The Ford Falcon was the car that Ford’s general manager, Lee Iacocca, wanted to transform into a youth-focused sportscar for the next generation of drivers. Despite a small budget, the car the team came up with was the now-infamous 1965 Mustang, which debuted at the World’s Fair that year.
The first of the “pony cars,” the Mustang is now a legendary vehicle of choice for young muscle-obsessed drivers. The rarest examples of the sub-brand are now some of the car world’s most coveted auction items. Continue reading to learn about the 8 most expensive Mustangs ever sold.
- Shelby GT
- Shelby GT500 Convertible
- Shelby GT350 R
- Shelby Mustang GT500
- Ford Shelby Mustang GT500
- Shelby GT500 Super Snake
- Ford Mustang GT 390
- Shelby Mustang GT350R Prototype
Year: 2007
Engine: 5.4 L V8, 500 hp
photo source: Auto Blog
One of the newer cars on this list, the Shelby GT from 2007, was a solid black beast except for the white inner walls of the tires and that iconic white Shelby GT stripe on the side. It went up for bidding in Scottsdale at a Barrett-Jackson auction and the sight of this upfitted GT took in $660,000.
The proceeds for this handsome muscle car were donated to the Shelby Children’s Foundation.
Did you know?
The 2007 Ford Mustang Shelby GT cost $36,970 when it debuted. It was originally part of the GT-H line of Shelby’s “Rent-A-Racer” cars, which could be borrowed at Hertz locations. They pumped up the 500 hp car into the GT, one of the original prototypes of which was this ultra-valuable one.
Year: 1969
Engine: 428 cubic-inch Cobra Jet V8, 335 hp
photo source: Barrett-Jackson
The Shelby GT500 Convertible is one of the older cars on this list, coming off the line in 1969, around the time the Mustangs were new. This one has something truly special going for it though: this particular Shelby Mustang was actually owned by Carroll Shelby, the famous designer/racer (he was played by Matt Damon in Ford v Ferrari).
At a 2008 auction in Scottsdale put on by Barrett-Jackson, this Shelby convertible sold for $742,500.
Did you know?
Carroll Shelby is one of the ultimate names in automobile designing and racing, known for the AC Cobra. In the late 1960s and then again in the 2000s, Shelby focused on market and racing performance with these crazy muscle cars. As a driver, he hit the ultimate high in 1959 when he was part of the winning team at the 24 Hours of Le Mans race.
Year: 1965
Engine: 289 cubic-inch V8, 271 hp
photo source: Supercars
You may recognize the year on this Shelby GT350 R as the original model year of the entire sub-brand. Of this original production line, only 34 were ever labeled GT350 R, destined to become racers. In 2012, a Sotheby’s auction put this car up still in racing condition and took in $984,500.
Richard Jordan was the original racer and still owned the car, keeping it in original condition all this time. This includes non-commercial features such as the original racing wheels and Plexiglas windows. As a racer, this car quickly clocked in the 4,900 miles on its speedometer but was never driven after that.
Did you know?
The competition-ready “R” models of the GT350 line had 325 hp Shelby dyno engines. The example sold was driven by Jordan at several Midwestern SCCA national racing events, as well as Elkhart Lake. The car stayed in storage, maintaining its original racing condition for decades before being sold for nearly $1 million.
Year: 1971
Engine: 4.7 L small-block V8, 306 hp
photo source: Wikimedia Commons
The 1971 Shelby Mustang GT500 is one of the most famous Mustangs out there, nicknamed “Eleanor.” You’ll hear the term “hero car” on this list a few times, which means that the car was the main one used for a movie (any movie with a car likely has a ton of similar-looking cars to do stunts and driving but one hero car for the big shots). In the case of Eleanor, the car was the hero in H.B. “Toby” Halicki’s indie film, Gone in 60 Seconds.
The car sold at a fabulous Mecum auction in 2013 (this won’t be the last time it comes up). This auction in Indianapolis sent $1 million towards the legacy of this incredible car.
Did you know?
