1968 GT/CS restoration

This may sound like I am crazy, but I have my GT/CS stripped down for paint/new engine. I tallied up all the costs + estimate to complete the rest of the car and it will easily double the value of the car. Luckily I have only spent $13k on the car so far. The rest would be mostly NOS parts, chrome plating several items including bumpers, other add-on's such tilt wheel, refurbishing power steering / suspension, A/C etc + painting/engine. I know restorations can be expensive, but one thing led to another and here I am… blowing out my original budget. I wouldn’t mind spending this much $$ on the GT/CS if it would be considered concourse when I am done with it. I just can’t justify spending even more $$ to get it to concourse condition by doing a rotisserie restoration.

I was thinking that since I am probably never going to recover my investment on GT/CS, which I knew going in… but should I try to find a car that's worth more - perhaps a 68 GT350/500 project car and put all nicer parts + nice paint job for that car instead? I could finish up the GT/CS with mostly aftermarket parts + somewhat decent paint job to make it a daily driver. I don't even know if it would be feasible to find a 68 project car that's a GT300 or 500 that the parts are interchangeable. I am assuming most components could be interchangeable, except engine and related components. Knowing the values of what these cars bring restored, I know finding one isn’t going to be cheap. It would be awesome if someone already had the body work completed but don’t want to take on the expenses of finishing it up.

Don’t get me wrong, I don’t mind having a very nice GT/CS but just considering all the options before I send out GT/CS for a high end paint job.
You guys have been great in offering suggestions / advice in the past and any thoughts you may have would be greatly appreciated.

Yeah, I hear that there are a ton of GT350/500s out there just waiting for someone to buy them and restore them.

I dream of owning a Shelby of some sort, but to find one that "has potential" in this day and age and then to have the owner actually want to sell it and where it's actually feasible to do...now that's the trick.

I say you don't worry about concours, and try for a step below. See how you feel about the car at that point and then if you find that elusive Shelby (and I hope you do) then you can consider using your GT/CS to leverage doing it.

Just a thought.

Rule number 1 on old car restorations: Never add up the receipts.
Rule number 2: It will cost at least 150% of your initial estimate, and take twice as long in time.

Neil has done a bunch of GT/CS's, we should get him to weigh in. I know he has mad skills, and does most of his work except for body and paint.

May be if I win the lottery I can own a Shelby and transfer the parts. After I posted the original thread I felt kind of silly even bringing it up.

Don't feel silly. Most of us can only dream about things and it's okay to dream out loud.

Thanks

GT350 project ~$40-50k ('67 or '68, '65-'66 can go near 100k). GT500 ~$50k+ GT500KR ~60k+. Assuming an "almost all there" car, and the luck of being the first to find it. They get snapped up fast, usually by word of mouth, not ads. Bare shells go for less, but all are few and far between.

To properly restore a Shelby easily doubles the price over a GTCS if you want to do it right.

Depending on what's missing you can easily hit an additional $7-10k in Shelby parts. Far more if you want to go OEM/NOS (saw a complete OEM '68 nose section, very rare, all 4 pieces, no hood, no trim, a while ago... $16k). Adding tilt-away, can easily hit $1k. Steering wheel? $600-6k (ok repro vs good OEM or NOS). etc.

And then as a Shelby the pressure is on (most of the time) to do it right and the time/effort goes up even more.

I'm looking too, GT500KR projects in "reasonable" condition I've considered were a minimum of 70k. And restoring them would have been a huge effort (I'd say responsibility, but then I know of people here in Oz who have butchered original Shelby's to convert to RHD here... really sad and stupid...) and the reality is you'll still be operating at a loss on most restorations. And spend more on a Shelby.

ROI as a % will probably be the same, but highly dependant on the quality of the restoration, provenance of the car, and where the market goes (Shelby's would tend to hold value or appreciate better than a "typical" GTCS, and R or S is a slightly different dynamic, but still not a Shelby)

Research it well, as buying a second and restoring two is a big ta$k... :wink: (ask me how I know!)

If you want a more realistic dream, consider a 1969 or 1970 Mach I with a 428CJ. That's much more in the pricing ballpark of a nice GT/CS...

