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The spectacular success of the 2005 Mustang has put Ford in a giddy mood. The suits invited Carroll Shelby to Dearborn for consultation. The result is the Ford Shelby Cobra GT500 on these pages, a faithful preview of a 450-plus-hp 2007 production model you’ll be able to purchase in the fall of ‘06 for less than $40,000.

If you crave Corvette speed but need a back seat, you might consider switching allegiance to the blue oval. Before he cleaned out his desk early this year, John Coletti and his loyal SVT coconspirators conjured up the makings of a Stingray spoiler: the revitalized Mustang muscled up with fatter rubber, bigger brakes, aero accessories, and a totally irresponsible load of horsepower. Shelby spent five hours riding Coletti’s mule before filing this succinct assessment: “Wow!”

With eighty-two years under his hat, Shel has seen and done it all. When he says “Wow!” it’s not because his bursitis is flaring up.

The Shelby tie-in is perfect, because this is another ride back to the glory days of Ford’s Total Performance period. Ford’s 1962-70 juggernaut left burned-rubber traces all over the drag, road-course, off-road, rally, stock-car, Indy-car, and Formula 1 racing worlds. In June 1962, Ford said “Screw you!” (in so many words) to the Automobile Manufacturers Association’s ban on factory motorsports participation. Agents were dispatched to buy Ferrari; when that initiative failed, Ford signed a blank check to beat the Scuderia at Le Mans with the GT40 and its derivatives.

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Shelby was equally low on Enzo Ferrari’s Christmas-card list in the early 1960s. After being rebuked by GM, Shelby in 1961 asked Ford to supply engines for his Cobra sports cars. Four years later, he returned the favor by removing the back seats from Ford Mustangs to convince the Sports Car Club of America that the cars deserved eligibility in the club’s B Production ranks. Three dozen R-model Shelby GT350s built with Ford’s blessing gave amateur racers the ammunition necessary to break Corvette’s lock on the B Production championship. The Ford-Shelby courtship also yielded an interesting run of steroidal Mustangs for street use. The second car in that series was the 1967 Shelby-Mustang GT500 fastback, powered by a 7.0-liter big-block V-8 that inhaled through two Holley four-barrel carburetors to produce 355 (gross) hp.

Forty years later, it’s dj vu all over again. Ford and Shelby are still doing deals. The new Mustang is striped and spoilered as a salute to its illustrious forefathers. This time, the cast-iron block under the hood is gorged with double overhead cams, thirty-two valves, and an Eaton supercharger. And that old live axle is back for another dance.

Dolled up for this spring’s New York auto show, the nuevo GT500 follows ’60s-era recipes to the letter. It’s the classic big engine stuffed into a barely modified standard car. Suspension alterations are mainly tuning tweaks. The only sheetmetal change is an aluminum hood bulked up like a football captain on prom night. According to Hau Thai-Tang, Ford’s new director of advanced product creation and SVT programs, this project is the first tangible evidence of SVT’s revised game plan. Instead of well-meaning but ultimately half-finished attempts to reinvent the high-performance automobile, SVT hereafter will focus on more circumspect alterations of mainstream products delivered with a significantly higher level of execution.

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Even though SVT’s leash is tighter, the new GT500 is a credible step beyond the last Mustang Cobra (2003-04). That 390-hp snake had a 4.6-liter four-cam V-8 at the core, whereas the new Shelby edition moves to the 5.4-liter block that powers the Ford GT and various large trucks. Mixing and matching parts, the GT500’s powerplant gets the Eaton Lysholm screw-type supercharger, air-to-water intercooler, and four-valve DOHC heads from the Ford GT mated to the iron block found in the workaday trucks. As the result of a stroke that’s 17 percent larger than the bore, this engine will be a growler, not a screamer; the redline on the show car’s tach is stuck at the standard Mustang’s 6000 rpm.

