Why is the 319-hp Shelby GT hotter than the 500-hp GT500?
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Thought experiment:
Two distinctly modern Shelby Mustangs, produced during parallel model years with a set of stripes and goosed-up V-8s. One was a Shelby-licensed Ford factory effort: a comprehensively engineered, 500-hp, supercharged, stick-axle snake that was, for a moment, the most powerful production muscle-car on the planet. The other is a true Shelby-modified ’Stang, marginally more than an aesthetic package with some quality bolt-ons.
Which would you expect to be more collectible? The 500-hp monster, right? Correct!
Well, kind of. Maybe. It’s complicated.
As you probably gleaned from the headline and that pretty pony in the lead image, these mystery Mustangs are the 2007–2009 Ford Mustang Shelby GT500 and the 2007–2008 Shelby GT (SGT). And, if you determine collectability by which trades hands for more cash, then yes, the GT500 is the obvious winner with overall higher values across all conditions, according to the Hagerty Valuation Tool.
The money favors the big, beefy GT500, but something’s happening with the lesser-known Shelby GT. Both ’Stangs have increased their values since 2020, but the understudy SGT has outpaced the GT500 in appreciation.
Pause for a moment—here’s some context before we get nerdy with the numbers. In the mid-2000s, the Mustang brand was arguably the strongest it’d been in decades, with the newly-launched S197-generation Mustang (2005–2013) ushering a surge of sales from a horde of new and returning Mustang owners looking to mainline a fat dose of nostalgia with the S197’s neo-retro design.
The time was right for a Shelby resurgence. Despite a successful turn at hopping-up Omnis, Chargers, and Dakotas for Chrysler, Carroll Shelby’s surname hadn’t graced the decklid of a Mustang in any capacity since Shelby legally re-VIN’d 789 unsold 1969 GT500s as model year 1970. The S197 reawakened Shelby’s relationship with the Mustang, first with the rare 2005 CS6 and CS8 Mustang packages, and shortly thereafter with a 21st-century rekindling of his bonds with Ford and Hertz. The two corporate giants teamed up with the famed Mustang maestro for the 2006 Shelby GT-H, a limited 500-unit run of Shelby-fied black-and-gold Mustang GTs exclusively for Hertz’s rental fleets that recalled the original Shelby-Hertz partnership from 1966.
A year later, Ford and Shelby collaborated again on the 2007–2008 Shelby GT as a commercially-available production version of the former GT-H—which, by the way, returned to Hertz’s fleet for the 2007 model year configured only as a convertible. For SGT production, Ford followed in the spirit of the Shelby Mustangs of 1960s yore by shipping new Mustang GTs straight from the factory to Shelby’s facility in Las Vegas for the hop-up kit.
A new intake, ECU, and exhaust squeezed another 19 hp and 10 lb-ft of torque out of the GT’s 4.6-liter V-8 for a total of 319 hp and 330 lb-ft. Upgraded springs, dampers, and thicker sway bars from a Ford Performance suspension kit significantly improved handling. Aesthetically, the rear spoiler was deleted and a new retro-style hood scoop, chrome five-spoke American Racing-style wheels, a new grille, and rear diffuser were added. Inside, the requisite Shelby commemorative plaque sits on the dash above a classic cue-ball shifter.
So, it’s best to consider the SGT a “Mustang GT-Plus” with Shelby bona fides. It never had its time at the top of the hierarchy however, as the Ford Mustang Shelby GT500 also landed on U.S. tarmac in 2007. Developed almost entirely in-house by Ford’s Special Vehicles Team (SVT) with only consultation and licensing from Shelby, the new GT500 was fully built by Ford at its Flat Rock, Michigan, plant. Differences over its siblings were substantial: a supercharged 5.4-liter V-8 ripped the rear tires with 500 hp and 480 lb-ft of torque, bigger Brembo brakes, and an aggressive suspension with revised springs and dampers to manage the added heft and power. It also sported a vented hood, different front fascia, and rear spoiler, along with its own unique wheels and tires.
