As a rule of thumb, many heavily depreciated performance cars are probably a bad idea to rely on. The German ones often require heaps of maintenance and the Japanese ones can occasionally suffer from aggravating parts support, but the American ones are usually remarkably solid, offering huge bang for the buck and relative simplicity. So, what do you buy secondhand if you want some serious straight-line fun without breaking the bank? Well, the 2007 to 2009 Ford Mustang Shelby GT500 is a worthy contender in that arena.
We’re talking about a live-axle pony car with a thumping 500-horsepower supercharged V8, a retro icon that immediately became a poster car for 17-year-olds and 70-year-olds across the land. For 2007, one of the greatest Mustang nameplates of all time was back, and it had no real immediate competition.
These days, a Mustang Dark Horse cranks out 500 horsepower without the need for a supercharger, and even a new rental-spec Ecoboost Mustang comes with a more sophisticated independent rear suspension underneath its bodyshell. However, there’s a certain appeal to the halo Mustang of the late-aughts, and it’s a halo car you can pick up for the price of a new Honda Civic.
What Are We Looking At?
Back in the ’60s, the original Shelby GT500 used the number 500 in its name simply because it was bigger than just about anything else on the market. This time around, though, the number after the GT designation meant something. Under the hood, an iron block 5.4-liter Modular V8 with four valves per cylinder gained an Eaton M122H supercharger and an intercooler to crank out 500 horsepower. Fitting. Of course, 500 horsepower and 480 lb.-ft. of torque is a lot to handle, so SVT and Shelby specced a Tremec TR-6060 six-speed manual transmission, a relatively long 3.31:1 axle ratio, and 285-section rear tires.
Was the 2007 Shelby GT500 refined? Only to a point. After all, it was very clearly five figures of go-fast stuff bolted onto a relatively inexpensive live-axle car. Plus, with a curb weight eclipsing the 3,800-pound mark, it’s a bit porky. However, that’s the recipe for a muscle car, and the GT500 had the brawn to put some solid numbers on the board. We’re talking zero-to-60 mph in 4.5 seconds and the quarter-mile in 12.9 seconds at 112 mph during Car And Driver instrumented testing.
If you’ve kept track of your Mustang history, you’d know that’s about the straight-line pace of a 2015 Mustang GT, a car that’ll outhandle the 2007 GT500 and offer greater refinement. That might be true, but there are two other things to consider. The first is presence: The reborn GT500 just looks mean, and it’ll forever exist in the hall of top-dog Mustangs. The second is that the GT500 is already supercharged, which means it’s not hard or expensive to turn up the wick. A 2.6-inch supercharger pulley, cold air intake, and a tune should be good for a gain of around 100 wheel horsepower, and at that point, you’re just getting started.
How Much Are We Talking?
While the S197-1 Shelby GT500 might’ve been one of the most expensive Mustangs of its time, it certainly hasn’t been immune to depreciation. In fact, you can pick one up for sensible car money. A 2025 Honda Civic Sport Hybrid sedan starts at $29,845 including freight, and it’s not hard to find a 2007 to 2009 Shelby GT500 for well less than that. In fact, this 2007 model recently hammered on Cars & Bids for $22,250, and it seems like a pretty solid deal. Sure, it might have 85,700 miles on the clock and the passenger door panel trim might be detaching, but it’s spent its life well outside the rust belt, boasts a clean Carfax, and generally looks ready to drive.
Willing to live with a few obvious mods for a better price? Well, then something like this 2008 Shelby GT500 might be your cup of tea. It hammered on Bring A Trailer back in September for $20,500, and while it does have black wheels, aftermarket taillights, and some dubious Super Snake badges, it also features some tweaks you might actually want, like Eibach springs, a J&M panhard bar, a short shifter, and a MacLeod RXT clutch. With 66,000 miles on the clock and a clean Carfax, this is one to drive like you stole it.
Don’t want to pay auction fees? No worries, the more conventional side of the market for these 2007 to 2009 Shelby GT500 pony cars seems to track fairly well with what we’re seeing from online auctions. For instance, this 2008 Shelby GT500 is listed for sale in Texas for $26,491, and although it has a very minor entry on the Carfax from 2022, it looks near-stock and has 70,190 miles on the clock. Not a bad way of spending that sort of coin.
