August 26th, 2013, 03:59 PM
The value is determined by the buyer. Very few Shelbys in any condition are below $50,000. Occasionally you will find them, but you have to be plugged in and well connected. You probably wouldn't see those cars on eBay.
Restoration costs would easily exceed $100,000 if you have a shop do it. Unfortunately, you will have to do the bottom as this car has no floors and much of the unibody is rusted beyond most shops abilities to repair. If you could find someone to work for $60/hr (low rate) x 1200 hrs (not unreasonable) that would be over $70,000. Thats just labor. Then you need to buy parts. Typical engine rebuilds are between $7,000-12,000 and this is not the original style engine (assuming it's a Cobra Jet) So, rebuilding it doesn't help you. The transmission if correct will probably be $1,500-2,000 to rebuild. Pulling both is a few hours of labor. I have also found damage is usually twice as bad as it appears at first inspection. This project is not for an amateur or first timer, unless your pockets are very deep. If that's the case just go out and get a finished car.
You are not going to save a significant amount by doing some of the work yourself. I think most shops would discourage it. I wouldn't build want to build a nice car only to have the owner add incorrect parts or parts that have been rebuilt improperly. Finding a shop that can do a Shelby correctly is essential. Those shops probably aren't the $60/hr shops.
In this case, as is the case with many of these cars, the depressed market, will only cause you to be upside down. Lime green GT 500s aren't on the top of the desirable list even when done professionally.