Found 68GT500KR need help

[RickN427]

This is my first post here so go easy on me. After flowing up on a lead I stumbled across a 68 Shelby GT500KR over the holidays in my travels and need a little help and advice. I will give a description with the hopes that some of the more knowledgeable Shelby people can tell me what it may be worth. I have my thoughts but am just not up on these enough to know for sure and would like to make an educated decision before I pull the trigger. I was able to convince the seller to let it go but as of right now the seller and I are a LONG ways off on value. He has owned the car for 37 years.

It is a 63B 2+2 Fastback with luxury black interior.
Color is M or White
Trim is 5AA
Build date is mid year 1968
Axle is H for 3.50 Traction loc
Trans is 5 or Toploader 4 speed

The car is completely disassembled, needs quarters, doors, fenders, firewall repair at the pinch welds, outer wheel houses and some floor pan work. Torque boxes are iffy and I was really not able to get underneath the car to see how bad it was but will consider it to be like the topside of the car. For reasons unknown, the rear side marker reflectors were bondo'd closed. The Shelby VIN plate is intact and in good shape and still attached to the fender apron though the drivers side apron has been replaced so this is laying loose. On the bottom side of that apron I can make out the VIN and it matches the car.

The engine (short block) is not original and is a 66 428 A scratch mark and not the original 428CJ C scratch mark that would have come in the car. It has a complete running (as of 8 years ago) engine minus the smog. The Holley carb is correct but is a 1976 over the counter unit with all the correct Ford numbers but the date is incorrect. Intake is the correct C80OE-9428-C cast iron unit.

The transmission is original as I believe is the rear diff. It also for some odd reason has the 67 Shelby wheels on it and not the correct 68 wheels.

The original Lucas running lights are with the car.

This car will need a COMPLETE nut and bolt restoration with much of the sheet metal needing to be replaced. The interior is all there but not sure how much can be restored vs having to be replaced. The Shelby console is there but has a small dent in the vinyl from one of the interior panels laying across it and I am not sure that will come out.

The seller has given me a price but I believe it is worth about half of what he is asking or less in all seriousness which is why I am here asking. Any help based solely on my description would be much appreciated. I will not post the VIN number at this time as I do not want to lose the possibility of buying the car.
Thanks for any help and opinions.
Rick

[acman63]

yea thats a major project .  are you planning on doing all the work yourself?  that can be a factor

[RickN427]

I own a high end restoration shop so that is not an issue at all. However and that being said, my time is worth money so I have to keep that in mind in the overall picture of the restoration. I am thinking very easily $100-125,000 including parts and labor for the restoration back to concours correct and that makes me VERY nervous especially with a non original short block.

[67KGTA]

Nice find but yes it's a dilemma....If you were going to end up with a more than 95% original car including factory born drive train and body once restored ....then I wouldn't mind paying a premium for the right restoration candidate.  Is this a car you've always wanted or is it simply going up for sale once finished?  I have no idea what the seller wants but I could easily see someone not familiar with restoration costs willing to spend $65K to $75K just to say they now own a KR in need of restoration.  I mean if you can purchase for around $45K or so it might be worth it with your available resources but I doubt the seller is anywhere near this figure. I wish you well in your decision and it's nice to know these projects are still out there waiting to be found. David

[Special Ed]

How many miles on the car makes a difference also.

[Coralsnake]

If what you say is correct and you sound like you have educated yourself on things that are important, I would think something around 60-65k is probably retail. I think your estimates of what needs to be done and the cost associated are spot on.

Consider this if this car were rebuilt to the highest quality and achieved national awards, it might be worth 160-170k in todays market.

So, you are not going to make any serious money, even doing the work yourself.

[Coralsnake]

Rear side markers should sit on the surface of the rear quarter on a KR and not be recessed

[cbrown]

Check out that shifter knob.   That's a good sign..     

chris

[67 GT350]

My guy who is famous in the Shelby/Mustang/Lightweight Fords told me that doing to car over so you want to enjoy it but not thinking too much about value will make you happy in the long run, He was RIGHT. Also, that has to work for you.

My dilemma was I had 4 deadbeats working, or looking at my car for a total of 10 years, I was so deep into it that cutting it loose was really not an option, also I wanted to prove friends wrong and get the car finished. I ended up taking to who I should have taken it to first, and it is now a beautiful car! I probably (with the market in decline factored in) have about 40K more that it was worth. If I took it to my guy right off the car I would probably be into it for a profit of 10K. But, I had the money to put into it and it makes me very happy every time I drive it.

That being said, I have a friend who might be interested in the car if you don't want it or if you want a fee of some sort for it. Just saying....

[FL SAAC]

Let me leave you with these two Chinese proverbs;

1) A picture is worth a thousands words ( I have two for you )

2) 1968 more Ford than Shelby

      "Haoyun"

[Tired Sheep]

Apples and oranges.

[Bigfoot]

Offer the seller $50,000 and go from there.
Without the original motor and without the integrity of all that original metal that would be replaced it's worth thinking about the project twice...

[Bigfoot]

If ur going high end don't forget that a correct block dated 1968 will cost you at least 2k and the "AA" carby at least 3k If dated properly.
So that's 5k added to project .
Is the starter relay delay there?.......

[FL SAAC]

Offer less than that, your time either putting it together or waiting for it to be put together is priceless

Offer the seller $50,000 and go from there.
Without the original motor and without the integrity of all that original metal that would be replaced it's worth thinking about the project twice...

[Chris Thauberger]

Be careful who you take advice from here on the forum, many are enthusiasts, few are experts, some are neither

It's not difficult to figure out who's who. 

Welcome to the forum Rick.

Chris