The 1968 Shelby GT500KR is the legendary “King of the Road,” and the convertible sits near the very top of the first-generation Shelby hierarchy. This one is 1 of just 518 built, finished in classic Wimbledon White with the mighty 428 Cobra Jet. It sits on Bring a Trailer at $100,000 with seven days to go.
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What it’s worth right now
The GT500KR convertible is one of the most coveted first-generation Shelbys, and values reflect that. According to Classic.com and auction data, restored KR convertibles generally trade from close to $130,000 into the $300,000s, with a high recorded sale of $495,000 and record auction results past $330,000 for the best-documented, most desirable examples.
Fair value for a restored, well-documented example like this sits close to $180,000 to $280,000, most likely close to $205,000 to $245,000, with the rarity, documentation, and long ownership supporting the figure and the notes below tempering it. At $100,000 with seven days remaining and a reserve, the bidding should climb into that range.
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Condition and details
The car is a rare, well-documented, long-owned example. Finished in Wimbledon White over black Décor upholstery, it runs the 428 Cobra Jet V8, factory-rated at 335 horsepower and dyno-verified at 385, through a three-speed automatic to a Traction-Lok limited-slip differential, with the GT Equipment Group, a power top, a Shelby roll bar, a Tilt-Away column, and Shelby 10-spoke wheels. It has been with the current owner since 2003, underwent a comprehensive 2003-to-2010 refurbishment that rebuilt the engine, transmission, and rear axle and repainted the body, and comes with a Marti Report copy.
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Several points deserve attention. The 428 was rebuilt in 2008 with .030-over pistons, and knowledgeable bidders have raised questions over the engine stamping, the block’s March 1968 casting date relative to the car’s build, and the visibility of the door and build tags in the photos, so verify the engine’s originality and the tags carefully, since these heavily affect a KR’s value.
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The restoration is now aging, so inspect the current condition. The five-digit odometer shows 17,000 miles with only close to 400 added in 23 years, so the reading predates the current ownership and should be treated as shown.
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The offer
| Specification | Detail |
|---|---|
| Make | Shelby |
| Model | Mustang GT500KR Convertible |
| Year | 1968 |
| Mileage | 17,000 miles shown |
| Engine | 428-cubic-inch Cobra Jet V8 |
| Power | 335 hp and 440 lb.ft of torque, dyno-verified at 385 hp |
| Transmission | 3-speed automatic |
| Drive type | Rear-wheel drive |
| Exterior color | Wimbledon White |
| Interior color | Black |
| Current bid | $100,000, with seven days left |
Interested in this 1968 Shelby Mustang GT500KR Convertible? View the listing here.
What makes the GT500KR unique
The GT500KR holds a special place in Shelby and muscle-car history, added midway through the 1968 model year when Ford made the new 428 Cobra Jet engine available. Carroll Shelby, hearing that Chevrolet might use the “King of the Road” name, moved quickly to claim it, and the result was the most powerful and desirable Shelby Mustang of the era. The Cobra Jet’s heads and intake were derived from the Le Mans-winning 427 “Side Oiler,” and while Ford conservatively rated it at 335 horsepower, it made considerably more in reality, giving the KR genuinely ferocious straight-line performance to match its aggressive, fiberglass-clad styling.
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That combination of iconic name, legendary engine, and dramatic styling is exactly what makes the GT500KR so coveted, and the convertible is rarer and more desirable still. With just 518 drop-tops built, reinforcing the chassis to handle the 428’s torque without a fixed roof was a costly, limited-production undertaking, making the KR convertible rarer than most European sports cars of its era and a genuine blue-chip collectible today.
My take
This is a rare and iconic Shelby, and the fundamentals are compelling. A 1-of-518 King of the Road convertible with the mighty 428 Cobra Jet, in the classic Wimbledon White over black, backed by a Marti Report and 23 years of single ownership, is exactly the kind of blue-chip muscle car collectors chase. The comprehensive restoration and dyno-verified output add to the appeal.
Fair value sits close to $180,000 to $280,000, most likely close to $205,000 to $245,000, with the engine originality and restoration age the main factors to resolve. Before bidding, have a Shelby expert verify the engine stamping, the block date, and the door and build tags, since a KR’s value hinges on originality, and inspect the aging restoration. Handle that, and this is a genuinely iconic, rare, and desirable piece of Shelby history.
Disclaimer: This post is for informational purposes only. We are not a dealership or broker. All vehicle specifications, pricing, and availability are subject to change without notice. We are not responsible for typographical errors, omissions, or the accuracy of the provided information. Please verify all details directly with the seller.
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About the author
Kyle Edward
Editor-in-Chief, Autoblog