The Ford Mustang has earned its place in history as one of the most formidable and exciting sports cars available. It even spawned its own segment, the “pony” car, which proved so popular, every other major American brand was forced into it and scrambled to keep up.
When the Mustang first came out, it was marketed as a cheap sports car for the budding Baby Boomer generation. Released in 1964, when most Boomers were just turning 17, the Mustang was the perfect car for the moment.
Most Expensive Ford Mustangs
Now, almost 60 years later, those once-17-year-old kids that somehow couldn’t afford a Mustang in 1964 – or did, but bought and sold it way back when – have likely made enough money now to finally own one as a hobby car.
-Unless it’s any of the cars on this list, that is, because to buy the most expensive Mustangs in the world, you’re going to need to do more than just mow the grass for a summer, or deliver newspapers.
1. 1965 Shelby Mustang GT350R — US$3.5 million
The Mustang had barely been on the street for a year by the time Carroll Shelby and his team at Shelby American got their hands on it, turning the once-hip cruiser into a serious race-winning monster as the GT350R.
Serial number R5002 is reportedly the first GT350R built, although there were a few others built at exactly the same time, so it’s hard to say. What isn’t hard to say is that this was the first GT350R to win a race for Shelby, and it did so on its first time out of the paddock, piloted by none other than Ken Miles.
The GT350R earned the nickname “The Flying Mustang” after it was photographed catching air during that famed first race. The car would go on to be driven by Chuck Cantwell, Jerry Titus, and Ed Leslie until the end of that summer. R5002 would then return to racing in 1966, and keep at it up until 1967 under Ford Performance Division engineer Bill Clawson. The car recently sold at Mecum auctions for US$3.5 million, making it the most expensive Mustang ever sold.
2. 1968 Ford Mustang GT390 “Bullitt” — US$3.4 million
Anything with Steve McQueen’s name attached to it is worth money. Hell, even mentioning his name in this article probably earned us a few ad clicks, but none of the “King of Cool’s” possessions could match the value of the car we associate him with most — the Highland Green 1968 Mustang GT390 he drove in the film Bullitt.
The vehicle was sold after filming had completed, and was daily-driven until a mechanical issue sidelined it for decades and kept it mysteriously hidden from the public eye. The vehicle came back into the spotlight in 2018 when Sean Kiernan, the owner’s son, contacted Ford and asked if they were interested in using for promotion of the newest Mustang. They were, so they did, for about a year. The vehicle was then sold for an insane US$3.4 million at auction. We’re willing to bet even McQueen himself wouldn’t pay that much money to have his car back, but nevertheless, the car is more than a vehicle — it’s a part of history. (www.cantravelwilltravel.com)
3. 1967 Shelby GT500 Super Snake — US$1.3 Million
After the GT350 had proven itself a formidable race car and a certified street machine, it was time to kick it up a notch. In a partnership between Shelby and Goodyear, this GT500 Super Snake was dreamed up as a promotional vehicle to sell a new line of Goodyear tires.
Under the hood was an all-aluminum 427 V8, which produced north of 600 horsepower — a.k.a. way too much for those skinny Goodyear tires to handle, despite what the advertisement may claim.
While there had been plans to build a small run of similar GT500 Super Snakes, the idea was eventually put to bed by the bean-counters, and probably the pearl-clutchers, too. Thus, there was only one such GT500 built in 1967, which is what helped it command a US$1.3-million sale price at auction in 2019.
4. 2020 Ford Shelby Mustang GT500 — US$1.1 million
The “GT500” nameplate left the market in 1970, just after Shelby had basically cut ties with the Ford brand, and thus, with Mustang. However, in 2007, the GT500 name returned on the new “retro-styled” Mustang, now featuring a supercharged 5.4-litre V8 rated at 500 horsepower.
The 2020 GT500 marked a milestone for the pony car, as the beast now had 760 horsepower and a fully independent rear suspension, elevating it from a muscle car into near-supercar territory. The very first example of the vehicle was auctioned off at Barrett-Jackson’s famous annual Scottsdale sale, and Craig Jackson himself plunked down US$1.1 million to put the vehicle into his collection. All proceeds went to charity.
5. 1967 Shelby Mustang GT500 “Eleanor” — US$1 million
Jerry Bruckheimer had 11 cars built for the film Gone in 60 Seconds 2000, starring Nicolas Cage, but there had to be a hero car, and this is it — a 1967 Mustang GT500 called “Eleanor.”
The “Dream Car” was used for exterior and interior shots, as well as chase scenes through the shipyard, city, and along the Los Angeles River. There’s nothing fake about this Shelby-inspired 1967 Ford Mustang either; every component on it works, even the NOS system.
An interesting tidbit about the paint scheme: it was originally supposed to be an inversion of the way you see it, with a black body and a set of silver stripes. Apparently the painter messed up the order when they went to build the car — 11 times. Oops! Oh well, that still isn’t as big a mistake as this film was.
6. 1965 Shelby Mustang GT350R — US$984,500
Yes, another GT350R. If this was a list of the 10 most expensive Mustangs, you’d see even more of the model. This particular 1965 GT350R (chassis number SFM-5R538) was raced by Charlie Kemp between 1968 and 1969, and picked up 17 straight wins with Pete Hood as his mechanic.
At Daytona in 1968, the GT350R was clocked at 184 mph, prompting a thorough inspection of the vehicle to ensure there was no foul play. According to Hoon, the engine had been bored 0.030 over, and produced between 430 and 450 horsepower. So all the speed did was impress Carroll Shelby — oh, and win a whole bunch of races.
5R538 sold at an RM Sotheby’s auction in Monterey for US$984,500 in 2014.