But was it a Shelby? Well, according to some diehard Shelby supplicants, no. Despite the name on the decklid and window sticker, some claim this was more SVT than Shelby and had little to do with the “real” cars built in Vegas—nevermind that Ford contracted with Shelby for the later 2008–2009 GT500KR. The SGT, on the other hand, was as Shelby as they come.
Back to valuation. According to our Price Guide, $30,000 will buy a 2007 GT500 in Condition #3—what we consider “Good,” or a, driver-condition car. You’ll find that shopping for a SGT saves you about eight grand over the GT500: $21,800 garners a same-condition Shelby GT.
That delta shrinks to $7000 when comparing Condition #2 cars: $35,600 fetches a SGT while the GT500 averages $42,600. That’s a relatively thin margin compared to the massive gulf in performance and—if we’re being honest—recognition. In Mustang history, the SGT is a well-thought-of B-side to the GT500’s top-40 hit.
Despite that, the SGT does have a few things going for it, principally that it’s dramatically rarer than its big bro. Just 7865 SGTs were built between the 2007 and 2008 model years, compared to the 22,989 GT500s built from the 2007 to 2009. Also, the SGT’s values are gaining traction. Up 44 percent since January 2022, the SGT has outstripped the GT500’s 33 percent increase over the same period.
We’re primarily focused on the two Mustangs available to consumers when new, but Hertz’s GT-H does help provide a little context on what collectors prioritize. With only 500 units produced, it’s rarer than the other two. The nostalgia-advantaged GT-H is up 36 percent over the last year and has surpassed even the GT500 in value. Though they’re very nearly the same car, the values of the two naturally-aspirated GTs bookend their brawnier, supercharged stablemate.
What gives? We get some clues from who buys these hopped-up Mustangs. We don’t break down demographic data for the SGT, but interest in the GT500, as determined by who calls Hagerty for quotes on insurance, disproportionately comes from Baby Boomers. On the whole, they represent just over a third of those calling about insurance—but nearly half of those calling about a GT500. Millennials, on the other hand, don’t seem as interested in the muscle-bound GT500—their share of quotes lags their total market share by seven percentage points. We also see a decent number of GT500s—10 percent in the garages of serious Shelby collectors.
Assuming the breakdown for the rarer Shelby GT is similar—and Hagerty Price Guide editor Greg Ingold thinks it is—then the values make sense. Rarity and authenticity might be more likely to matter to a serious older collector—particularly one who has curated a specific marque—than raw numbers. “Yes, the Shelby GT makes less power and is priced appropriately for that, but it carries the Shelby name and is still quite prized among Mustang and Shelby enthusiasts,” added Ingold. Besides, someone who is really in it just for the power has plenty to choose from. The 2007 GT500 sparked a modern horsepower war that continues to this day with 650-hp Camaro ZL1s, 707-hp Challenger Hellcats, and 760-hp Shelby GT500s.
Will the Shelby GT will cross the Rubicon and join the GT-H with values above the GT500? Time will tell. Whether you choose rarity and Shelby-built provenance or the supercharged powerhouse with a moniker steeped in history, it’s hard to go wrong.
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Conner, it’s interesting to talk to Shelby enthusiasts about what makes a Shelby a Shelby. Some will say the last true Shelby Mustang was 1967 vintage that Carroll and his group actually had a hand in. Some will go further and say only AC Cobras, since Carroll’s hand was sort of forced by Ford to put his team to work converting the “Secretaries Mustang” into a bona fide performance vehicle. Others will say that as long as the folks at Shelby have even the smallest involvement in blessing Ford’s latest top tier Mustang performance iteration, it still is a Shelby.
Clearly, the Shelby moniker and it’s storied history early on with Ford, still carries much weight with the Ford performance vehicle market. Could Ford create these iterations without Shelby? Sure. The resources available within Ford versus Shelby American are not even comparable. So, the question of what is a true Shelby will rage on for the foreseeable future. Is this a good thing…I think so.
Had a 2007 GT 500 in the correct colors( blue stripes over white). Added cold air intake, magnaflows, chip and dump tuned. It’s not even a fair comparison. The American 4.6 without a super charger is less than today’s Ecoboost Mustang and especially the HPP Ecoboost which I also owned.