While the engineers are still tuning, expectations are that the 500 badge won’t be that boastful. Today’s spec sheet lists “450-plus” hp with 450 lb-ft of torque and 8.5 psi of boost (versus the 550-hp Ford GT’s 12.0 psi). Don’t be surprised if market conditions nudge the final figure upward. Backing up the blown motor is a wide-ratio Tremec T-56 transmission with six forward gears-two of which are overdrive ratios. (Standard and GT Mustangs currently get by with five-speed manual transmissions.)

Exterior alterations are more than two-tone frosting on the GT500’s fortieth birthday cake. Chief designer Doug Gaffka re-beveled the grille opening, lowered the driving lights, and sent the horsey badge galloping. New twin apertures, filled with black diamond mesh and a side snake, mouth the appropriate “Outta the way, sucker!” visual statement. Two slots in the hood exhaust some of the air rammed through the intercooler, radiator, and A/C condenser heat exchangers. A discreet black splitter at the lower edge of the front fascia helps cancel high-speed lift. The black-skirt theme continues down the sides of the car and across the tail in a simulated diffuser panel. While the side and rear trim are nonfunctional, the requisite trunk-lid spoiler does cancel some of the aerodynamic lift at the rear. All four views of the exterior show a hissing snake, and the Shelby name is writ conspicuously across the trailing edge of the trunk lid in racetrack typeface. SVT identification is relegated to the wheel-center caps.

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Patterned after the Ford GT’s forged-aluminum wheels, the cast rims that adorn the GT500 concept are a meaty 9.5 inches wide. Goodyear Eagle F1 rubber in a 255/40YR-19 size plants a tread approximately 0.4 inch wider than the standard Mustang’s seventeen-inch four-season radials. Expect eighteens on the ‘07, with nineteens optional. Neither will be enough; count on billowing white smoke trailing the GT500’s every move.

When that cloud clears, there’s a nice view of the upgraded braking equipment through the machined wheel spokes. Black-painted Brembo calipers-with four pistons in front, two in back-hug cross-drilled and radially vented brake rotors. The gain in rotor diameter is a substantial 1.6 inches in front (to 14 inches) and 1.5 inches in back (to 13 inches). Suspension changes, which currently are under development, likely will be limited to recalibrated springs and dampers, though preliminary specifications also list a stiffer rear antiroll bar. While we’re skeptical about this much power delivered via a live rear axle, a race-prepped 2005 Mustang did win its Grand-Am Cup class at Daytona in February. Electronic traction control will continue (with a disabling switch), but there are no plans to add stability assistance.

The show car’s interior theme can be summed up in one word: leather. The standard Mustang’s molded-plastic surfaces are swathed by an uninterrupted layer of stitched black hide. It trims the door panels, steering wheel, shifter, parking-brake handle, dash top, and console. The seat center panels are red perforated leather in the classic tuck-and-roll motif. A matte-aluminum finish for the shift knob, steering-wheel spokes, instrument rings, and vent registers replaces the standard Mustang’s blindingly bright metal decor. Metal trim plates running across the middle of the dash are subdued with a black-dot pattern, while the gauge faces-which Ford calls titanium-look pitch black to us. The 7000-rpm tachometer was moved from the left to the right tube to enhance its visibility.

Predicting how much of this hide and horsepower will make the leap to production is a fool’s game right now. However, this much we can say: With the weight gain held to 200 pounds and the power curve clearing the 470-hp hurdle, the GT500 could arrive with a Corvette-trumping power-to-weight ratio. Carroll Shelby wouldn’t have it any other way.

Ford says the 2007 Shelby Cobra GT500 Mustang (this is not the 2006 Shelby GT500 Cobra Mustang) will be the most powerful factory-built Mustang in history, more powerful than the 1969 Mach 1 428 Super Cobra Jet or even the legendary 1969 Boss 429.

Think about that for a second. Let it sink in. Take a knee if you have to, but the reality is this: When this car hits the streets during the summer of 2006, it’ll have 450-plus horsepower, making it the most powerful Mustang ever.

