This Rare Dodge Lancer Shelby Is a Cheap Sleeper

Quite rightly, the Shelby name conjures aw-shucks images of muscular little roadsters and white-and-blue Mustangs and GT40s at Le Mans. There was that famous 1959 victory at the French circuit with Aston Martin, too, and who could forget the mighty Dodge Viper? But hardly ever, I’d argue, does one hear the name “Carroll Shelby” and immediately think “Lancer!” We only did so this week because one sold on Cars & Bids for $4800, and it must be just about the world’s cheapest Shelby.

And yet, after a hiatus from the car business to get his chili empire up and running, Ol’ Shel spent a significant portion of the post-Malaise ’80s (which were still plenty malaisey in many segments, let’s be honest) applying his name and his go-fast know-how to a handful of mundane little front-drive Dodge cars—the Charger, the Omni, the Shadow, and that very same Lancer among them.

Gone were the raucous V-8s with which Shelby was so familiar (not counting the 5.2-liter Shelby Dakota pickup, of course), and in their place were 2.2-liter turbocharged four-cylinders. Most famous of the Dodge-era Shelbys is likely the 1986 Omni GLH-S, for “Goes Like Hell Some More,” or “Goes Like Hell S’more,” or “Goes Like Hell Shelby,” depending on whom you ask, with just 500 of the import-fighting hot hatches made.

More subtle was the budget-luxury mid-size Lancer sedan, Dodge’s H-body alternative to the BMW 5 Series. For 1987, Chrysler’s Turbo I 2.2-liter four was upgraded by Shelby to Turbo II specs with an intercooler and revised top end to make 175 horses and 175 lb-ft of torque, all put to the front wheels through either a five-speed manual or optional three-speed automatic. This was good enough to scoot the Shelby Lancer to 60 mph in 7.7 seconds and on to a top speed of 130 mph. The Shelby Touring Suspension included Monroe Formula GP gas-charged shocks and struts, stiffer springs that lowered the ride slightly, and fat antiroll bars front and rear, with 205/60VR15 Goodyear Gatorbacks on laced alloy wheels fronting four-wheel disc brakes.  

Exterior identifiers included the one-color-only Graphic Red paint job (expanded to white and black for 1988–89), blacked-out trim, wraparound front and rear air dams with integrated driving lights up front, side skirts, and a rear spoiler. Shelby graphics were the final touch. 

The Lancer’s shared LeBaron bits meant that interior amenities weren’t overlooked, either, and standard features included air conditioning; power windows, mirrors, and locks; and a 10-speaker Pioneer CD stereo with a nine-band graphic equalizer. A leather-wrapped four-spoke Shelby steering wheel and well-bolstered sport seats—leather in automatic cars, cloth in the five-speeds—were part of the package, as was a numbered dash plaque. 

Shelby produced 800 of the 1987 Lancers at his California facility, with an MSRP of $16,995 (compared to the $11,250 of a standard Lancer ES). For 1988–89, production was moved to Detroit, the car was de-contented and renamed Dodge Lancer Shelby, and fewer than 500 were produced over the two years. 

The car that sold this week is a 57,000-mile, five-speed car from 1988. As one of the de-contented variants built in Michigan, it lacks the black Shelby wheels, graphics, steering wheel, Pioneer stereo, and some other Shelby-branded parts, including the numbered dash plaque, which makes the car appear more Lancer than Shelby. The performance parts, however, are still there, and it’s clear from this car’s relatively low mileage and stated 33 years of long-term ownership that it has been taken care of.

The seller bought the car in 1991, garaged it during his entire period of stewardship, and it was his daily driver until 2005, minus winters. Since then, it hasn’t seen many miles. The only modification appears to be a Blaupunkt CD/cassette stereo, and imperfections include paint swirls, scuffed cladding, a handful of dings to the body and scratches to the wheels, and obvious signs of use to the upholstery. There is no rust visible on or beneath this Illinois car.

The seller originally listed it in August on Bring a Trailer, where it was reported sold for $7200, though the deal fell through as result of the buyer, not the seller. Hagerty doesn’t currently value Shelby Dodges, though a quick and highly unscientific check of past results on BaT and Cars & Bids shows three ’87s selling in the last seven years for $3500 (72K miles, automatic), $4600 (158K miles, manual), and $10,000 (104K miles, automatic), plus an ’89 at $7125 (59K miles, manual), while C&B has one previous result, in 2022, for an ’88 at $12,000 (51K miles, manual). In 2018, Bonhams sold Carroll Shelby’s very own ’87 Lancer for $19,040.

So, what’s it all mean? Well, from a Shelby standpoint, not a whole lot. His Dodge period will just never compare to his Ford period. From a 1980s performance-sedan standpoint, however, $4800 seems awfully cheap for a rare, well-cared-for sleeper that kicks you in the pants when the boost comes on at 2800 rpm. These Lancers may lack the cachet of other Shelbys, and indeed that of the BMWs at which they were aimed, but the secret society of those in the know—enthusiasts like the seller who have loved and cared for his car, and like the buyer who plans to do the same—are on to something special. And despite their K-car roots and iffy build quality, these performance Dodges offer excellent bang for the buck.

Sure, the seller most certainly would have preferred the $7200 result from the dud BaT auction, but in the C&B comments he also seemed mighty OK with the real-money $4800 result and the knowledge that his beloved Lancer was going to an equally committed fan of Dodge-era Shelbys. Win-win.