Yes, 4.6L engines, regardless of how many cams you put in them, don’t make any HP
UNLESS you put a blower on them.
Ford finally figured that out and produced the Terminator Cobra.
Shelby GTs are rare because FEW suckers wanted to pay $40,000 or more! with stealership ADPs,
for a Mustang GT with some stickers, stripes and a Ford Performance CAI/Tune.
Wowee!
You could also pay Carroll extra money to sign your glove box!
Swapped my ‘65 Mustang 6 cyl 3 speed in college in 1970 for a neighbors ‘67 Ford Shelby GT and gave him $2,500 difference to sweeten the deal. We were married college students and he needed the money. Sold the Shelby to my little brother in ‘72 while in the service, terrible ride, got 4mpg on premium gas with the twin 4 barrel carbs and a 428 cu engine. Got back what I had in the ‘65 Mustang plus the $2,500. He still has the Shelby and drives it about 600 miles a year. Says he’s gonna have it when he dies. It’s still a sloppy expense ride by today’s standards.
Your article misses the mark on many fronts. For one, your sample size was too small to draw any conclusions. Over time, the 500 hp Mustang will appreciate much more than its step sister with the stripe package and mini van power. My guess is it appreciated more simply due to it’s lower price point makes it a economical choice for those that want the appearance of a hot car and don’t care about performance.
As a long time mustang fan and owner I agree/ disagree, no disrespect to hagerty, they crunch numbers and give no emotion value on a product. Owners and enthusiasts see our cars as much more, they are irreplaceable members of our family, that a price tag can’t be placed on. Case in point, I have two mustangs that are taken to shows, a 08 gt with low miles and a bunch of bolt on modifications, the other being a 09 gt 500, low miles stock and a low production number red stripe appearance package. The 08 gets more attention from casual viewers and passerbys, mustang guys are more drawn to the 09 for what it is. To me the 09 is MY dream car, regardless of where it was produced and who did it and what the true value is.
The GT 500 is the better car, but love is blind either way.
From my entirely personal standpoint, I’d rather have the Shelby ilo the Shelby-licensed Ford. Not for the provenance, it is just that I would spend my retirement funds on a car I could drive, not a 500 bhp beast, especially with the stick axle. Hang the collectibility and future auction prices, it’s the kind of car I would keep until the truly bitter end, and money won’t matter. Everyone has their own criteria, these would be mine.
You guys are skipping over the 2011-2013 GT350’s – these were produced by Shelby in Vegas (after shipping a Mustang with specific options to them). Not sure as to if all got signed by Shelby, but my 2011 – Museum Delivery option has his signature on the dash. Total production for the 2011 45th Anniversary models was about 170 cars. There were 3 engine choices: non-supercharged (3 built, I think – for a specific race group); 525 hp supercharged – about 100; and 624 hp – about 68 built). These are exceeding rare and nobody mentions them – Hagerty does not show them on any of there charts or catagories. Delivered cost for one of these – optioned out with the higher hp was in the low $80’s. Supposedly the 525 hp could run 12 sec. 1/4 mile, and the guy I used talk to a Shelby said when they were running the development cars at Vegas they were hitting 190 on the track when they had to hit the brakes for a turn. I have never seen a top end speed for the 624 hp version.
Regardless of pedigree or value, I bet that GT offers a bet all around driving experience than the GT500. The GT500 is great for melting tires and blasting down a straight road, but not a great handler. I think they fixed that somewhat in the years that followed.
I bought a 07 Shelby GT new (White). Paid $2,000 below sticker (September 07). Had it about 1 year, was quite underwhelmed by its performance (or lack thereof) and traded it in for an Escape and cash for one of my children. Car did not impress me. In 2012 I bought an 07 GT500 that was built up by prior owner, 672 hp and 605 lb ft torque at the rear wheel. That car impresses everyone. I do not drive it much and every now and then I think about selling it at which point I take it for a little ride. The grin on my face from ear to ear puts one thought in my mind – “no way I am selling this”. As an aside, when I bought the Shelby I also had an 09 Viper Coupe in Snake Skin Green with black stripes. If I had a dollar for everyone that took a picture of the Viper, I could be retired. However, when comparing the sheer joy (and comfort) of the two cars, there was no comparison and I eventually sold the Viper (based on the values I see for Vipers, may not have been such a good idea).
