The recent Mecum’s Dallas 2024 auction showcased the fluctuating nature of the classic car market. While many iconic vehicles failed to find new owners, a few HEMI Mopars were sold for less than expected. However, some vehicles commanded significant prices, and a golden-era muscle car set a new record.
Following the sale of a 1968 Shelby GT500 for $319,000 in July, another one of five examples of the same year’s model crossed the block at the Dallas event. This time, it was a KR Convertible, which fetched a staggering $330,000, setting a new record for King of the Road spec Shelbys. Introduced in mid-1968 with the powerful 428 cubic inch Cobra Jet V8, the GT500KR was produced in limited numbers of 1,452 units.
It replaced the GT500, which had a production run of 1,542 examples. The King of the Road played a crucial role in Shelby’s success, contributing to the company’s highest production year with a total of 4,658 units. Only 518 KRs were built with a convertible top, but this particular muscle car is even more exceptional due to its unique color and options combination.
Finished in Raven black with a white top, factory air conditioning, and black Decor interior, it is one of only five examples in this configuration. Moreover, it is the only one that was shipped to Missouri, as documented in an Elite Marti Report. This pristine 1968 Shelby GT500KR, a rare and highly sought after muscle car, recently sold at auction for a staggering $330,000.
Its immaculate condition and numbers-matching Cobra Jet engine made it a standout among other classic Mustangs. The convertible’s impressive list of options, including power brakes, steering, and top, along with its documented history, contributed to its high value. The sale of this GT500KR set a new record for the model, surpassing the previous highest price paid for a 1968 Shelby.
While the GT500 EFI prototype still holds the title for the most expensive 1968 Shelby, this convertible’s $330,000 price tag places it among the most valuable examples of the iconic muscle car. The GT500KR was introduced in 1968 as a performance enhanced version of the Ford Mustang GT. Powered by a 428 cubic inch Cobra Jet V8 engine, it was capable of producing over 400 horsepower.
The KR was offered in both coupe and convertible body styles, but the convertible is generally considered to be more desirable due to its rarity and open air driving experience. This particular GT500KR is a stunning example of the model. Its exterior is finished in a classic black color, and the interior is in excellent condition with black vinyl upholstery.
The car is equipped with several desirable options, including power brakes, steering, and top, as well as a tilt away steering column, an AM radio, tinted glass, and a tachometer. The GT500KR’s value has increased significantly in recent years, as collectors have come to appreciate its rarity and performance. This particular example is expected to continue to appreciate, making it a valuable investment for its new owner.
