Shelby : Mustang GT 500 KR 1968 Shelby Ford Mustang GT 500 KR “BARN FIND”

Looks to be a nice project car for sure. But, at the same time, i think the price may be a little high on this car as well. That is, if you want to do all the work on it and not be too far upside down. I havent seen any 68 GT500 (fastback) cars go over 110K finished in the last year or so and this one is gonna need alot of work to make it correct or reasonably correct.

That said, if you are doing the work yourself when you buy it then perhaps this is a good car for you.

Overall, though, even buying one of these cars as an investment is a bad idea, anyone should buy because the like the car, not because the like its investment value. That will hardly ever workout.

Best regards,
Vern

 

Very true. The classic car market is really on the slide the last year or so. Many cars sellling for 1/2 what they brought at auction 5 years ago after brand-new total restorations. Depreciation is really steep. It seems there are also many cars on the market, so this high supply will drive prices down as people look to flip their cars after a few years. Not a good time to be selling, but a good time to buy if you can find motivated sellers. These barn finds will always capture folks imaginations. They can just see her all totally restored as original, a beautiful sight when you look back at the junk heap it used to be, a real sense of accomplishment even if you don't do all the work yourself. But, if you are hoping to sell this one north of $150,000 when finished, you will be waiting a long time for that buyer.

 

well ,,, a barn find is nice . And this is a nice car, but not at that bid. In my opinion, and that is all it is . I would be much more willing to bid on the gold 500 0r the lime 350 , or blue 350. you will spend 35k on the barn find quikly. as stated, jmo. It may have climed a bit to fast to be a legit bid. but again I dont petend to know everything. A personal inspection is required, c

 

I would say the odds of this car haveing a legit bid of 65K on it right now is little to none. Id give it a 2% chance.

Case in point,
http://cgi.ebay.com/ebaymotors/Ford...57633568QQptZUSQ5fCarsQ5fTrucks#ht_6545wt_881

The ASKING PRICE on this convertible is 140K and its a nice car, fully restored with the restoration showing its age...and the asking price is still quite high. Its a nice car, but the asking price is more like something an absolutely fresh car would get IMO.

If someone ACTUALLY bought this fastback at 65K intending to get it even to the standards that this conv is currently in, they would be at about 130K total investment i would think. And then when you try to sell it, its not a convertible.

Same logic goes for this car...
http://cgi.ebay.com/ebaymotors/Shel...96364126QQptZUSQ5fCarsQ5fTrucks#ht_500wt_1182

Its a KR so it brings more money, and you wouldnt be able to match the KRs ASKING PRICE after total investment into the GT500 Barnfind we have here.

Dont get me wrong, great looking project to me, but those bids dont exactly seem legit.

Best,
Vern

 

Sorry, thought it went without saying that I was talking about 68 GT500 FASTBACKS, as the Barn find car on this thread is a fastback and i already made the point on this thread that a conv is 110+....the example that went off at Russo was a freshly restored 4spd CONVERTIBLE...big price difference there...not comparable here when talking about fastbacks...

And the convertible only got 115, so i think that sale supports my overall point on this thread...

Best regards,
Vern

 

Sorry Vern, but I disagree, don't use logic here. I know at least one of the bidders and he is ready to drop 65k on a project. I am not sure if he is still in, but a lot of people feel it's okay to spend a little more for one with an unrestored past because they feel it's definetly legit

 

Shucks, sounds like lots o coin to me, hope they are bidding cuz they like the car, not to break even

Best,
Vern

 

We can agree on that

 

Sure, the convertible went low, in the middle of a recession. It also suffered from having been largely reconstructed. This is what it looked like about a year before the auction:

 

Yikes, but at the same time, it was a scottsdale sale.., i try not to base valuations off of televised or ustreamed auctions...sometimes it doesnt make much difference on cars that they have been reconstructed to that extent.
But a very good point to be sure.
Best regards,
vern

 

Wow, 73k with three hours to go. Coral, is your bidder friend still in?

 

Winning bid, $80,100.00

 

The new owner will be on the downside once he realizes the costs of restoration.



Bill S.

 

By A Lot

 

Nope, not my buddy