The Ford Mustang Shelby GT500 is a high-performance version of Ford’s celebrated Mustang. While the Mustang was always intended as an affordable and accessible car, the namesake shop owned by famed tuner and customizer Carroll Shelby has crafted several Shelby Mustangs over the years. The GT350 and the GT500 are the two most well-known models bearing Shelby’s name, and the latter adds even more flair. Look for special touches such as distinctive racing stripes, special steering wheel designs and badging, and in early models, Ford’s famed Cobra Jet engine with turbo power.
The first Shelby Mustang GT500 was built in 1967. There have been four distinct generations, often with a hiatus of several years between them (and between the first and second generations, nearly 40 years elapsed). While there are many more versions of the conventional Mustang, only some got the Shelby treatment, and not all of those were GT500s.
Regardless of generation, from the 1960s right up until 2022, the Shelby GT500 is a collectable version of the otherwise humble Ford Mustang muscle car with exclusive styling and performance upgrades. Keep in mind that, while early models were built by Shelby American, later versions were built in-house by Ford. Related models for consumers interested in race cars associated with Ford Racing include the Shelby GT350R, the Mustang GT, and the Shelby GT500KR.
Ford Mustang Shelby GT500 Buying Guide: Cost, Reliability, and the Best Years to Buy
- Frequently Asked Questions
- Ford Mustang Shelby GT500 Pros and Cons
- Ford Mustang Shelby GT500 Generations
- Fourth Generation (2020-2022)
- Third Generation (2010-2014)
- Second Generation (2007-2009)
- First Generation (1967-1970)
Frequently Asked Questions
Which Ford Mustang Shelby GT500 years are the best?
That depends. Models from the 1960s are the most sought after by collectors, while later versions are much more powerful. It’s worth keeping in mind that all Shelby GT500s are expensive to own, both in terms of repairs and regular maintenance, while fuel economy is far from class leading.
What are the worst Ford Mustang Shelby GT500 years?
There aren’t exactly any bad years, but if you’re shopping for a GT500 from the 2010-2014 generation, Ford significantly increased power output midway through that cycle. Look for a 2013 or 2014 version, since those boast 662 horsepower compared to the earlier 550 hp rating, along with a claimed top speed of over 300 km/h. Keep in mind, too, that second- and third-generation models may suffer from premature clutch wear and shifting difficulties, although they can be remedied with aftermarket replacement parts. These generations also may experience wheel hop during hard acceleration, especially on a racetrack, which can be fixed with suspension upgrades.
Is a used Ford Mustang Shelby GT500 a good deal?
If you shop carefully, a used Ford Mustang Shelby GT500 can be a good deal. But as with any collectable car, be wary of any example with a price that seems too good to be true.
Ford Mustang Shelby GT500 Pros and Cons
Pros:
- Big variety of styles across generations
- Great performance
- Available in coupe and convertible body styles
Cons:
- Expensive to buy
- Expensive to own
- Early models aren’t particularly powerful
Ford Mustang Shelby GT500 Generations
Fourth Generation (2020-2022)
The fourth-generation Ford Mustang Shelby GT500, available only from the 2020 to 2022 model years, was revealed in Detroit in 2019. It was designed from the outset to be sold exclusively in North America and the Middle East because it didn’t meet European regulations, but it was later also sold in the Philippines. It was assembled at Ford’s Flat Rock Assembly Plant in Michigan with some work carried out at Shelby American in Enterprise, Nevada. This generation was sold exclusively as a coupe.
The powertrain pairs a hand-built 5.2-litre V8 engine, known as the Predator, with a supercharger and a seven-speed Tremec dual-clutch automatic transmission (DCT). This marks a departure from the GT500’s traditional manual transmission. Most versions of this GT500 put 760 horsepower and 625 lb-ft of torque to the rear wheels.
The GT500 was available with a Carbon Fibre Track Pack with upgraded tires and carbon fibre trim. Other variations included a Signature Edition, which increased horsepower to 800, a GT500KR, and a GT500 Code Red, capable of 1,000 horsepower thanks to twin turbochargers.
The aforementioned dual-clutch automatic transmission had some issues such as surging, rough shifts, and outright premature failure. The engine could leak oil, the timing chain tensioner could fail, and a recall was issued shortly after the vehicle went on sale to correct problems with the brake fluid warning indicator.
Those in search of a Ford Mustang Shelby GT500 may find the fourth generation the most abundant, even though it was only available for three model years. It’s also the most expensive generation. Most Shelby GT500s have been kept as collector cars and are in excellent condition with very low odometer readings, so expect prices ranging from $120,000 to $170,000, depending on the configuration.
Third Generation (2010-2014)
With a new generation Ford Mustang came a new Shelby GT350 and Ford Shelby GT500, with coupe and drop-top versions available with both. If straight-line speed is a priority, then bear in mind that the third-generation GT350 is actually quicker from 0-100 km/h—by about half a second—than the equivalent GT500. Though Shelby Mustangs were available in 2015 and 2016, they weren’t GT500s, and the name went on hiatus until the 2020 model was launched.
