Representing the ultimate expression of muscle car engineering, the 1968 Shelby GT500KR Convertible for sale combined Carroll Shelby’s racing expertise with Ford’s most powerful production engine, all wrapped in a convertible package that delivered both devastating performance and pure driving exhilaration.
What sets this machine apart from its contemporaries extends far beyond its imposing presence. Carroll Shelby and Ford Motor Company created a collaborative masterpiece that redefined what a production muscle car could achieve. Open-air motoring took on new meaning when you could experience the raw, unfiltered sound and sensation of the 428 Cobra Jet engine with wind rushing overhead.
Design and Styling
The GT500KR Convertible shared the broad, muscular body of the late-’60s Mustang, but with Shelby-exclusive refinements. Out front, the most striking feature is the reshaped fiberglass fascia and hood scoop that accommodates the huge Cobra Jet engine. Both the hood and grille are molded in fiberglass (unlike the steel parts on a production Mustang), which reduces weight and allows room for the high-rise intake. Shelby also fitted a fiberglass trunk lid and used 1967 Cougar-styled taillight lenses, giving the car a distinctive look.
The signature racing stripes run the length of the sides and include the prominent “GT500KR for Sale” lettering on the front fenders. Even subtle details set the KR apart, from its functional hood vents and larger mirrors to its wide wheel flares ready for extra-grippy tires. Customers could also choose Shelby’s optional 10‑spoke aluminum wheels in place of the standard 15‑inch steel wheels and bolted hubcaps.
Inside, the KR Convertible’s cabin was as upscale as its engine was big. The interior was trimmed in black or saddle vinyl with deluxe touches: a genuine walnut-veneer panel across the dash and matching door trim, and a wood-rimmed Shelby steering wheel.
The center console housed Stewart-Warner gauges and a padded storage compartment lid embossed with the Shelby cobra logo. Behind the front seats, Shelby installed a sturdy roll bar (wrapped in black padding) as a structural reinforcement and seatbelt anchor.
Convenience options were also available: factory air conditioning (which came with tinted windshield and side glass), power steering, an AM radio and electric clock, and even power front-disc brakes could be ordered. All these features meant the KR Convertible was not just a raw dragstrip car but a high-end grand tourer of its day.
Performance and Powertrain
Under the hood, the GT500KR carried a heavily reworked big-block V8. Shelby took the 428 Police Interceptor engine and fitted it with competition-grade cylinder heads, a higher-lift camshaft, a cast iron intake manifold and a 735‑cfm Holley four-barrel carburetor.
The compression ratio was raised to over 10.7:1, extracting every bit of power. Ford’s official rating was 335 hp at 5,600 rpm, but real-world output was much higher – dyno tests and Shelby’s own data suggest the Cobra Jet made on the order of 400–450 hp at the crank. To match this power, Shelby also upgraded the fuel and cooling systems (with a higher-pressure mechanical fuel pump, larger radiator and optional oil cooler) so no shortage or overheating occurred during hard use.
That brute force was sent to the rear wheels through either a Ford four-speed Top Loader manual or an optional Ford C6 three-speed automatic transmission. Both used beefed-up clutch packs or converters to handle the torque.
Rear-axle ratios were chosen for quick acceleration: 3.50:1 was standard, or 3.00:1 if the car had factory air conditioning. The rest of the chassis was reinforced accordingly. GT500KR convertibles rode on heavy-duty coil springs and dampers, with a large front stabilizer bar and optional traction bars up front.
Braking received a major upgrade: big 11.3‑inch vented discs in front (with power assist) and sturdy self-adjusting drums at the rear were specified, matched to a robust Ford 9‑inch limited-slip rear axle. In performance testing, a GT500KR Convertible dispatched 0–60 mph in about 6.8 seconds and the quarter-mile in roughly 14.6 seconds at 103 mph– figures that outclassed nearly all other 1968 muscle cars. Shelby basically tuned the GT500KR like a race car, ensuring its straight-line speed and acceleration lived up to the “King of the Road” name.
Production, Rarity, and Collectibility
The 1968 GT500KR Convertible was produced in very limited numbers. Shelby’s factory records show only about 517 convertibles were built that year. It was Shelby’s only year for the KR model and the first year Shelby offered a Mustang convertible, so there were no direct predecessors or immediate successors. Options and colors were likewise uncommon. For example, only about 51 GT500KR Convertibles were finished in the rare Acapulco Blue paint. Additionally, just five cars were built in Raven Black with a white convertible top, factory air conditioning, and black Decor interior, not white interior. The original model was already a collector’s dream.
Even when new, the KR was expensive: its base MSRP was $4,594(nearly double a stock Mustang’s price) and a well-optioned car could approach $6,000. In today’s market, those figures translate well into the six figures. Shelby expert Doug “CJ” Wicks observes that the GT500KR convertible is “one of the most coveted of all vintage Shelbys”. This is borne out by sales data: comparable restorations routinely trade in the mid-$100,000s, and pristine concours-quality examples far beyond that. Record prices have climbed sharply: for instance, a fully documented Raven Black KR with factory AC sold for $330,000 at Mecum’s Dallas 2024 auction (breaking the model’s previous record), and a blue KR once owned by actor Lee Marvin fetched $220,000 at Barrett-Jackson in 2017.
