Equipment
289/306hp, 4-speed, Shelby/Cragar wheels, woodgrain steering wheel.
Condition
One of 262 "Carryover" cars, which are something of a cross between 1965 and '66 GT350s. Fully restored by a Shelby specialist in the late 2000s. But 57 years ago, the still unsold Mustang was stolen, stripped, recovered, and bought back by the original Ohio Ford dealer. According to Barrett-Jackson, it then went through five owners before its restoration in the 2000s and subsequent sale to a Shelby enthusiast in Denmark. How much of the car was "stripped" in period isn't really clear, but it was a lot. The restoration involved replacing much of the front of the body as well as the drivetrain. It also rides on the optional Shelby/Cragar wheels rather than the steelies it originally came with, and wears blue Le Mans stripes instead of its original all-white. So while it all looks clean and correct, much of this car isn't what rolled out of Shelby American in late 1965.
Market commentary
In addition to the $285K condition #2 value, the Hagerty Price Guide also tacks on a 35% premium for 1966 Carryover cars. Even ignoring the premium, though, this GT350 sold for about 28% under #2 value at a $207,000 hammer bid, or $217,000 final price. The seller, Barret-Jackson (who has a relationship with online auction company AutoHunter), also had it listed for a not much higher $245,000 on Hemmings. The delta between its Price Guide value and sale price is largely due to misfortune early in this car's life. But for someone looking for a genuine GT350 who wants to use it, enjoy it and casually show it, but isn't into sweating all the details, this car came at a serious discount.