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History of the GT500 | Shelby GT500 Guide

Posted on 2022-09-13

History of the GT500

An iconic car built by one of the all-time greats of American racing history, the GT500 is a car famous for its power and boundary-pushing build. Taking the best components and vehicles he could get, Carroll Shelby made superior use of these technologies and developed an actual racecar for the street. The success of Shelby cars has made the originals highly sought-after collectibles, and Mustang-lovers everywhere know that a Shelby Mustang is the standard to beat.

From its famous first generation in the 1960s to its reinvention in the 2000s and 2010s, the GT500 has marked its place in history forever. Learn more about the history of the GT500 Shelby Mustang and discover its powerful origins with this article.

Automotive Legend Carroll Shelby

Born in 1923, Carroll Shelby was a legendary racing driver and automotive designer. His racing career was turned into the 2019 film "Ford v. Ferrari," which highlighted his famous work on the Ford GT40 with driver and mechanic Ken Miles. Shelby had a popular racing career in the 1950s and won the 1959 24 Hours of Le Mans, the highlight of his career.

In 1960, Shelby retired from racing for health reasons, choosing to work on teaching drivers and vehicle enhancements. In 1962, he started his shop Shelby-American, which customized and enhanced vehicles for higher performance. Shelby created his first Cobra car in 1962 from an AC Cars body, a Borg-Warner T-10 transmission and a Ford "Windsor" V8 engine. The Cobra's coupe and roadster models would win the 1965 International Championship for GT Manufacturers — making Shelby the first American ever to win. Shelby-American eventually expanded into a global operation and still develops new cars today.

Shelby transformed American sports cars. His combined love of racing and devotion to pushing the envelope meant Shelby cars were high-quality, distinct and unbeatable. Shelby died in 2012, but his legacy lives on through the company's commitment to quality, high-performance vehicles.

Origin of the Shelby Mustang

Shelby began racing the new Cobra car and working with Ford on several racing cars. Eventually, Shelby and Ford started developing plans for a new vehicle based on Ford's new Mustang — the GT350. This was the very first Shelby Mustang. Ford wanted a sports car that could work for competition and everyday use, leading to two versions of this car: the GT350 and the GT350R. The GT350R was designed as a racing vehicle, while the GT350 was more for recreational use.

After designing the GT350, Shelby installed a Ford 428 V8 engine in the Mustang, which he called the GT500. Shelby was looking for a more powerful, enhanced version of the GT350 and succeeded with this new vehicle. With the birth of the GT500, Shelby developed an iconic car that is still sought after today.

First Generation

The first GT500s are still fan-favorite cars. The GT500 debuted in 1967 with only 2,048 GT500s produced that year, making them highly sought-after vehicles. The limited runs of these first-generation cars make them iconic pieces of American car history and desirable pieces for any serious car collector. Shelby Mustangs took the already popular Mustang design to a new level — elevating the speed and power of the new sports car.

1967

The first GT500 was made in 1967. Based on the 1967 Mustang, it had a 428-cubic inch, 7.0L V8 engine with 420 pound-feet of torque and 355 horsepower. It could go 0 to 60 mph in 6.5 seconds and run a 15-second flat quarter-mile at 95 mph. The engine had a cast aluminum intake manifold, and the vehicle also featured two 600-cfm Holley carburetors. Only one convertible model was made due to problems with finances, production and supply.

Additionally, the GT500 had a roll bar installed for safety. There were front-disk brakes, Gabriel shock absorbers and stiffer front springs added to the stock suspension to improve performance.

1968

The 1968 model was rebranded as the Cobra GT500KR. Despite the serious upgrades given to the Mustang with the first GT500, Shelby took the next car even further. Named "KR" or "King of the Road," the GT500KR was even faster than the original model. The new 438 CID Cobra Jet V8 engine had one 735-cfm Holley four-barrel carburetor with a ram air system. This version of the GT500 had an upgraded crankshaft and camshaft, along with reworked connecting rods and cylinder heads.

