One-Owner Gem: 1968 Shelby Mustang GT350 Flaunts Rare Color, Original Interior

Originally designed as a track-ready vehicle, the GT350 morphed into one of the most desirable first-generation Mustangs.

Production of the GT350 lasted until 1969, when Ford and Carroll Shelby parted ways. However, the muscle car remained in showrooms for the 1970 model year due to unsold inventory. Most sources indicate Shelby produced over 6,600 units, including 1,150 Hertz rental cars.

The 1965 version is the rarest, with only 562 units made, while the 1967 variant is the most common, with 2,376 examples produced. The 1968 fastback you see here falls somewhere in between, with 1,457 examples, but it has a few cool features to brag about. It's a highly original classic and sports a rare color combo.

The 1968 GT350 didn't get notable design updates compared to its 1967 predecessor, but Ford made a big change under the hood. The company took over production of Shelby models in late 1967 and replaced the familiar 289-cubic-inch (4.7-liter) V8 with the slightly larger 302-cubic-inch (4.9-liter) Windsor unit. And it was more than a change in displacement.

Although it featured an aluminum Cobra intake manifold and a Holley 600cfm carburetor, the 302 engine had fewer racing parts than the 289. It was also less potent at 250 horsepower than the 289 HiPo, which delivered 271 horsepower. The regular four-barrel 302 was only 20 horsepower less powerful than the Shelby-branded mill.

Ford did offer a supercharged version with a Paxton unit on top. The combo generated a much healthier 335 horsepower, but this Shelby is super rare, and this Acapulco Blue example isn't one of them.

But the hue actually makes this fastback much rarer. Shelby sold 1,053 examples in this body style, including 528 manual cars like this one. Records show that only 85 were ordered in Acapulco Blue, which is only 8% of the total production. Furthermore, only 63 were also fitted with the black knit vinyl luxury bucket seats.

Rarity isn't the only thing that makes this GT350 stand out. We're looking at a vehicle that had only one owner since new and until 2025. It's also a highly original example. It has an unrestored interior and a numbers-matching drivetrain. The body was repainted and everything else detailed, but other than that, it's a true survivor.

The Shelby now resides at Nate's Classic Cars, a dealership specializing in high-performance first-generation Mustangs. It's not yet listed for sale, but it should find its way into the company's showroom soon.

Although it lacks the race-bred engine of its predecessor, the 1968 GT350 is a six-figure car in this type of condition. Classic.com lists the average auction price for excellent-condition examples at $130,000, but some fastbacks have fetched as much as $231,000. This Acapulco Blue gem could be one of those cars. Check it out in the video below.