by While the 1967 Shelby Mustang GT350 and GT500 are some of today’s most recognizable and sought-after classic cars, the original Ford and Shelby partnership surprisingly only lasted 4 years.
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The 1969 GT500 Cobra Jet was the last Ford muscle car Carroll Shelby oversaw and approved before he terminated his original contract with Ford in 1969 and is perhaps the least known of all the Gen 1 Shelby Mustangs.
YouTube channel Muscle Cars With Eric managed to track down the owner of this completely original 1969-built Ford Mustang Shelby GT500 428 Cobra Jet Convertible and takes a ride to get the story of this ultra-rare pony car.
The Last Car From The Original Ford And Carroll Shelby Partnership
While the story of Ford and Carroll Shelby is very well documented, the story of the Cobra Jet moniker is far less known. With Chevrolet and Pontiac now offering 325+ HP big block V8s by the end of 1967, Ford was on the back foot with the Mustang severely lacking power compared to its competitors.
Ford sought to rectify this with the introduction of the 428 cu. in. (or 7.0-liter) Cobra Jet V8 engine in 1968, with the engine first fitted in the Mustang Fastback. Only 50 Cobra Jet Mustangs were originally produced, with Ford’s sole intention to win at the drag strip.
The Ford Performance 428 cu. in. V8 was originally rated at 335 HP and 440 lb-ft of torque. However, it is widely assumed that Ford underrated the power, with the figure actually around 410 hp.
Owner Chuck has had this specific GT500 Cobra Jet for around 50 years, with Chuck saying he bought the car from his brother-in-law between 1972 and 1974 for only $150 (that’s the equivalent of $1091 in 2023). Since then, it has followed Chuck and his family from Milwaukee, Wisconsin to Phoenix, Arizona.
How Much Is A 1969 Ford Mustang Shelby GT500 428 Cobra Jet Worth?
Chuck also proudly states that the car is completely original with the car only receiving minor mechanical fixes around 8 years ago to ensure it could run. This Cobra Jet also only has 27,000 miles on the odometer, with Chuck putting less than 230 miles on the clock since its repairs 8 years prior.
This specific GT500 is also only 1 of 2 in this specification- a Candyapple Red Convertible with an AM radio. While it carries all the wear and patina from those 50 years of ownership, it would certainly go for a large amount if Chuck decided to sell the car at auction.
Immaculate, fully restored GT500 428 Cobra Jets are fetching around $130,000 at auction these days. While this car isn’t exactly concourse-ready, it has bags of character and would surely still fetch a high price. It doesn’t look like Chuck would sell this car any time soon as the car still brings a smile to his face.