The car was officially rated at 355 horsepower, but this was considered an under-represented spec. The vehicle was actually putting down closer to 400 horsepower and 440 pound-feet of torque. It went from 0 to 60 mph in 5.5 seconds — this was a powerful car that elevated the already impressive GT500.

1969

With Shelby wanting to focus on personal projects, 1969 was the last year for the first generation of GT500s. For this GT500, Ford took over most of the design and development. They redesigned the car's look, extending the body and dropping the "KR" from the name. The engine was the same as the 1967 version — a 428 V8. It went from 0 to 60 mph in 6.0 seconds, even faster than the original 1967 GT500 and coming close to the 1968 KR.

In the summer of 1969, Shelby ended his agreement with Ford. No 1970 GT500 models were produced — instead, unsold 1969 GT500s were given new vehicle identification numbers, two black hood stripes and a front chin spoiler. The carburetor was also modified.

This model was the last of the GT500s for many years. With the end of the Shelby-Ford agreement, the GT500 would have no new updates until the 2000s.

Second Generation

Thanks to public demand, Ford revived their partnership with Shelby. In 2005, they announced the development of a new GT500 Shelby Mustang. After 30 years of no new GT500 cars, the first second-generation GT500 was on its way. This generation updated the look of the GT500 to match the current Mustang and added a revived GT350 and a new Shelby GT.

2007-2009

The newest iteration of the GT500 was large and powerful — built from the new S197 Mustang with upgraded suspension, interior and exterior for a completely-overhauled GT500. This car had a supercharged 5.4L engine with 500 horsepower and 480 pound-feet of torque. The GT500 had new color options, convertible and coupe styles and better specs. Buyers of the GT500 could get the car with a throwback exterior design — the iconic white with two blue stripes.

In 2008, a new GT500KR was released as well. This tribute car had a 5.4L V8 and could put down 540 horsepower. The engine also featured calibration and a cold air intake. Along with its superior engine, the KR had carbon fiber mirror caps, a carbon fiber splitter, functional scoops and vents, a carbon fiber composite hood, brake cooling ducts and hood pins.

2010-2012

The 2010 GT500 was another advancement in GT500 history. It was rated at 540 horsepower with 510 pound-feet of torque and had a 5.4L supercharged V8 engine.

With the arrival of the 2011 version, the GT500 was now 100 pounds lighter than the previous model with an aluminum block engine instead of a heavier, cast iron engine. The 2011 model also got an upgrade, putting down 550 horsepower with 510 pound-feet of torque. Additionally, these GT500s had Electric Power-Assist Steering and a dropped stance for a more powerful driving experience.

2013-2014

The last of the second generation GT500s featured more upgrades to the vehicle. It had a new engine, a 5.8L "Trinity" supercharged 32-valve V8 that was extremely popular with fans. With 662 horsepower, 631 pound-feet of torque and a top speed of 200 mph, this car was a beast. The Tremec 6060 6-speed transmission helped the vehicle achieve its horsepower and torque with ease on the road, and it was capable of going from 0 to 60 mph in 3.5 seconds.

Newest Generation

After a few years' hiatus, the Ford motor company officially unveiled its plans for the newest generation of the GT500. This line of GT500s was even bigger, faster and better than anything that came before. With boundary-pushing horsepower and barely street-legal speed, these Mustangs are all muscle.

2020

The supercharged engine of the 2020 GT500 is a hand-built, aluminum-alloy, 5.2L V8 engine nicknamed "Predator." The 2020 model produces 760 horsepower and 635 pound-feet of torque. It has a seven-speed Tremec dual-clutch transmission and is considered the most powerful Mustang Ford has ever built.

While the 2020 GT500 isn't the last version of this car, the original Shelby Mustang, the GT350, was officially discontinued as of 2020. Ford produced commemorative signature GT350 and GT350R editions in honor of 55 years of GT350s then officially retired the line.