Even a fair-conditioned “barn find” KR sold for roughly $126,500 in 2016. Collectors treat the GT500KR Convertible as a high-value trophy; in fact, the Newport Car Museum notes it is “one of the most collectible Mustang-based Shelbys of all time”.
High-quality restorations of GT500KR Convertibles often headline collector car auctions and concours events, winning awards for authenticity. The Shelby Registry tracks every surviving example, and any GT500KR Convertible that comes up for sale instantly becomes headline news.
Hagerty’s market reports confirm the strength of the KR: it routinely occupies the top tier of Mustang pricing guides, and its value helps it stand out classic Mustangs,and many owners regard it as the marquee Shelby of the classic era. Its high valuation reflects not just performance and looks, but also history – this was Carroll Shelby’s final convertible Mustang under the Ford partnership, and for decades it served as Shelby American’s flagship model.
Revology’s Reimagined GT500KR Convertible
Revology Cars has honored the GT500KR’s legacy by building a brand-new 1968 KR Convertible reproduction with modern engineering. Each Revology Shelby is constructed from the ground up to original specifications.
The exterior body panels – hood, grille, decklid, fenders and all – are handcrafted in fiberglass and assembled on precision fixtures, yielding perfect panel gaps. All exterior lighting is converted to LED units, but hidden in period-accurate housings so as not to alter the classic appearance. The interior is upholstered in high-grade leather with an optional walnut-veneer dash, quarter panels, and Shelby woodrim steering wheel, just like the original.
Where the Revology KR really diverges is under the skin. The standard engine is a supercharged 5.0‑liter Ford/ROUSH “Coyote” V8, rated at about 710 horsepower. This modern dual‑overhead‑cam engine makes massive torque across the rev range yet remains smooth and tractable for street driving.
Buyers can choose either a modern six-speed manual or an electronically controlled automatic transmission, both far superior to the old Borg-Warner units in shift speed and durability. Power flows through a modern Ford 8.8-inch rear end with forged 31-spline axles. The driveshaft is carbon fiber, reducing weight and vibration.
Wilwood four-wheel disc brakes – six-piston calipers in front on 13.06″ rotors, four-piston at the rear on 12.88″ rotors – give the car Ferrari-level stopping power compared to the 1968 spec. The stainless exhaust is tuned to be quiet at low throttle (for refinement) yet free-flowing under heavy load. Meanwhile, suspension with modern coilover shocks replaces the original’s leaf springs, yielding vastly improved handling without sacrificing a firm musclecar feel. Even details like the hood hinge and trunk latch have been upgraded: the hood uses gas-charged struts instead of weak springs, and the trunk lid latch closes securely without the two-hand slap needed on a stock car.
Revology’s cars include contemporary conveniences behind the vintage facade. Standard amenities are electric power steering, power brakes, power windows, and full heating/air-conditioning – features not available on the originals.
Buyers can add a hidden modern infotainment system under a period-correct look, USB ports in the console; yet anyone glancing at the cabin sees what looks like a 1968 interior.
Structurally, the Revology bodies are fully welded and bonded with structural adhesives during assembly, resulting in a chassis that is far stiffer and quieter than an unrestored original. In short, the Revology GT500KR Convertible looks, sounds and feels like a period-correct Shelby, but under the skin it drives like a modern supercar.
Each new GT500KR Convertible from Revology starts around $347,500. For collectors, this offers a turnkey way to experience the KR’s legend: the car retains the historic styling and opulent trim, but comes with factory-new reliability and warranty. In effect, Revology has created the GT500KR that enthusiasts always wished they could buy new.
Whether one enjoys the original ’68 Shelby or the modern tribute, the GT500KR Convertible’s blend of breathtaking power and classic musclecar design ensures it lives up to the “King of the Road” name in every way.
Lasting Legacy and Influence
Far beyond its brief production run, the 1968 Shelby GT500KR Convertible’s influence established benchmarks for performance, design, and exclusivity that continue influencing automotive development today. Peak achievements of the original muscle car era combined maximum power with sophisticated engineering in a package that delivered both performance and style.
Modern performance cars that attempt to recapture its combination of power, presence, and exclusivity carry on the GT500KR’s legacy. Everything from modern Mustang Shelby variants to exotic supercars that prioritize raw performance and emotional appeal over mere efficiency shows the car’s influence.
Ultimate expression of muscle car philosophy lives on in the 1968 Shelby GT500KR Convertible, proving that the right combination of engineering excellence, design vision, and performance focus can create automotive legends that endure for generations. Those fortunate enough to experience one, whether original or modern interpretation, receive an unforgettable reminder of what made the muscle car era truly special.