Shelby Approves
Ford is calling the car a unique collaboration between the legend Carroll Shelby and the Ford Special Vehicle Team (SVT). “I’ve worked with the SVT guys for several years now,” says Shelby. “And I know they have the guts, the talent and the passion to deliver the best performance Mustangs ever.”

Shelby, who built the legendary Shelby Mustangs and Shelby Cobras in the 1960s, served as a senior advisor to the “Dream Team” that was assembled inside the Ford Motor Company to develop and build the 2005 Ford GT supercar.

“Carroll Shelby is truly a living automotive legend, a Ford performance legend,” says Phil Martens, Ford group vice president of Product Creation. “It’s a dream come true to be able to put the Shelby name on a Mustang again.”

Supercharged 5.4-Liter
The Shelby’s supercharged 5.4-liter, 32-valve V8 is similar to the engine in the GT. Ford started with the cast-iron 5.4-liter Triton V8 truck engine and added aluminum heads from the GT, specially calibrated camshafts, a Roots-type supercharger making 8.5 pounds of boost, and a water-to-air intercooler.

Under that blower is an all-new low-profile intake manifold, which allows the engine to fit under the GT500’s special air-extraction hood. Fuel comes from a dual-bore electronic throttle body borrowed from Ford’s 6.8-liter truck engine program, however, the larger radiator, increased-capacity cooling system and the exhaust manifolds are unique to this application.

The engine is also dressed with special “Powered by SVT” finned cam covers which are reminiscent of the “Cobra Powered By Ford” covers used by Shelby five decades ago, and it’s backed by the same T-56 six-speed that appeared in the supercharged 2003 SVT Mustang Cobra.

Solid Rear Axle
The GT500 chassis development started during the 2005 Mustang program. “We spent a lot of time at the track developing the new Mustang and ensuring it was capable of handling future performance derivatives,” says Hau Thai-Tang, director of Ford Advanced Product Creation and SVT.

The result, according to Ford, will be SVT’s signature chassis tuning with a balanced, performance-tuned ride that still maintains the compliance required for everyday driving. And Ford says it will accomplish these goals, with the GT500’s MacPherson-strut front suspension and three-link rear suspension, which locates a solid rear axle.

Although conventional wisdom says the antiquated rear-end design is in conflict with building a state-of-the-art performance car, Thai-Tang says it isn’t a problem. “In terms of performance, the Mustang’s solid-rear-axle setup in the GT500 has been proven in race competition this year with a Mustang FR500C taking the checkered flag at the season-opening Grand-Am Cup race at Daytona,” he points out.

The GT500’s suspension is lower than a Mustang GT’s, and uses recalibrated front and rear shocks, upgraded front and rear stabilizer bars and revised spring rates. The key to the GT500’s three-link architecture, according to Ford, is the Panhard rod that provides precise control over the rear axle. It’s centrally located and fastened to the upper front end of the differential, while trailing arms are located near each end of the axle.

It all rolls on 19-by-9.5-inch wheels wrapped in massive tires measuring 255/45ZR19. And the brakes are equally impressive. The Brembo front rotors are 14 inches in diameter, cross-drilled and clamped by four-piston aluminum calipers. In back, Thai-Tang and his crew chose 13-inch rotors and four-piston calipers.

The boys at Ford’s SVT reunited with Carroll Shelby to create this super Mustang, and if you think it bears more than a passing resemblance to the 1968 GT500KR, you’re right (which we feel is a good thing, by the way). But unlike the original GT500 nameplate (a random number that came from counting off steps in Shelby’s 1960s-era workshop), this Mustang’s moniker has a basis in fact. Yup, the 5.4-liter V8 under that vented hood makes an honest 500 horsepower, along with 480 pound-feet of torque.

