1962 Shelby 260 Cobra - Sports Car Market

Chassis Number: CSX2003

According to the Shelby American Automobile Club Registry, CSX2003 was shipped to New York via boat, finished in Old English White over a red interior. The chassis, drivetrain and assembly kit were subsequently invoiced in the amount of $4,995 to Ed Hugus’s European Cars in Pittsburgh, where it was completed in his workshop as one of the earliest Cobras. The prototype featured an “Experimental High Performance” (XHP) 260-ci V8 engine equipped with a 4-barrel carburetor — tuned to deliver extra horsepower expressly to impress Ford’s Special Vehicles Team during the testing duties it would later undergo. Other fascinating pre-production features included black unvented fiberglass footboxes and trunk tray, a grease gun mounted on the right inner panel of the engine compartment, Wilmot Breeden Budget Lock T-handle hood latches, and 5.5-inch silver-painted wire wheels.

Owing to decades of devoted ownership, CSX2003 remains highly original today. Of the seven earliest Cobra prototypes built by Shelby and Hugus, only CSX2000, CSX2003 and CSX2006 remain unmolested and in their original configurations, with the others having been raced, crashed or rebuilt. Furthermore, CSX2003 retains its original “XHP” 260-ci engine, transmission, and rear end — a remarkable fact, as very few of these experimental engines have survived. In fact, it is believed to be the only chassis of the five Hugus-built prototypes to retain its extremely rare original XHP engine. The unit bears a February 12, 1962, date code (XHP260-2-12) and serial number $15A, while the cylinder head stamping (XE 106391) and intake manifold casting (XE-10639) both carry “XE” prefixes. Additionally, original and correct number stampings (2003) corresponding to the chassis number can be found on the hood latch, trunk latch and door hinges, a telltale sign that this Cobra retains a high degree of originality. CSX2003’s remarkable completeness also extends to its original factory soft top, tonneau cover and side curtains, which remain with the car.

(Introductory description courtesy of Broad Arrow Auctions.)

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Vehicle:	1962 Shelby 260 Cobra
Years Produced:	1962–63
Number Produced:	75
SCM Valuation:	$750,000–$1,000,000
Chassis Number Location:	Stamped on bracket above driver’s side main frame rail, hood latch, truck latch, door hinges
Engine Number Location:	Stamped on left side of engine block
Club Info:	Shelby American Automobile Club
Website:	www.saac.com
Alternatives:	1956–59 Porsche 356 Carrera GS Speedster, 1961–67 Jaguar E-type S1, 1963–67 Chevrolet Corvette
Investment Grade:	A

This car, Lot 218, sold for $1,545,000, including buyer’s premium, at Broad Arrow Auctions’ Monterey, CA, sale, on August 14, 2025.

Broad Arrow Auctions offered one of the most interesting cars being sold on the Monterey Peninsula this year: the fourth Shelby Cobra ever built, CSX2003. To understand the significance of this car, you need to also understand the early history of Shelby American.

A significant start

Like many startup companies, the odds were against Shelby American. Founder Carroll Shelby had a big vision and equally big ambition but lacked the necessary resources to ensure success. Shelby needed a backer who could help with both money and manufacturing. He found that in Ed Hugus of European Cars Inc. in Pittsburgh.

Hugus was a sports-car racer and had known Shelby from years spent on the European racing circuit. Hugus also had a shop that was ready to turn the rolling chassis from AC Cars into Cobras, as well as a checkbook that could pay both AC for the cars and Ford for the engines. In exchange, Shelby promised Hugus the East Coast distributorship for the new sports car (this was a promise never fulfilled, as once Ford came on board, it assumed the role of distribution).

Of the first 10 Cobras constructed, six were built by Hugus in Pittsburgh. The very first Cobra, CSX2000, a prototype, was built by Shelby in Los Angeles, but the next car, CSX2001, the first production Cobra, was constructed by Hugus to be used as a race car. This was followed by CSX2002, another race car, completed by Shelby’s L.A. shop. The next five Cobras were all built by Hugus, starting with CSX2003.

The significance of CSX2003, in addition to being the first street Cobra, is that it was sent by Hugus to Ford in Dearborn for testing and evaluation by their Special Vehicles Team and test-driven by none other than Henry Ford II himself. CSX2003 was the deciding factor for Ford to go beyond its initial $25,000 investment in Shelby and place an order for 125 Cobras, thereby increasing the flow of money, engines, and logistical and technical support to make the Cobra program a reality. You could say that without CSX2003 and Hugus, the Ford-Shelby partnership may not have materialized, and never culminated in four consecutive GT40 wins at the 24 Hours of Le Mans.

Limited opportunities

If you wanted to own one of the earliest Cobras today, it would be quite difficult to buy one. Both CSX2000 and CSX2002 are part of the Shelby American Collection in Colorado, while CSX2001 is part of a prominent Los Angeles collection. It is highly unlikely that we will see any of the first three Cobras come to the market for quite some time. So, having CSX2003 appear at a public auction was a rare opportunity for an early car that also has immense significance in the history of the Shelby Cobra program.

Our subject came to the auction from a long-term owner who had kept the car for the past 36 years. It is astonishingly close to the way it left Ed Hugus’s shop in 1962, and the car is “as delivered” in every meaningful way. In the early 1990s, when the current owner acquired CSX2003, he had it refinished in its original Old English White livery. Beyond that, CSX2003 is equipped with its original, extremely rare XHP 260-ci engine, which was hand-built and blueprinted, while being loaded with prototype parts. These included everything from custom camshafts and prototype dual‑point mechanical distributors to unique iron intake manifolds, bespoke forged-steel connecting rods, experimental cylinder heads and an early Ford 4100 4‑barrel carburetor.

Also original are the transmission, rear end, soft top, tonneau cover and side curtains. Correct “03” stampings are present on the hood latch, trunk latch and door hinges. The only minor alterations since delivery were made by its second owner, who upgraded the air filter, fitted a later‑model rear‑view mirror, and altered the exhaust to exit in front of the rear wheels. These are all modest tweaks that leave CSX2003 fundamentally the same as it was in 1962. In fact, it stands out as one of the most original early Cobras because, along with CSX2000 and CSX2006 (which has been owned by musician Herbie Hancock since new), it’s one of only three early cars to escape competition use, crashes or rebuilds. The $1.5m sale price is in line with current market expectations.

The great news for enthusiasts everywhere is that CSX2003 is now going to be displayed at the 3 Dog Garage Museum in Boyertown, PA. The museum, whose mission is to preserve significant vehicles for the enjoyment and education of schoolchildren and other groups who visit, should be the caretaker of this historic Cobra well into the future.

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