly passing to his relative, Robin Thede of Toronto, ON, before the end of the decade. Thede never used the car, instead storing it indoors until 2007, when it was acquired by the AutoDream Group of Niagara Falls, ON.
AutoDream promptly launched a 12-month rotisserie restoration, which began by stripping the car to bare metal. Owing to its decades of indoor storage, the body reportedly needed minimal repair before receiving a refinish in its factory Acapulco Blue with white stripes. Accompanying photographs document both the restoration process and the car’s exceptional level of preservation pre-restoration. During the restoration, the car was confirmed to retain its numbers-matching 428-ci Cobra Jet engine. A Deluxe Marti Report, partial factory build sheet, and copies of the car’s Shelby GT500 Individual Order form and Shelby Automotive Dealer Invoice accompany the sale, as do a bevy of recent service records.
(Introductory description courtesy of RM Sotheby’s.)
SCM Analysis
Detailing
| Vehicle: | 1969 Shelby GT500 Fastback |
| Years Produced: | 1969–70 |
| Number Produced: | 1,534 (1969–70 GT500 fastback) |
| SCM Valuation: | $90,000–$140,000 |
| Chassis Number Location: | Tag under windshield |
| Engine Number Location: | Front-right cylinder bank |
| Club Info: | Shelby American Automobile Club |
| Website: | http://www.saac.com |
| Alternatives: | 1970 Chevrolet Chevelle SS 454 LS6, 1970 Dodge Challenger RT 440, 1969 Pontiac GTO Judge |
| Investment Grade: | B |
This car, Lot 364, sold for $145,600, including buyer’s premium, at RM Sotheby’s Toronto, ON, CAN, auction on June 1, 2024.
Next year will mark the 60th anniversary of Shelby Mustangs. Although Ford didn’t need any help to improve Mustang sales, it wanted to cultivate a performance record to further burnish its “Total Performance” image. Ford’s 289-ci V8 engines were reworked to produce 306 hp, and the Shelby crew used its race experience to tune the suspension, brakes and exhaust. These Mustangs lost their back seats, gained fiberglass hoods and were a hit in SCCA competition.
Today, the 521 1965 GT350s top out at $525,000 in the SCM Pocket Price Guide. The more-numerous, slightly softer and more luxurious 1966s are worth roughly half as much. These cars sit atop the Mustang family tree and are among the most iconic post-war American cars.
The 1967 model year brought a two-inch longer body, but more importantly, a larger engine bay with room for a big-block engine. So, the 289-powered GT350 was joined by the GT500, which packed a 360-hp, 428-ci V8. Production hit 3,225 Shelby Mustangs, more than double 1966 production.
Therein lies the problem; Shelby was about to become the victim of its own success. The company lost the lease on its Los Angeles airport factory and Ford wanted Shelby models to be as standardized as possible. The solution was to subcontract the building of the 1968 cars to A.O. Smith in Ionia, MI. The 4,451 ’68s produced were powerful and stylish, but were drifting away from the street-legal race cars of 1965.
Shelby by Ford
The third iteration of the Shelby Mustang came in 1969. It was pretty much a Shelby in name only, being designed by Ford and produced by A.O. Smith. Six inches longer than the original (though retaining the original 108-inch wheelbase) and 600 pounds heavier, the Mustang had become a very different car after five years. Following buyers’ tastes, the new Shelbys were luxury cars with a performance edge.
The GT350 was powered by the new 351-ci, 290-hp “Windsor” V8, while the GT500 had the 428-ci Cobra Jet rated at 335 hp. Mechanically, the engines were basically dressed stock units, while the suspension and brakes were little changed from Ford’s optional heavy-duty package.
The new body featured 21 fiberglass panels, including the front fenders, trunk lid with integrated spoiler, and hood — which featured no less than five NACA vents. The Mustang Deluxe interior was upgraded with toggle switches for the driving lights, and gauges at the base of the console. Both convertibles and coupes had roll bars. Appearance items aside, Shelbys didn’t offer the enthusiast driver anything he couldn’t get on a lesser Mustang at lower cost.
Production fell to 3,153 in ’69. Sales were so bad that 789 unsold cars received new VIN numbers (under the supervision of the FBI), plastic chin spoilers and hood stripes and were sold as 1970 models. Shelby ended his agreement with Ford in the summer of ’69, bringing an end to the classic Shelby Mustang.
An older restoration
Our subject 1969 GT500 received a comprehensive restoration some 17 years ago. In 2012, we saw it fail to sell at a Toronto collector car auction with a high bid of $110k (SCM# 214064). That’s about $150k in 2024 dollars, by the way.
At that time it had 60,747 miles showing; the odometer currently reads 61,385. This would seem to indicate that the odometer was not reset.
Its Acapulco Blue paint and decals still present well and the body has excellent panel gaps, though it appears the hood may have a slight bow. That’s often seen on Shelbys and much less of an issue on this car than others I’ve seen. The right side of the trunk spoiler seems to fit high, but again, likely no worse than when it was new.
The limited stainless and chrome trim has no signs of wear or pitting. The upper hood chrome trim may be a bit subdued, and the twin rectangle exhaust tips show some residue. The wheels are factory correct and undamaged. They’re fitted with correct Goodyear Polyglas GT tires, which still have their molding nibs. The interior looks unused and stock, with no creasing to the driver’s seat, though the door sill has minor wear. The engine bay is spotless and stock.
Slightly well sold
The SCM Pocket Price Guide gives a high value of $140k for a 1969–70 GT500 fastback with a 10%–20% deduction for automatics. At first glance, this example looks to be slightly well sold considering the age of its restoration. However, recent comps show that the $150k neighborhood may be the new base for good cars — or perhaps the current market softness has yet to hit Shelbys. Also, the longtime gap between the ’68s and ’69–70s is closing.
Simply put, buyers want their Shelby Mustangs with pure blood. A ’67 Shelby-built GT500 fastback is valued at $155k–$290k, versus $90k–$160k for an A.O. Smith-built ’68, despite the ’67 having roughly twice the later car’s production figures. The price guide also gives the California-built cars an “A” investment rating, while the later cars get a “B.”
Despite our subject’s reputation as a “Fat Elvis”-era Shelby, I think that’s harsh. I give these cars credit for great looks, and a 428 Cobra Jet is nothing to sneeze at. Remember, within a year of this GT500’s production, the performance party was pretty much over, with domestic automakers making the transition to focus more on luxury. With that in mind, let’s be charitable and say the ’69–70s were just ahead of their time. ♦