There’s a little Ford GT in every GT500 we build
Those figures aren’t too surprising when you consider that much of the GT500’s engine comes straight out of the Ford GT parts bin. The GT used an aluminum block with a dry-sump oil system and an Eaton “screw-type” supercharger creating 13.5 psi of boost. For the GT500, supplier and cost concerns required the use of a wet sump, cast-iron block and “Roots-type” supercharger with 9 psi of boost. But the Ford GT’s four-valve aluminum heads transferred over unchanged, as did many smaller items, such as the piston rings and bearings.

Directing that power is a Tremec six-speed manual transmission featuring dual 215mm cerametallic clutch plates. The cerametallic coating can withstand extremely high temperatures, and the dual-disc design increases the clutch engagement surface area without requiring free-weight leg training to operate smoothly. This is exactly the same unit Ford used in the 2005 Grand Am Mustang — the car that won last year’s championship its first year out — so they figure it’s been adequately stress-tested for the GT500’s street duty.

As those engine numbers suggest, the GT500 moves out with exotic-carlike verve when you boot the throttle. Its deep well of torque, combined with a low-frequency exhaust wail and high-pitched supercharger whine, make you want to access those 500 ponies again and again. The triple synchros in 1st and 2nd gear give the transmission a positive, crisp feel when swapping gears, and the overall driving experience manages to be both civilized and brutal, depending on where you position the accelerator pedal. Ford expects the car to pull zero to 60 in the mid-4-second range, a number that jibes with our internal accelerometers.

Heavy metal, capable cornering
If there’s a downside to this drivetrain, it’s poundage. Ford lists the GT500’s curb weight at 3,920 pounds in coupe form and 4,040 pounds for the convertible. That’s about 400 pounds more than the equivalent Mustang GT. Much of that bulk comes from the drivetrain, which is about 350 pounds heavier than the GT’s. This also means the weight gain is largely on the front half of the car, suggesting front-end flabbiness compared to the base Mustang’s nimble character. Yet we’re happy to report that Ford didn’t sacrifice the GT500’s cornering capabilities for the sake of straight-line acceleration.

The independent MacPherson strut front suspension is reworked with stiffer shocks, higher spring rates and an upgraded stabilizer bar. The solid-axle rear suspension uses upgraded springs as well, along with a Panhard rod to control wheel movement. Suspension settings on the GT500 convertible were left a bit softer to reduce chassis flex, but happily both Shelby models (as well as all 2007 and later base Mustangs) benefit from chassis upgrades in the firewall, transmission tunnel and frame rails.

Our seat time in the GT500 included public road motoring as well as racetrack flogging, and it was at the track where we confirmed the Shelby’s agile and willing demeanor. The confident and quick rack and pinion steering system, along with a liberal traction control system, effectively masked the car’s 2-ton curb weight while allowing for a healthy bit of “slideways” action (think C6 Corvette’s “Competition Mode”). Slowing the car was similarly worry-free, with Brembo four-piston calipers squeezing 14-inch vented rotors up front and 11.8-inch vented discs — clamped by two-piston calibers — in back (still more donor parts from the Ford GT program).

Mr. Shelby says, “Make it so”
A specific upgrade directed by Carroll Shelby himself had to do with the GT500’s tire size. After driving a prototype, the Texas chicken farmer insisted on larger rolling stock to better manage the car’s power and handling capabilities. One look at the car’s 18-by-9.5-inch aluminum wheels and Goodyear F1 rubber suggests he got his way. The 255/40 front tires contrast against the larger 285/40 rear tires to give the GT500 both functional and visual appeal.

Pimp my pony
Other bits of eye candy include the Shelby Mustang’s larger front air intakes, wide Le Mans-style body stripes and requisite Cobra and GT500 emblems. Inside the cabin, buyers can stick with the basic charcoal black treatment or add red inserts to the seats and doors. All models feature a black leather-wrapped steering wheel and shifter with contrasting red stitching, but an optional Performance Interior Trim Package will further dress up the instrument panel, center console and door armrests with leather inserts. This package also comes with an electrochromic, auto-dimming rearview mirror and aluminum pedal covers. Considering the $40,930 starting price for a GT500 coupe ($45,755 for the convertible) we’d expect higher-grade materials on the door panels and dash, but at least buyers will have the option to somewhat upgrade the interior’s look and feel with this package (for an added cost).

