Finding a 1968 Shelby GT500 convertible with a four-speed manual transmission, unusual factory specifications, and extensive documentation is a seriously rare event.
During a trip to Florida, Dennis Collins encountered one such Mustang. The Candyapple Red Shelby had undergone substantial mechanical and structural work, but an unfinished restoration had left it partially disassembled.
The previous owner wanted a dependable driver rather than a concours-quality showpiece. Unfortunately, a simple mechanical refresh grew into a much larger project that repeatedly stalled.
As documented on the Dennis Collins YouTube channel, the Texas-based collector traveled to inspect the Mustang and consider taking over its restoration. During the visit, an unexpected discovery added another piece to its history.
A One-of-Nine Shelby With Unusual Options
Bearing Shelby serial number 8T03S116056-00244, the GT500 is an early-production example with a non-tilt-away steering column. Of approximately 4,450 Shelbys built for 1968, around 400 were GT500 convertibles, and only about 150 of those came with four-speed manual transmissions.
Documentation assembled with help from Shelby specialist Brian Styles identified its unusual specification. Candyapple Red paint, black luxury upholstery, a black power top, no Le Mans stripes, and no air conditioning contributed to its one-of-nine configuration.
The car also features uncommon roll-bar surfboard brackets. Its original Shelby serial plate, Ford door data tag, and part of the metal buck tag survive.
An Unfinished Restoration
According to Garry Gilbert, who oversaw the project, the owner purchased the Shelby at Mecum in 2023 for $72,000 ($79,200, after fees) before sending it to Florida for mechanical attention. Further inspections revealed structural problems, sending the Mustang to restoration shops in Pennsylvania and Florida.
New floors, structural rails, and trunk repairs were completed, but substantial bodywork remained. Collins realized finishing the car would require a much larger commitment than initially expected.
Original 428 V8 and a Mechanical Mystery
The Shelby came with what Garry identified as its original 428-cubic-inch Police Interceptor V8 and four-speed transmission. Its engine had reportedly never been removed before the current restoration, while the odometer displayed approximately 78,000 miles.
Garry discovered a broken pushrod inside the engine, possibly connected to documented warranty repairs involving a cylinder head. The heads were subsequently rebuilt, and the original transmission and rear axle were serviced.
A Build-Sheet Surprise
During the inspection, Collins recognized a crumpled piece of paper as part of the original build sheet. The surviving fragment contained factory codes corresponding to the Shelby’s paint, interior, and axle specifications.
Despite the unfinished condition, Collins decided the rare convertible deserved another chance. With transportation arranged back to Texas, the one-of-nine Shelby was finally headed toward the restoration its previous owner had hoped to complete.