SCM Analysis
Detailing
| Years Produced: | 1966 |
| Number Produced: | 2,378 (252 "carry-over") |
| Original List Price: | $4,428 |
| SCM Valuation: | $135,000–$200,000 |
| Tune Up Cost: | $500 |
| Distributor Caps: | $10 |
| Chassis Number Location: | Tag on left inner fender apron |
| Engine Number Location: | Right side of engine block |
| Club Info: | Shelby American Automobile Club |
| Website: | http://www.saac.com |
| Alternatives: | 1965 Shelby GT350, 1970 Plymouth Hemi Superbird, 1967 Chevrolet Yenko Camaro |
| Investment Grade: | A |
This car, Lot S659, sold for $313,500, including buyer’s premium, at Russo and Steele’s annual Monterey, CA, auction on August 13–15, 2015.
By 1966, Shelby American’s GT350 was well on its way to legendary status. Carroll Shelby’s vision for a purpose-built, nearly track-ready weapon that could be driven on the street resonated well with buyers. By the end of the 1965 production run, 562 of the spunky cars had been built. A performance-hungry public clamored for more of the street-production GT350s.
Shelby wanted to hit the dealer showrooms seamlessly with the 1966 models. To ensure that happened, Shelby American snagged 252 crispy new Mustangs at the end of the 1965 production run to allow his team the proper lead time to modify the cars to coincide with the release of the updated 1966 Mustang fastback models. Those 252 “1965/1966” models would become known as carry-over cars, and feature the original modifications of the 1965 GT350 with some of the updates found in the later 1966 cars.
A known history
The story of chassis number 6S213 — a two-owner car — is well documented. About 25 years ago, this car’s second owner (and the seller of chassis 6S213 in Monterey) embarked on a journey to discover and restore the finest GT350 in existence. That led him to our subject car.
From there, he dispatched one of the undisputed best teams in the Shelby restoration business: Jim Cowles of Shelby Parts and Restoration and Bob Perkins of Perkins Restoration. Both of these companies are located in Wisconsin and are well known for their top-tier restorations as well as valuable resources for specific Shelby information, OEM parts and fastidiously correct restorations.
Naturally, Jim Cowles (who restored the car) followed the sale of the Shelby closely at Russo and Steele and relayed to me the story of the particulars of the restoration.
As found, the car was in remarkably good condition and was superbly preserved. The miles where very low and the car was nearly an all-original example. During the restoration, he tracked down various OEM parts including four original Goodyear Blue Dot tires that he had purchased over the years, as he stated, “one by one out the trunks of cars.” He also stated that it would be nearly impossible (if not impossible) to locate all those OEM parts today. When asked about the suggested cost of those parts in today’s dollars, he suggested that $100,000 was likely accurate.
One of the best in the world
Few (if any) 1966 Shelby GT350s will stack up against this car. While the restoration is aging, it is also noted as the only 1965/1966 Shelby that has ever won both Shelby American Automobile Club (SAAC) Premiere and Mustang Club of America (MCA) Thoroughbred Gold awards. It also took the MCA Authenticity Award (only open to Silver or Gold Thoroughbred Division winners), so the car comes with an impressive list of documented top-level awards.
The photos of the GT350 showcase a restoration that looks nearly new. It is impressive and superbly correct. With that comes the fact that the car may never be fully exercised for the purposes for which it was built. At this stage of the life cycle of the car, it may find some limited road use by the new owner, or may be hermetically sealed and stored away again to preserve the restoration. Either way, the car is very special, and while it’s easy to suggest that it should be driven, I’m not the guy who dropped over $300,000 to own it.
The bottom-up analysis
This is the very first time 6S213 has been offered at a public sale. Finding a good two-owner comp restored to this level (especially as correct as this car is) selling at auction is like using a pair of binoculars to spot one of the American flags planted on the surface of the moon. It’s not going to happen.
The SCM Platinum Auction Database lists three somewhat recent sales of 1966 GT350s (none noted as carry-over cars), with the $220,000 high sale for a nicely restored example at Barrett-Jackson’s Las Vegas sale on September 27, 2014 (SCM# 256083). Our other two comps come in notably lower, with both cars bringing under $130,000. The SCM Pocket Price Guide shows a sale range of $145,000 to $200,000 for a well-presented car.
The best and the rest
SCM data show the Shelby market as somewhat stagnant as of late, with only the very best cars finding a more spirited sales environment. But naturally, we can’t use a broad brush here, as each example will have certain attributes that add or detract value.
It’s not the type of Shelby that will likely come to public auction again soon. By collecting and investment standards, it checks all the boxes — an airtight history, richly documented from day one, highly original and immensely correct, judged at the highest levels, restored by a marque specialist to nearly flawless standards, and kept and maintained by a fastidious long-term owner. It truly is a Holy Grail find for the Shelby collector. By these standards, and utilizing a few recent past sales as a barometer of the sales price, I would call the car slightly well bought and a very astute purchase. ♦
(Introductory description courtesy of Russo and Steele.)