Shelby GT500 (1967)Sicnag, CC BY 2.0, via Wikimedia Commons

Shelby GT500 428 Cobra Jet

1967 — USA

Muscle Era (1960-1974)Muscle CarAmericanV8 EngineMovie / TV FamousInvestment GradeNaturally Aspirated LegendsAmerican MuscleSwinging Sixties
Engine7,014 cc V8 OHV (Ford 428 Cobra Jet)
Power335 hp
Torque440 lb-ft
Transmission4-speed manual (Toploader)
DrivetrainRWD
Body StyleCoupe
Weight3,400 lbs
0–60 mph5.5 sec
Top Speed135 mph
Production2,048 units
Original MSRP$4,317
BrakesDisc / Drum
SuspensionIndependent, A-arms, coil springs, adjustable shocks, heavy-duty anti-roll bar / Live axle, leaf springs, traction bars

Shelby GT500 428 Cobra Jet

When Carroll Shelby introduced the GT500 for 1967, it was a completely different animal from the GT350. Where the GT350 was a precision instrument — light, nimble, race-bred — the GT500 was a hammer. Its massive 428 cubic inch Police Interceptor V8 (428 PI, then 428 Cobra Jet from 1968) delivered devastating torque and straight-line performance that could humble anything on the street.

The 1967 GT500 used the 428 PI engine rated at 355 hp with dual Holley 600 CFM carburetors. It was a more refined car than the GT350 — softer suspension, power steering, air conditioning available — reflecting a shift from pure racing homologation to street-oriented grand touring.

The 1968 model brought the legendary 428 Cobra Jet engine (335 hp, massively underrated) and the KR designation — 'King of the Road.' The GT500KR was Ford's response to the Corvette 427 and Hemi cars, and it could run the quarter mile in the low 13-second range despite its conservative horsepower rating.

The 1969-70 GT500 received the SportsRoof body (also used on the Boss 302 and Boss 429 Mustangs), with three NACA-style hood scoops, sequential tail lights, and a more aggressive stance. These are the longest and widest Shelby Mustangs, and while purists sometimes prefer the lighter 1965-66 cars, the 1969 GT500 has become one of the most recognizable muscle cars in the world — largely thanks to the movie 'Gone in 60 Seconds' (2000), where a 1967 GT500 nicknamed 'Eleanor' became a star.

The Shelby GT500 represented the pinnacle of what the American muscle car could be in the late 1960s. It combined Carroll Shelby's racing credibility with Ford's big-block brutality and the Mustang's iconic styling into a package that remains one of the most desirable American cars ever produced.

$80,000 – $300,000

Shelby GT500s are heavily counterfeited and tributed. Every car should be verified against the Shelby American World Registry. The 1967 model had twin Holley 600 CFM carburetors (not a single 4-barrel like later models). The 1968 KR has the Cobra Jet engine with larger port heads. Check the Shelby serial number plate, Shelby VIN, and Ford body tag for consistency. The 1969 GT500 'Eleanor' movie association has inflated prices. Convertibles are always worth more than fastbacks. Standard Mustang rust areas apply — check torque boxes, floor pans, and cowl.

1967: 2,048 GT500s. 1968 GT500KR: 1,570 (including 318 convertibles). 1969 GT500: 3,150. 1970 GT500: approximately 789 (leftover 1969s relabeled). The 1968 KR convertible is one of the most valuable Shelby Mustangs. Production shifted from Shelby American in LA to A.O. Smith in Ionia, Michigan for 1968.