Forty-three grand may seem a bit steep for a Mustang, but remember: This car’s performance pedigree suggests it will easily challenge Corvettes and M3s, both of which cost substantially more. Of course, if you’re still not convinced, you could always let yet another Shelby Mustang pass you by.

Vehicle Type

Safety Information

The Ford Mustang grew a size for the 1967 model year. Also the car became more powerful with a 390 cid (6.4 litre) big-block option, which boasted some 320 hp, considerably more than the racy Shelby GT-350 had to offer. The power-output of the 1967 GT-350 even was reduced from 306 to 290 hp to comply to noise restriction regulations.

But Shelby overclassed the 390 cid Mustang with a new model: the GT-500. In the GT-500 Ford’s new 428 cid V8 was fitted, a massive 7-litre unit producing a staggering 400 hp @ 5600 rpm. For insurance reasons however a moderate 355 hp was advertised.
The introduction of the more powerful engine options in the Shelby Mustangs meant that Ford’s 289 cid unit became available for the British built, Shelby derived Sunbeam Tiger Mk II, since it could be of no threat anymore on or off the track. Unfortunately the 289 powered Tiger was short lived due to the Chrysler take-over of the Rootes Group, the parent company of Sunbeam.

1967_Ford_Shelby_Mustang_GT-500The 1967 Shelby Mustangs distinguished themselves from their more plain Ford cousins with elaborate use of fiberglass. A larger fiberglass nose was fitted, together with fiberglass hood, fenders and trunk lid. The hood featured an intimidating dual air intake scoop and the cut-off rear end showed an angular spoiler which blended into the rear fenders. The plastic rear roof windows gave way to impressive air-extraction scoops. A protruding lower front spoiler was a popular extra.

Early 1967 Shelby Mustangs showed driving lights placed close together in the center of the grill (as shown in the picture above); later models had these lights on the opposite sides of the grill. In all the 1967 Shelby Mustang looked aggressive and potent and left no doubts about the abilities of the car.

1967_Ford_Shelby_Mustang_GT-500The interior also looked the part. It was racy with shiny metal panels, a large variety of dials and clocks and of course bucket seats. To top it off a large black-finish roll bar with built-in inertia-reel seatbelts was fitted.

Remarkably the 1967 Shelby Mustangs were down-priced from the 1966 models. Where the 1966 GT-350 needed US$ 4,600 to change owner, the 1967 GT-350 only took US$ 3,995 to buy (still 35% more than a standard Mustang). The new GT-500 was priced at US$ 4,195. For high-performance cars they were unusually affordable.

1967_Ford_Shelby_Mustang_GT-500Here you see the 428 cid V8 engine with the “Le Mans” cylinder heads and the (1968) “Cobra Jet” air intake of the GT-500 shown on this page. Really a piece of no-nonsense engineering: there’s no substitute for cubic inches (and oversized fittings) as they say in America. It’s all accessible and relatively easy to maintain for a thoroughbred car.

Like stated the GT-500 engine cranked out close to 400 hp and with the car weighing some 1360 kg, it had a ratio of 3.4 kg per horsepower. Compare that to the 5.7 kg per horsepower for the contemporary and more nimble Porsche 911 S and you’ll understand this car was a thrill to drive.

The 1967 Shelby Mustangs can be regarded as the last true Shelbys and are the most interesting of all in my opinion. I love these cars, even without starting the engine you’ll feel great in it. Still, production was relatively limited with 1,175 GT-350s and 2,050 GT-500s. Apparently there were a few (less than 50) GT500s produced with the 427 cid Medium Riser engine, which had starred before in the AC Shelby Cobra 427 Mk III.