Super Snakes

Throughout the history of the Shelby Mustangs, the Shelby company has produced suped-up versions. The Super Snakes are enhanced GT500s, with even more modifications and boosted performance features that increase the power and speed of the car. Getting a Super Snake today means buying a GT500 and taking it to Shelby for an upgrade that costs several thousand dollars. The Super Snakes are for car enthusiasts who like to push things further.

FAQs

The GT500 has a long and famous history — you might still have some questions. Here are a few of the most popular questions about GT500s and their answers.

Why Is it Called a GT500?

There are lots of fun stories about why the GT500 has its name. The "GT" for Mustangs stands for "Grand Tourer" or "Gran Turismo," but what about the numbers? According to Mustang brand manager Jim Owens, the original GT350 was named for the number of steps from the Los Angeles property line to the corner of the Shelby building. They rounded the 347 steps to 350 to get the GT350.

After naming the GT350 and putting together the car that would become the GT500, Carroll Shelby wanted a bigger name. Since the GT500 would be more powerful than the GT350, he gave it a higher, more powerful-sounding number. Shelby wanted the car to make the name rather than the other way around.

How Much Does a GT500 Cost?

A 2020 GT500 had a base price of almost $74,000. Getting a brand new GT500 today is nearly $80,000, while the 2022 Super Snake from Shelby is a cool $140,000. Getting the Super Snake means taking the car from 760 horsepower to 825 horsepower and enjoying the enhanced performance quality now associated with the Shelby brand.

How Much Is a 1967 GT500 Worth?

If you want to get your hands on one of the first GT500s ever made, you'll need over $200,000. In 2021, a 1967 GT500 Fastback sold for $231,000. Super Snakes will go for even more. In 2019, a 1967 Super Snake sold at auction for $2.2 million. This sale made that Super Snake officially the most expensive Ford Mustang ever sold.

Which Shelby Mustang Is the Best?

The actual best Shelby Mustang comes down to personal preference. In terms of significance, the 1965 Shelby GT350 probably holds the top spot. It changed street sports cars and elevated performance vehicles beyond the racetrack. This vehicle was essentially a street-legal racecar, bringing the speed and thrill of the track wherever the driver went.

The 2013 GT500 is probably the best Shelby Mustang in terms of performance and power. Hitting a flat quarter mile in just 11.6 seconds with a top speed of 125.7 mph, this car is a powerhouse. It can go 0 to 60 mph in a mere 3.5 seconds, and its 662 horsepower made it a supercharged beast on the street.

What's the Rarest Ford Mustang?

While Shelby produced several limited Mustang lines during the 1960s, the rarest Ford Mustang is the 1967 Shelby GT500 convertible. Due to delays and production problems, Shelby only ever made one of these cars. The Volo Museum bought the 1967 convertible in 2001, where Brain Grams began restoration work on the car. In 2009, Samantha and Brian Styles acquired the rare vehicle, incorporating it into their collection and working to restore it to its original look.

Find Your GT500 at Volo Museum

The GT500 and the rest of the Shelby Mustang lineup are renowned for their history and incredible performance. As a certified Shelby dealer, we have authentic Shelby cars available for anyone looking to own a piece of legendary American car history. For more modern can fans, we also carry second-generation GT500s — experience power and handling like no other with one of these supercharged vehicles.

At Volo Museum, we take time to inspect and fine-tune every car in our inventory. Our on-site mechanics are experts at caring for vintage and modern cars. We give every vehicle in our collection the best work and attention to ensure they're well-maintained throughout their stay. If you find a car you love, we'll let you take it for a test drive, and we'll work with you after purchase to ensure you're getting the support needed for enjoying a one-of-a-kind car.

Whether you're looking for the perfect vintage cruising vehicle or want a serious speed racer for the road, check out our inventory and find your dream car today