Or maybe you can find a nice K or S code of some type? There are lots of other great Mustang options out there beyond a GT350 or GT500.

That's much more in the pricing ballpark of a nice GT/CS...

Click to expand...

A 428CJ Mach????

If you can find a nice complete 428CJ Mach for 20-25k (market for a C or J GTCS in really nice shape) I'd buy it... similar condition car would likely be 50-100% more than a GTCS (rare R or S code excluded, they would be a close comp to the 428 Mach)

428 Mach restored in good driver (#2 or #3 car) condition 50-80k. Depending on options six figures top end. (#1 or high #2)

Mid way between a GTCS and Shelby.

I don't do concourse. I can build a pretty nice driver, but for concourse- that goes beyond my expertise & budget. Mike, Marty, and Jeff are our resident experts in that arena. The attention to correct detail requires a LOT of knowledge. I've seen Mike's GT/CS 'up close and personal', and it is immaculate.
Haven't done a rotisserie version in 20+ years. Just drivers. Its my hobby, and I'll keep on as long as these old bones allow.:smile:

Neil

My original thought was to transfer most of the NOS parts and professionally restored components to a car worth more than the GT/CS. Not trying to diss the California Special or it's value. I know GT/CS are worth anywhere from $25k to $35k when restored. I love my car and probably hold on to it forever.

The key consideration I have is parts transferability. The GT350/500 were the only higher value cars that I could think of where I could transfer some of the parts.

In the end I know I will use them on my GT/CS and make it a occasional driver. These discussions have been greatly helpful in justifying the investment.

thanks

franklinair said:

I don't do concourse. I can build a pretty nice driver, but for concourse- that goes beyond my expertise & budget. Mike, Marty, and Jeff are our resident experts in that arena. The attention to correct detail requires a LOT of knowledge. I've seen Mike's GT/CS 'up close and personal', and it is immaculate.
Haven't done a rotisserie version in 20+ years. Just drivers. Its my hobby, and I'll keep on as long as these old bones allow.:smile:

Neil

Click to expand...

Neil,
I would say it's more than a nice driver. Your work is incredible from the pictures and the cars are beautiful.

Do you want to drive the car or just show it? If you do a concours restoration you most likely won't want to drive it.

dalorzo_f said:

A 428CJ Mach????

If you can find a nice complete 428CJ Mach for 20-25k (market for a C or J GTCS in really nice shape) I'd buy it... similar condition car would likely be 50-100% more than a GTCS (rare R or S code excluded, they would be a close comp to the 428 Mach)

428 Mach restored in good driver (#2 or #3 car) condition 50-80k. Depending on options six figures top end. (#1 or high #2)

Mid way between a GTCS and Shelby.

Click to expand...

Here's one in Las Vegas for 30k and it looks really nice ...http://lasvegas.craigslist.org/ctd/4531130920.html

I think the M-code is a 351.

Ah, I didn't see that in the description...

However I said that it was in the "ball park of a nice GT/CS" You can find fixer uppers, even with a 428 for that range all day long.

Cool Manchu said:

Here's one in Las Vegas for 30k and it looks really nice ...http://lasvegas.craigslist.org/ctd/4531130920.html

Click to expand...

...The ad say's M-code. I believe that car originated with a 351...

P.S. Arlie beat me to it ;-)

...Back to your query - all good points here so I will only add that I personally chose the GT/CSs for their "Shelby appeal" as attractive "drivers" opposed to one real deal and risk of operating such a huge investment. With time, I believe they will go up again so.....it really hinges on what YOU want from a Mustang. For me, the GT/CS is a good balance of both extremes...

I know that it is likely I will not get what I invested in our cars back, but that is ok. I had fun finding them, restoring them, showing them, driving them and just looking at them in the garage. (I know I have the sickness bad) Look at most hobbies take bowling for instance once the game is over the money is gone. The good thing our cars keep me broke so I can not afford any other bad habits.

I personally would not use NOS parts on a car that will be driven regularly. A high end concours show car will cost twice what a driven car will and for the most part those with out a trained eye can not tell. Our HCS has a beautiful Scott Fuller exhaust that cost around $3200. No one yet has told me how cool it is. I love it because it is so correct.
In the end it is important to do what makes you happy.