1968.5 Ford Mustang Flaunts Holy-Grail R-Code Engine, Rare Features

The same year saw the arrival of the first big-block V8 engine, the 390-cubic-inch (6.4-liter) FE series. And that didn't stop Ford from taking things up a notch in 1968.

That's when the company introduced one of the most iconic engines of the golden muscle car era. I'm talking about the 428-cubic-inch (7.0-liter) Cobra Jet. Essentially a high-performance version of the FE-series 428 V8 offered in full-size cars since 1966, the Cobra Jet made its public debut in April 1968.

The 335-horsepower mill wasn't restricted to the Mustang. It found its way into many other Ford and Mercury rigs, including the Shelby GT500KR, Fairlane, Torino, Cougar, and Cyclone. In 1969, Ford launched the Super Cobra Jet with heavy-duty connecting rods and crankshaft for improved drag-strip performance.

The Cobra Jet V8 remained in production through 1970 and was a relatively popular option for the Mustang. In nearly three years, the engine found its way into 18,049 examples. If we also factor in the 3,443 Shelby cars produced during that same period, we're looking at almost 21,492 units.

Most Cobra Jet-powered Mustangs rolled off the assembly line during the 1969 model year (13,261 units or 73% of the total production). The 1968 version, introduced mid-year, is by far the rarest. The Sunlit Gold example you see here is one of those early Cobra Jets.

Featured by American Mustangs, this beefed-up GT is the result of a no-expense-spared restoration. The paint and the chrome shine like new, while the all-black interior is squeaky clean and downright stunning. The Mustang is also factory-correct as far as the Sunlit Gold paint and black stripes go.

The engine bay looks just as good as the rest of the car. The Cobra Jet powerplant is not only impressively clean, but also numbers-matching. This Cobra Jet is essentially a Concours-ready gem.

So, exactly how rare is this Mustang? Well, it's one of 1,236 examples built with this drivetrain combo. There's no breakdown based on body color, but Sunlit Gold isn't very common. The Marti Report states this Mustang is one of 3,387 cars with this paint code, meaning the production number of gold Cobra Jets is probably a low three-digit figure. However, we do know that the High Ratio Axle option makes it one of only 572 built like this. With all the options combined, this Mustang should be one of fewer than 100 made.

While most 'Stangs featured on this channel are usually for sale, this Cobra Jet isn't listed on the dealership's website. If it were to show up, it would carry a six-figure sticker. 1968 Cobra Jet cars in this condition usually go for over $100,000, while some examples can fetch more than $150,000. How much is this fastback worth?