Shelby Approves
Ford is calling the car a unique collaboration between the legend Carroll Shelby and the Ford Special Vehicle Team (SVT). “I’ve worked with the SVT guys for several years now,” says Shelby. “And I know they have the guts, the talent and the passion to deliver the best performance Mustangs ever.”

Shelby, who built the legendary Shelby Mustangs and Shelby Cobras in the 1960s, served as a senior advisor to the “Dream Team” that was assembled inside the Ford Motor Company to develop and build the 2005 Ford GT supercar.

“Carroll Shelby is truly a living automotive legend, a Ford performance legend,” says Phil Martens, Ford group vice president of Product Creation. “It’s a dream come true to be able to put the Shelby name on a Mustang again.”

Supercharged 5.4-Liter
The Shelby’s supercharged 5.4-liter, 32-valve V8 is similar to the engine in the GT. Ford started with the cast-iron 5.4-liter Triton V8 truck engine and added aluminum heads from the GT, specially calibrated camshafts, a Roots-type supercharger making 8.5 pounds of boost, and a water-to-air intercooler.

Under that blower is an all-new low-profile intake manifold, which allows the engine to fit under the GT500’s special air-extraction hood. Fuel comes from a dual-bore electronic throttle body borrowed from Ford’s 6.8-liter truck engine program, however, the larger radiator, increased-capacity cooling system and the exhaust manifolds are unique to this application.

The engine is also dressed with special “Powered by SVT” finned cam covers which are reminiscent of the “Cobra Powered By Ford” covers used by Shelby five decades ago, and it’s backed by the same T-56 six-speed that appeared in the supercharged 2003 SVT Mustang Cobra.

Solid Rear Axle
The GT500 chassis development started during the 2005 Mustang program. “We spent a lot of time at the track developing the new Mustang and ensuring it was capable of handling future performance derivatives,” says Hau Thai-Tang, director of Ford Advanced Product Creation and SVT.

The result, according to Ford, will be SVT’s signature chassis tuning with a balanced, performance-tuned ride that still maintains the compliance required for everyday driving. And Ford says it will accomplish these goals, with the GT500’s MacPherson-strut front suspension and three-link rear suspension, which locates a solid rear axle.

Although conventional wisdom says the antiquated rear-end design is in conflict with building a state-of-the-art performance car, Thai-Tang says it isn’t a problem. “In terms of performance, the Mustang’s solid-rear-axle setup in the GT500 has been proven in race competition this year with a Mustang FR500C taking the checkered flag at the season-opening Grand-Am Cup race at Daytona,” he points out.

The GT500’s suspension is lower than a Mustang GT’s, and uses recalibrated front and rear shocks, upgraded front and rear stabilizer bars and revised spring rates. The key to the GT500’s three-link architecture, according to Ford, is the Panhard rod that provides precise control over the rear axle. It’s centrally located and fastened to the upper front end of the differential, while trailing arms are located near each end of the axle.

It all rolls on 19-by-9.5-inch wheels wrapped in massive tires measuring 255/45ZR19. And the brakes are equally impressive. The Brembo front rotors are 14 inches in diameter, cross-drilled and clamped by four-piston aluminum calipers. In back, Thai-Tang and his crew chose 13-inch rotors and four-piston calipers.

A New Performance Era?
According to Ford, the GT500 show car, which debuted at the New York auto show in March, points to a brand-new era in Ford Motor Company’s performance future.

A company press release said, “By bringing together Carroll Shelby and Ford SVT, the company’s commitment to performance becomes as powerful as at any time in its history — including the famed ‘Total Performance’ days of the 1960s.”

Think about that for a second. Let it sink in. Take a knee if you have to.