If you know the car, you may be wondering why it’s listed here as 1971 rather than 1973. The car is a Ford Mustang Sportsroof customized into a power-hungry car and redressed as the year 1973, the year of its modifications. But the original car was manufactured in ’71. The car’s name was reused in the remake of the film in 2000, also called Gone in 60 Seconds, this time starring Nic Cage.
Year: 2020
Engine: 5.2 L V8, 760 hp
photo source: Wikimedia Commons
The last new car on this list is a 2020 Shelby GT500 and by extension, it’s the most powerful on this list too, boasting 760 hp. It handles like a racer, though, being a seriously souped-up production model with top-of-the-line independent rear suspension.
American muscle cars don’t get up to this level too often. With the most add-ons possible, this car retails for up to $127,895, making it the most expensive Mustang you can currently buy new. But it’s the original prototype that sold for $1.1 million at a recent auction and earned it a place on this list.
Did you know?
This 2020 Mustang comes equipped with a supercharged, 760 hp 5.2L V8 engine that can push up to 60 mph in 3.5 seconds. When it revs up to 7500 rpm and you feel that dual-clutch 7-speed transmission, you’d be able to feel the Shelby difference.
Year: 1967
Engine: 427 cubic-inch V8, 520 hp
photo source: Motor Authority
The second car from that show-stopping Mecum auction in 2013 on this list after Eleanor, this 1967 Shelby GT500 also broke the million-dollar mark. At the time it was sold, it was the most expensive Mustang that ever showed up at auction, selling for $1.3 million. It then sold again in 2019 for $2.2 million, further cementing its position on this list.
This car is known as the Super Snake, an individual name for an individual car as 50 more of this prototype model were planned to go into production until Ford cancelled them, citing a lack of public interest.
Did you know?
One of the things that made this Shelby Mustang unique is its engine, a 428-cubic-inch Police Interceptor engine that makes this one of the all-time prototype muscle cars. You may recognize that engine as the one under the hood of Mad Max’s muscle-mobile.
Year: 1968
Engine: 6.4 L V8, 325 hp
photo source: Wikimedia Commons
This 1968 Ford Mustang GT390 is known as the Bullitt car or “hero car” of the famous film, so it was no surprise to its caretakers when it took in $3.4 million at its auction. The Highland Green Mustang was sold after the film came out to the owners of Road & Track magazine for a now-astonishingly low $3,500.
The car was used daily by the wife of the new owner, Robert Kiernan, for years before being recognized as a valuable showstopper and sold at a recent auction for its chart-topping (nearly) final price.
Did you know?
Steve McQueen starred in Bullitt (1966) and was well-known for being his own stunt driver, though he shared duties on this film with Bud Ekins. If you watch the film, you can always tell which scenes have which driver by the position of the rearview mirror, which is only up when McQueen is in the seat.
Year: 1965
Engine: 289 cubic-inch V8, 306 hp
photo source: Wikimedia Commons
The most expensive Mustang is the Shelby Mustang GT350R. When the luxury Ford adjunct Shelby got its grip on the newly committed Mustang sub-brand, it was only a year old. This 1965 Shelby Mustang GT350R, chassis number R500R, according to legend is the very first of this model that ever left the line. Supposedly, Ken Miles also drove this car to victory.
Other famous drivers of the car nicknamed “The Flying Mustang” include Jerry Titus, Ed Leslie, and Chuck Cantwell. The Mecum auction that featured this car ended at an astonishing $3.85 million.
Did you know?
This was the car that blazed across the cover of Road & Track and Sports Car Graphic in 1965. You may recognize the names Shelby and Ken Miles from the 2019 film, Ford v Ferrari, directed by James Mangold. This amazing car was restored back to the decal quality of its Green Valley debut in 1965 by John Brown, the well-known automobile restorer, through Thoroughbred Restorations.
The Takeaway
When the Shelby Mustang debuted for Ford in the mid-60s, it introduced the world to the first pony car and the ultimate template for the muscle car. The examples on this list are a combination of the most expensive ever sold at fabulous high-value auctions and those that are the most expensive that you can currently buy new. Unless you have a few million laying around, you may have to settle for seeing these cars in the movies that made them famous, but it’s better than nothing!
