Parting Shot — The 1965 Mustang Fastback Shelby G.T. 350
Back in 2023 at Mecum Indy this 1965 Ford Mustang Fastback a Shelby G.T. 350 (SFM5S342) brought $319,000! Values have now shot up to as high as $990,000!
By Brian Brennan – Photography Courtesy of Mecum Auctions Inc.
The 1965 Ford Mustang Fastback Shelby G.T. 350 may sound like a modern car, but it actually hails from six decades ago. Many of us recall the Shelby G.T. 350, perhaps not as a contemporary vehicle, but as a quintessential muscle car that many dream of having parked in their garage today.
The rear three-quarter view is truly a distinctive vision, and one can immediately tell what this Mustang is. The Wimbledon White, adorned with Guardsman Blue Le Mans stripes, is the same as a personal signature.
This month, we take a closer look at this vintage muscle car and its legacy. When it debuted, the sticker price for a 1965 Shelby G.T. 350 was $4,575. The “R” model featured alterations such as a modified front bumper, valance, rollbar, and 15×6 Cragar/Shelby alloy wheels, compared to the standard 15×5.5 wheels. The Shelby G.T. 350 was a “lightweight” at just 2,790 pounds, housing a 306hp 289 small-block Ford engine that could reach speeds of 140 mph.
The high-performance 289 is marked as a K-code with 306 hp, making it one very stout factory produced small-block of its time.
The photographs illustrate an original Shelby G.T. 350 (SFM5S342), built on June 2, 1965, boasting a mere 12,190 miles on the odometer. This vehicle was auctioned at Mecum Indy in 2023 for an impressive $319,000; it underwent a complete restoration in 2007. It retains its matching-numbers HiPo 289/306hp V-8 engine, Muncie T-10 four-speed transmission, SAAC serial verification letter, Shelby historical paperwork, inclusion in the Shelby Registry, and the Ford VINs in their original locations. It is reported only 562 Shelby G.T. 350 Mustangs were produced. For those tracking their value, a different Shelby G.T .350, SFM5S383, fetched $990,000 at the Mecum Kissimmee 2025 Auction.
At first glance it looks like any 1965 Mustang Fastback front interior view but look closely and the distinctive add-on upper dash gauge package (oil pressure and tachometer) is one-of-a-kind to the Shelby G.T. 350.
Key differences between a standard Mustang and a Shelby include the highly sought-after K-code 306hp V-8 engine. The suspension features stiffer springs, enhanced antiroll bars, and upgraded Koni shocks, along with a Detroit Locker differential with 3.89 gears. The braking system boasts front discs and larger rear drums. Distinct styling elements include a fiberglass hood with a scoop, special badging, and the option to order a Shelby in the iconic Wimbledon White, adorned with Guardsman Blue Le Mans stripes.
On the Shelby G.T. 350 the rear seat area is discarded in favor of a new rear tire mount location.
While reviewing our archives, we came across images of the late Tex Smith, a longtime hot rodder and journalist, posing with an original Shelby G.T. 350 at the Shelby facility at LAX. It’s a nostalgic treat to share both past and present photos of what is undoubtedly an iconic Mustang.
MR
Back in 2023 at Mecum Indy this 1965 Ford Mustang Fastback a Shelby G.T. 350 (SFM5S342) brought $319,000! Values have now shot up to as high as $990,000!
The rear three-quarter view is truly a distinctive vision, and one can immediately tell what this Mustang is. The Wimbledon White, adorned with Guardsman Blue Le Mans stripes, is the same as a personal signature.
The high-performance 289 is marked as a K-code with 306 hp, making it one very stout factory produced small-block of its time.
At first glance it looks like any 1965 Mustang Fastback front interior view but look closely and the distinctive add-on upper dash gauge package (oil pressure and tachometer) is one-of-a-kind to the Shelby G.T. 350.
On the Shelby G.T. 350 the rear seat area is discarded in favor of a new rear tire mount location.
The lower valance stripe with the distinctive “G.T. 350” lettering is another giveaway as to what the heritage is of this Mustang.
One of the first Shelby G.T. 350 Fastback Mustangs with Tex Smith, probably reading a map as he was most likely lost.
Ol’ Tex once again this time checking out the reinforcement bar that ran across the top of the engine compartment. It is called a “front strut bar.” By connecting the two shock towers it gives the car’s chassis more rigidity. It enhances cornering capability.
Our model is seen here holding a fiberglass hood (left) and the rear interior floor piece (right) that replaces the factory rear seating area and now serves as the new location for mounting the spare tire.
After the paint shop the Shelby Mustangs are now outfitted with the upgraded suspension and then readied to go out the door. This shot was taken at the Shelby facility at LAX.
Wonder what the difference is between a stock 1965 Ford Mustang fastback and a Shelby G.T. 350? Well, this photo should give you a good idea of what is happening. The fiberglass hood looks to be the only part missing in the photo.