What Could Possibly Go Wrong On A 2007 Shelby GT500?
Thankfully, the 2007 to 2009 Shelby GT500 is pretty reliable as far as 500-horsepower cars go, but there are a few things to watch out for. The only really big issue happens exclusively to 2007 models, and only when you’re chasing big power. The harmonic balancer on the 2007 cars is heavy and is known to cause excess stress on the crankshaft when you start chasing dyno numbers, especially with an upgraded supercharger. Thankfully, a lighter replacement isn’t hideously expensive — an ATI SFI-rated harmonic balancer weighing less than 10 pounds lists for $513.82 at Summit Racing, and replacement is pretty simple. The other common mechanical issue is the clutch lifespan isn’t particularly long, and you’ll want to replace the flywheel when you do the clutch.
Otherwise, most of the issues you may experience from a 2007 Shelby GT500 are really just old car issues. Like any S197 Mustang, the interiors aren’t exactly built to the highest quality, and clogged cowl drains can cause rainwater to meet the junction box, leading to some lighting shenanigans. That being said, most of these cars aren’t daily drivers, so expect them to be in nicer condition than your typical 17-year-old Mustang.
Should You Buy A Shelby GT500?
Absolutely. Look, it’ll drink its weight in fuel, insurance probably won’t be cheap, and tire life depends entirely on how heavy your right foot is, but that’s the charm of a Shelby GT500. It is wild. It is insane. It is a bit loutish. That’s why we love them. The fact that they’re unproblematic enough to actually work as a reasonably hassle-free car is just icing on the cake. If you ever had a picture of the 2007 Shelby GT500 as your desktop wallpaper or on a poster in your childhood bedroom, go out there and make your dreams a reality. There’s plenty of time left to buy sensible transportation, but this? This is something rare.
(Photo credits: Cars & Bids, Bring A Trailer, Autotrader seller)
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The cheapest I’ve seen any of these have been in the mid $30’s.
I always imagined the guy that owns and drives one of these to be the quintessential Ford guy. The kind of guy who gets really mad over seeing a Chevy commercial. The kind of guy who “bleeds blue” and only makes Chili with the Carroll Shelby mix from Kroger.
You know, the one that will wash and wax a car with products from the 1980’s, adding swirl marks to the paint before using a dirty rag to “wax on, and wax off” his beloved Mustang. He’ll gladly tell you at any chance how much power it makes and show off his iPhone background which is a picture of his glovebox that was signed by Shelby.
Just, that guy, ya know?
You just accurately stereotyped every GT500 owner I’ve ever met! LOL
Unpopular opinion: If you’re buying one of these for the acceleration, you should just get an EV.
I never like these articles. Yes, you might be able to buy some of these fine examples for some price, but “you can buy a house for less than this cup of coffee!” is a more clickbait headline than “let’s see what fun cars we can find for under $25k in 2024”.
The 07-09 GT500 has always been on my “if the situation is right” would buy list which is funny since I have 0 interest in the 05-10 Mustang outside of that due to the 3v 4.6L they came with and not liking the styling. Something about the 07-09 GT500 jumps out at me though. I don’t see them ever really changing in value as they have spent the last 10 years hovering between 20-40k. They are just drastically outperformed by both the 03-04 Cobra before it and the 11-12 and especially 13-14 GT500 that came after it. I doubt I ever buy one, but I do appreciate them and think they make a solid and reliable car as long as you don’t throw much more power at them.
“The German ones often require heaps of maintenance and the Japanese ones can occasionally suffer from aggravating parts support, but the American ones are usually
remarkably solid, offering huge bang for the buck and relative simplicityfound wrapped around telephone poles after cars and coffee.”-fixed it
I got to drive one of these with headers, exhaust, intake and a tune. Absolute riot. Way more power than the chassis and suspension could handle. Grinning from ear to ear.
Do yourself a favor and spend a bit extra to get a 2011-12 with the aluminum block 5.4 (or the 13-14 with the 5.8, although they go for more than a bit extra). More power, better handling, better looking as well to my eyes.
Or go backwards and get an 03-04 Cobra for about the same price. I think the 07-09 is a great cruiser and is priced well for what it is, but definitely doesn’t have the potential the others around it offer.
