1966 Shelby GT350 “Carry-Over”

This car, Lot 95, sold at Bonhams’ Greenwich Concours d’Elegance sale on June 5, 2016, for $159,500, including buyer’s premium. The pre-sale estimate was $80,000–$120,000. Such is the mystique of a “barn find” car — especially a Shelby.

In the world of Shelby Mustangs, the original 1965 GT350 is king. With just 521 “Street” versions made, they are not only rare but also raucous enough to make every drive feel like you’re Ken Miles lapping Riverside. But in period, not everybody was hip to that, so for 1966 Shelby made a kinder, gentler version. These were quieter, softer, cheaper to build, and yes, even available in colors, and with back seats and automatic transmissions optional.

Total production for 1966 was 2,367. And the first 252 of those have reached mythical status. Why? They were built using semi-complete 1965 “knock-down” Mustangs, just like the 1965 GT350s were. As such, they have some unique features including 15-inch wheels, black-painted engines (instead of the new-for-1966 Corporate Blue color), 1965 interiors, and other 1965 bits mixed in with the new 1966 gauge cluster, pedestal-mounted tach, full rear-exiting exhaust, Plexiglas quarter windows and rear-brake cooling scoops. Just like the 1965s, all were finished in Wimbledon White.

Myths, truths and value

It didn’t take long for this first batch of 1966s to get a name. Most call them “Carry-Over” cars. Others refer to them as “leftovers” or “1965.5” GT350s. Why? The oft-told story is that this was a group of 1965 GT350s that didn’t get sold and were converted to 1966s. The truth is far more boring than that. Ford had a scheduled plant shutdown every July and August. So if Shelby wanted to hit the streets in September ’65 with their new 1966 GT350 to coincide with everybody else’s 1966 model year introductions, they needed to order up some extra Mustangs in June. You guessed it. 252 ended up as the number.

Without question, these Carry-Over cars are unique. The 1965 chassis with 1966 updates added in truly created a “1965.5” car. Many think they are the best of both years, and I wouldn’t disagree. Calling them a Carry-Over car is correct, but “left-over” or otherwise trying to insert them into history as “extra” 1965 GT350s isn’t. But no matter what you call them, in the market, Carry-Over cars have rightfully established a middle ground between 1965 and 1966 values, with a bump of about 40% over a comparable “regular” 1966 4-speed GT350.

Unmolested or used?

This brings us to our subject car, SFM6S163. Bonhams, rather than simply marketing 163 as a restorable 1966 GT350, created an exceptional buzz about its “discovery.” Almost every enthusiast outlet picked up the story, as did the mainstream media. The story was great — a one-owner Shelby parked for 40 years.

But then there’s the actual car. Advertised as “totally original and unmolested,” it certainly was anything but, just as you’d expect any car that was raced. The original aluminum T-10 transmission, shifter and bellhousing were missing, and in their place were a cast-iron Top Loader, a blow-proof bellhousing and a Hurst shifter. The original carburetor, fuel pump, tach, ignition, exhaust and numerous other items were also MIA. The battery was relocated to the trunk, and it appears that the wheelwell lips were rolled for larger tires. A panhard bar was welded to the rear axle. This was a car that was clearly set up to go fast and had been used hard. It was not some pampered garage queen reserved for ice cream runs.

None of this is a deal killer, in spite of the expense of putting all this right, given the great history and paperwork. And, super bonus, shortly before the sale, SAAC verified that 163 retained its original numbers-matching engine — internal condition unknown, of course, because the car hasn’t run since 1976.

Tin-worm troubles

This car was on the road for just 10 years, but in that time rust was able to do significant damage. 163 is a crusty one, with corrosion on every component from the roof on down.

To restore it properly, somebody will use all of that NOS metal and more as the car needs significant repair or replacement to the floors, trunk floor, doors, fenders, quarter panels, the hood frame and rear frame rails — just from a cursory glance. I suspect if and when it is acid-dipped, there will be a lot of other areas needing repair. Even if a skilled fabricator saves as much as possible, there is no way 163 will retain anywhere near all of its original sheet metal when completed — which to many is a crucial item. And we haven’t even talked about numbers yet.

Dollars and sense

To just get 163 running and driving again, assuming there isn’t any catastrophic failure within the engine, the original T-10 transmission (street value $15k-plus) was included and isn’t blown up, and the unibody is structurally sound enough to support this effort, it would take a minimum of $35k in the shop. And that is just to make it functional, with no cosmetic restoration or cost of getting correct original parts factored in.

To do a full restoration to concours level with “real” parts? Figure $150k minimum, and probably closer to $200k in the end, plus a couple of years of waiting.

If 163 had been found wearing nice original paint, with all of its original parts, running, driving, and rust-free with all else being equal, the sales result here would have been an absolute steal. But given 163’s condition, if restored, the new owner will have well over $300k in it before the dust settles. That’s a price point the best Carry-Over cars have rarely exceeded.

Of course, you can’t put a price on history or emotions. In this case, a handful of bidders clearly loved the story of this woebegone Shelby, and the result was it selling extremely well. That said, I can’t fault the buyer one bit, as regardless of the circumstances, it is becoming harder to be the second, third or even fourth owner of a desirable Shelby by the day, and no rust repair can change the lineage here.

One way or another, rusty and ragged or freshly restored, I hope to see 163 again… under its own power, with a grinning owner who made the financial side of this mission secondary to saving a cool old GT350 with a great story.

(Introductory description courtesy of Bonhams.)