This 1968 Shelby Mustang GT500KR is one of 518 convertibles produced for the model year and was purchased by the seller in Pennsylvania in 1973. The car moved to California with the seller in 1977, and it has remained in the state in the decades since. The body was refinished in its factory shade of Highland Green in the mid-1980s, and the power-operated white convertible top was recovered in 2002. Power is provided by a 428ci Cobra Jet V8 with rebuilt cylinder heads, and the three-speed automatic transmission was overhauled in 1983. Inside, the front bucket seats and rear bench are trimmed in black vinyl and accompanied by a center console, air conditioning, and an AM radio. This GT500KR is now offered with a Marti report, a 2000 letter from the Ford Customer Relationship Center, historical registration documents, shop manuals, a car cover, and a California title in the seller’s name.
The GT500KR was added to the Shelby American lineup mid-way through the 1968 model year and shared its styling with the GT500 but was fitted with a higher-powered 428ci Cobra Jet engine.
Exterior design elements include an SMC fiberglass hood with a functional ram-air scoop, grille-mounted Lucas lights, a rear spoiler, sequential taillights, and air scoops on the quarter panels.
This example came from the factory in Highland Green and was refinished in the same shade with GT500KR side stripes in the mid-1980s. Additional exterior equipment includes a replacement power-operated white soft top, fog lights, and quad exhaust outlets.
Aluminum 10-spoke 15″ wheels wear Shelby Cobra center caps and are mounted with BFGoodrich Radial T/A tires. GT500 models utilized an upgraded suspension system with heavy-duty coil springs and an anti-roll bar up front in addition to heavy-duty leaf springs out back. The car is equipped with power steering, and braking is handled by power-assisted front discs and rear drums.
The front bucket seats are upholstered in black Luxury vinyl and are complemented by matching door panels. Interior appointments include a center console, an AM radio, front shoulder harnesses, and the Interior Décor and Visibility Groups, the latter adding courtesy lighting beneath the dashboard and illumination for the glovebox and trunk. The seller notes the air conditioning compressor, condenser, filter/drier, and expansion valve were replaced in 2026.
The woodgrain tilt-away steering wheel fronts a 140-mph speedometer and an 8k-rpm tachometer as well as gauges for fuel level and coolant temperature. A Stewart-Warner ammeter and oil-pressure gauge are mounted in the center stack. The five-digit odometer shows 88k miles, approximately 48k of which were added under current ownership.
The 428ci V8 was factory equipped with a four-barrel Holley carburetor and was rated at 335 horsepower and 440 lb-ft of torque. It is topped with a ram-air-style air cleaner assembly, and the cylinder heads were rebuilt with hardened valve seats in 2010. The seller notes a coolant overflow container has been mounted to the left inner fender.
The engine stamping is pictured.
Power is routed to the rear wheels through a three-speed automatic transmission and a 3.89:1 Traction-Lok limited-slip differential. The transmission was rebuilt in 1983, and the seller notes the removed 3.00:1 open differential assembly will accompany the car.
The Marti report lists factory colors, options, and a build date of April 29, 1968.