With nearly three million units built, the first-generation Ford Mustang is the most common iteration of the iconic nameplate. But because Ford built so many of them, the first-gen Mustang is also a common barn and junkyard find.
Of course, most ponies that emerge from barns are usually mundane, but we've seen quite a few rare rigs come out of long-term storage in recent years. And it's not just Cobra Jet or Boss models. Enthusiasts have also unearthed Shelby cars, which are significantly rarer than regular Mustangs.
One such spectacular find occurred in late 2021 when the folks at "American Mustangs" rescued a 1965 GT350 that had been sitting for decades in an abandoned house. Yup, that's a first-year Shelby and the rarest classic GT350 out there.
Carroll and Ford produced only 572 units, a number that also includes various prototypes and race-spec rigs. If we eliminate those from the equation, we're left with just 514 street production models. Moreover, the barn-found Shelby was an early version with a truck-mounted battery and an odometer showing only 29,000 miles (46,671 km).
The pony car was also in surprisingly good condition for a vehicle that sat for this long. While most body panels displayed surface rust, the shell was still in one piece and straight as an arrow. The interior was in even better shape, with minimal wear and tear. Rounding up the good news, the GT350 was found with the original, numbers-matching 289-cubic-inch (4.7-liter) V8 still under the hood.
More than two years have passed since then, and the rare 1965 GT350 is alive and kicking. The Mustang has yet to be restored, but it's running and driving, and it was recently displayed at The Amelia Concours d'Elegance 2024. Yup, this event may be about nicely restored classics for the most part, but it also includes a section for barn-found vehicles.
The GT350 is obviously much cleaner than when it left the abandoned building, but the paint hasn't been touched. It displays the same amount of patina, with extra surface rust on the lower doors, the roof, and the trunk lid. The Wimbledon White paint that soldiered on is cracked in most places, but this Mustang is as gorgeous as unrestored survivors get.
Will this GT350 get a much-deserved restoration? That's a piece of information I don't have, but I could definitely see this rig being paraded in its current state for a few more years. And there's nothing wrong with that if the body and the frame are still solid underneath all that patina.
This Shelby is also a treasured classic. Restored and highly original examples have been selling for $300,000 to $950,000 in recent years. As a low-mileage and unrestored gem, this GT350 would definitely change hands for at least $500,000 in the current market. Check it out in the video below.
Ask Ciprian about cars and he'll reveal an obsession with classics and an annoyance with modern design cues. Read his articles and you'll understand why his ideal SUV is the 1969 Chevrolet K5 Blazer. Full profile
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