GT 350

In the Shelby world, 1965 GT 350s have always been the ones to own, as they are wonderful, multi-purpose street and track cars, along the lines of a Ferrari 250 SWB. Shelby went on to produce many more Mustang variants, including big block GT 500s, but to the cognoscenti, the first were the best.

Shelby produced just 521 street cars and a scant 34 R-model competition GT 350s in 1965. The earlier the car is, the better, where values are concerned. "Two-digit" cars, as they have become known, are the most valuable. These were Shelby's first allotment from Ford, and as such, they occupy a unique place in Shelby Mustang history.

Early cars have the battery in the trunk, 16-inch Moto Lita steering wheels (just like the Cobra), and other unique features. As production increased, many running changes occurred. Soon the GT 350 went to a 15-inch steering wheel, the quality of the fiberglass hoods improved, and the battery moved back up front around car #325. So if you're shopping for a '65 Shelby, you want to buy a car with the battery in the trunk, a shoddy hood, and as low a serial number as you can find.

But make sure you do your homework, as there is a reason why almost any car that seems like a great deal is being sold so cheaply. Many GT 350s have "storied" pasts (not the good kind of stories), and have shed many of their important and valuable original parts over the years. The Shelby American World Registry, an invaluable resource, has nearly every car listed, along with all known history. I also recommend an inspection by a Shelby expert.