If I drive the GT500 normal (hard to do), it is actually very comfortable. Let it rip and I am smiling so much that I am not thinking whether it is comfortable or not.
So I have had both the GT 500 and the Shelby GT. I bought them because I thought I was getting a car that would perform. True of one, not of the other. I liked the looks of both but when it comes to driving them, there is no comparison and to me that is the important part.
I realize the GT 500 is built up but I do not believe I have ever been able to tap into the extra power that it has over a base GT500 as I live in NJ.
I am a 100% with what you said. I own a 2008 GT500 and owned a 2007 Shelby GT. It was a sound only, but It didn’t go. My daily driver cars were faster.
I like your article Mr. Golden, and I read all the comments. I had to said: “It is not the same when you have owned both cars. As owner of both cars, I can tell you the pro and cons.
I bought my 2007 Ford Mustang Shelby GT Black with silver stripes on 7/2015 with 18,000 miles for $21,000 and sold it on 4/2018. It was primarily a weekend car.
The Pro:
During that time a got a lot of compliments.
It was very reliable.
It had incredible exhaust sounds.
My wife regret that I trade it for 2013 Ford Mustang Boss 302 Laguna Seca.
The last time that I saw the car in Autotrade was selling for $36,000.
The Con:
It was not a fun to drive like my daily driver car: (2015 Subaru WRX STI Lunch Edition) note: almost the same HP.
It was awful shifting on traffic with that Hurst shifter.
It was only sound, but it didn’t go. My Infiniti Q50 3.7 was faster.
I never was able to make more than 12 miles per gallon. city or highway.
The fake scoop on the hood will get deform from the heat of the engine.
The front silver stripes started to peel off from the front of the hood.
My 2008 Shelby GT500 was bought last year with 45,000 miles.
The Pro:
It has incredible exhaust sounds. The last owner installed Borland exhaust.
It is fun to drive like my daily drive car.
That Tremek shifter is like driving my 2014 Subaru WRX that I had.
It can be a perfect daily driver.
I am making 14 miles per gallon with almost 200 ponies more.
The Con:
This is a keeper.
I won’t sell it for putting a smile on my face every time I drive it.
I’d take a foxbody Saleen over these anyday! Or 1993 Cobra R in Calypso (green/ aqua/ teal tone).
It was fun reading all the comments to this article, and thanks to Hagerty for bringing up the comparisons. I am an owner of the 2006 Hertz Shelby GT-H (#034 of 500) which I bought in 2007 with 5500 miles on the clock, and the owner of a 2008 Shelby GT500 which I bought new from Brewster Ford back in 08. Three years ago I sold off the 08 GT500 to make room for a 911 Turbo in my garage but I will hold onto the GT-H until I go to the grave. The GT-H does not have the fake riveted on hood scoop like the Shelby GT’s, they still look unique with the black w/gold, and hey, Hertz was on the verge of bankruptcy and now making a comeback. I figure the 2005 to 2013 mustangs style was in that dated look with all the newer mustangs thought the past 10 years looking more refined and fresher, now in 2023 with the 2006 style getting old enough that they get respect as a clean old car, they will start to shine again. I enjoyed the GT500, but my 911 Turbo would eat it up on any road at any time, so happy to trade out the garage spot. – The GT-H will stay for the long haul, it’s just a part of me that I don’t care to part with. It’s that simple. – Thanks Hagerty’s for the forum, I appreciate it!
Every time the Shelby GT and GT500 are discussed, it is the same conversation about horsepower. The SGT was built as the GT-H the general public could get their hands on…the first round of “true” Shelby’s in 40 years. It was never intended to compete with the GT500, it was more of a naturally aspirated track car similar to the original GT350 (let’s remember, this was 2006 and 2007 folks). To a lot of people it matters that the SGTs were on a lift in Vegas while ol’ Shel was still alive and had a part of getting the SGT project to life. So if you really like Shelby’s and you appreciate their heritage, then you should appreciate this car and all the 319 hp it has to offer.