The Shelby GT500 of this generation featured a unique front and rear end, including a functional Gurney flap on the rear spoiler to improve downforce, as well as an aerodynamic grille and a splitter. The front and rear seats could be trimmed to match the exterior racing stripes.
Like the second-generation Shelby GT500, the third generation was powered by a Ford Motor Company 5.4-litre supercharged V8 engine with an aluminum block. However, it was more powerful in this iteration with 540 hp and 510 lb-ft of torque. All versions featured rear-wheel drive (RWD) and a six-speed manual transmission as standard. Other upgrades included performance exhaust, suspension, and braking systems.
For 2013 and 2014, power was increased to 662 hp and 631 lb-ft courtesy of a new intercooling system and added twin fuel pumps, bigger Brembo brakes, and a heavy-duty transmission.
The trim lineup was straightforward, and there was an available SVT Performance Package with 19-inch forged aluminum wheels, Goodyear Eagle F1 SuperCar G2 tires, and an optional glass roof. For 2011 and 2012, a high-performance GT500 Super Snake model was introduced with exclusive anthracite wheels and an upgraded supercharger, which increased specs to 660 hp and 590 lb-ft. A limited-edition GT500 Super Snake, available in 2012, boosted output to 750 hp or to an optional 800 hp. A production run of 50 examples of 50th Anniversary Super Snakes were built to celebrate Shelby American’s 50th anniversary.
Problems across the third- and second-generation versions of the Mustang Shelby GT500 were similar, which makes sense because these are the only two that were sold consecutively across the Shelby GT500’s four generations. These issues include wheel hop—the result of driving too aggressively on suspension that wasn’t quite up to the task. But since these cars have almost certainly had suspension repairs or upgrades, this issue may have been resolved. Also, the original clutch and transmission components were prone to premature wear and may suffer from hard shifts if they haven’t been upgraded. Be sure to inquire about these upgrades in any unit you’re considering.
In Canada, third-generation Shelby GT500s start at roughly $50,000 for earlier units and climbing as high as $165,000 for Super Snakes and other rare or heavily modified examples.
Second Generation (2007-2009)
The second-generation GT500 was built in Flat Rock, Michigan, in a Ford production plant. The regular Mustang was modified with a hood scoop, cold air induction, a Ford Performance suspension system, a performance exhaust system, and Shelby badging and door sill plates. It was available in signature colours such as Grabber Orange and Vista Blue, the latter being available in both coupe and convertible body styles.
It features a 5.4-litre supercharged V8 engine rated for 500 hp and 480 lb-ft of torque. All versions were rear-wheel drive (AWD) and had a six-speed manual transmission as standard.
Special editions included a Southern California version and an edition made specifically for the Barrett-Jackson auction house, but the lineup was otherwise simple, without distinctive trim levels.
The second-generation Shelby GT500 isn’t flawless, but most common problems can easily be remedied. The clutch and transmission can be literal sticking points due to stiff shifts and premature clutch wear caused by hard driving or adding too much power with engine modifications. The original suspension system was also noted for wheel hop under hard acceleration, but this can be fixed with aftermarket parts. Be sure to ask for details of any repairs and upgrades in a vehicle you’re considering.
Prices for the second-generation Ford Mustang Shelby GT500 in Canada typically start at just over $40,000 for high-kilometre stock units and can reach $150,000 for heavily modified or special edition examples.
First Generation (1967-1970)
Though the Shelby GT name appeared in the mid-1960s with the Mustang GT350, the first GT500 didn’t appear until 1967. This generation was built by Shelby American with fastback Mustang bodies shipped from Michigan to Shelby’s facility in Los Angeles. A convertible was slated to join the fastback, but financial, supply, and production problems cancelled these plans. Just six months or so after GT500 production began at Shelby, production moved to Michigan with the help of a small number of Shelby staff who relocated. This generation wrapped up with the 1970 model year, although the 1970 models were actually 1969 versions with updated VINs and some minor cosmetic changes. As with the GT350, the original GT500 often had distinctive Le Mans stripes running along its centre.
The 1967 Shelby GT500 and related 1968 Cobra GT500 featured a Police Interceptor 428 cubic-inch/7.0-litre V8 engine with an aluminum mid-rise intake and Holley carburetors, rated for 355 hp and 420 lb-ft. In spring 1968, the GT500KR (King of the Road) was fitted with an updated version of that engine, good for an official 335 hp and 440 lb-ft, though some owners suspected there was actually much more power on tap. Engines carried over for 1969 and 1970, and transmissions included a three-speed automatic or four-speed manual.
There are no widespread problems reported for early Shelby GT500s, though it may prove difficult to replace or repair the custom fibreglass body panels.
At the time of writing, there were no first-generation Shelby Mustang GT500s for sale via CarGurus used car listings, nor enough sales data to provide pricing insights. As always with collector cars, shop carefully.