These are kinda shit and were even at the time. Yeah, Ford probably underrated the Terminator; but it’s ridiculous that the S197 wasn’t really any faster.
Buy an XKR instead.
This is a properly sketchy Mustang for not very much money. If that’s your idea of a good time then they’re great buys. They’re pretty special cars and have a ton of presence. They’re also going to actively try to kill you every time you mash the big pedal on the right, but it’s a Mustang. Isn’t that the point?
Anyway Boss 302s are getting cheap as well. They were at the tail end of the S197s and are similarly unrefined and fun. They’re also halfway decent on a track if you can manage all the Mustang-ness and I think they’re just as cool as these. But that has to be our little secret, okay?
Boss 302 was significantly more refined than this gen GT500. It’s adjustable dampers had a Germanish one and done thump. Proper seats and brakes, can put the power down. And they’re more fun thanks to the lighter nose and 200 less lbs. Plus, side pipes and Track Key and 7700RPM fuel cutoff!
Old gt500 are so bad now that the 5.0 is out.
It’s a wash really. The new Hondas aren’t as reliable and fun to drive as the old ones were, but you get a warranty. The S197 GT500 is actually fairly reliable and has a nice retro look to it. I don’t think you would go wrong with the GT500.
Always liked the look of these.
But.
Neighbor has one.
Constantly stressed out over the simple shit that is always breaking, and the fact that the Ford dealer wants one of his nuts to cover repairs…
But then again he has the mechanical skills of a demented chicken.
And he drives like a blind little old lady.
Pass. YMMV of course.
Let’s see, on one hand the new Civic is very nice, on the other hand those pedestrians outside cars and coffee have it coming!
Had my 08 GT500 for a full decade before selling it this year for a 2019 GT350.
Incredible car that always attracted good attention, while also being stupid easy to modify.
For every factory issue, there is an aftermarket option:
*07+08 factory clutch has fatal flaw> 2014 GT500 clutch and flywheel is cheap and direct fit
*Shifter sucks> MGW shifter is amazing
*Lumpy at lower RPM> Pulley + intake+ tune means 534rwhp and much smoother powerband
*OEM suspension was awful> Eibachs were like $300 and Koni Yellows turned it into a serious road racer
*Exhaust was pathetically quiet> nice catback was in the $300 range
*Rear end ratio was too low> 3.55 Ford Racing rear solved that
I sold mine to Carmax for $25k with 40k miles
I hope you invested in a lot of oil because the GT350 makes it disappear into thin air. Otherwise a fantastic car though.
MGW shifters spoiled me forevermore.
watching GT350 prices from the closet
At the rate the Voodoo V8 is know for un-aliving itself and pretty much every possible factory warranty for them running out right about now, they’re gonna drop. Hard.
It’s not going to be cheap or fun to keep them running, but they’re fucking awesome.
Easy fix, though possibly controversial. Buy the conventional Ford 5.2 crank used in the GT500. Add aftermarket rods and forged pistons. Have it balanced and install. Put the cams from the GT500 in tge Voodoo heads. Have it tuned for the changes. Enjoy. Yes you might give up a little power and you will lose the flat plane sound. But you still have all the other goodness of the GT350 for relatively little cash and as a bonus you get a ton of reliability.
Oooof. The logic is sound, but that temperamental flat plane is part of what makes the GT350 so appealing. At full throttle they legitimately sound like exotics…and if you just want better reliability and are fine with a more traditional V8 experience you can always just get a Coyote and modify it to your tastes.
Or even a Camaro with the LT1. Those don’t rev as high and there’s nothing even vaguely exotic about them but they’re pretty much bulletproof.
A flat-plane V8 is definitely on my “win the lotto” wishlist. Ideally a reliable one wrapped in something light with good handling but I’ll take what I can get.
Honda gets at least twice the mileage, but probably half the fun.
Gas is 2.XX a gallon, same reason electric car savings aren’t a big deal right now. Party on! Rear tires are expensive, though….
Still over $4/gal here, so I’m price-sensitive.
Yeah, but only Honda has VTEC 😛
Not the Hybrid model they are referencing…
You’re no fun!
VTEC – all the lag of a turbo, without the power delivery or any of that pesky torque