Vehicle Type
Model Year: 2007
Make: Ford
Model: Mustang
Style GT500
Base Price: $39,000 (est.)
Drive Type: RWD
Transmission Type: T-56 6-speed manual
Displacement (liters): 5.4
Engine Type: Supercharged V8
Bore x Stroke: 3.552 x 4.165 inches / 90.22 x 105.8 mm
Valvetrain: DOHC, four valves per cylinder
Induction: Cast aluminum screw-type supercharger with air-to-water intercooler
Horsepower: 450+
Torque: 450+
Braking System: Front: Brembo 14-inch cross-drilled disc w/ four-piston calipers; Rear: Brembo 13-inch cross-drilled disc w/ two-piston calipers
Steering System: Power rack and pinion
Body Construction: Unitized welded steel body; aluminum hood
Suspension Type (front): Reverse-L independent MacPherson strut, 34-mm tubular stabilizer bar
Suspension Type (rear): Three-link solid axle with coil springs, Panhard rod, 24-mm solid stabilizer bar.
Tire Size: P255/45ZR19
Wheel Size: 19×9.5 in. machined aluminum
Curb Weight (lbs): 3,600 (est.)
Recommended Fuel: Premimum Unleaded

Specifications
Ford Mustang SVT Cobra
Length, in. 188.0
Width, in. 73.9
Height, in. 55.7
Wheelbase, in. 107.1
Legroom (front): 42.7
Legroom (rear): 30.3
Headroom (front): 38.8
Headroom (rear): 36.3
Maximum Seating Capacity: 4
Cargo Volume 9.7 cu. ft.
Maximum Cargo Volume
(rear seats down): 9.7 cu. ft.

Safety Information
Front Airbags: Standard
Side Airbags: N/A
Head Airbags: N/A
Antilock Brakes: Standard
Electronic Brake Enhancements: Standard
Traction Control: Standard
Stability Control: N/A
Rollover Protection: N/A
Emergency Assistance System: N/A

Curb your loin arousal. Dealers won’t sell you a Mustang like the one depicted here for at least seventeen months. As rumors predicted, the crutch propped under this racy red rump is the same old live axle stuck under Grandpa’s Crown Vic. And forget about flipping ahead for driving impressions and test results-you’ll find none. This birthday cake is still in Ford’s engineering oven.

Now for the good news. The spectacular success of the 2005 Mustang has put Ford in a giddy mood. The suits invited Carroll Shelby to Dearborn for consultation. The result is the Ford Shelby Cobra GT500 on these pages, a faithful preview of a 450-plus-hp 2007 production model you’ll be able to purchase in the fall of ‘06 for less than $40,000.

If you crave Corvette speed but need a back seat, you might consider switching allegiance to the blue oval. Before he cleaned out his desk early this year, John Coletti and his loyal SVT coconspirators conjured up the makings of a Stingray spoiler: the revitalized Mustang muscled up with fatter rubber, bigger brakes, aero accessories, and a totally irresponsible load of horsepower. Shelby spent five hours riding Coletti’s mule before filing this succinct assessment: “Wow!”

Full rear view of the 2007 Ford Mustang Shelby Cobra GT500
With eighty-two years under his hat, Shel has seen and done it all. When he says “Wow!” it’s not because his bursitis is flaring up.

The Shelby tie-in is perfect, because this is another ride back to the glory days of Ford’s Total Performance period. Ford’s 1962-70 juggernaut left burned-rubber traces all over the drag, road-course, off-road, rally, stock-car, Indy-car, and Formula 1 racing worlds. In June 1962, Ford said “Screw you!” (in so many words) to the Automobile Manufacturers Association’s ban on factory motorsports participation. Agents were dispatched to buy Ferrari; when that initiative failed, Ford signed a blank check to beat the Scuderia at Le Mans with the GT40 and its derivatives.

Shelby was equally low on Enzo Ferrari’s Christmas-card list in the early 1960s. After being rebuked by GM, Shelby in 1961 asked Ford to supply engines for his Cobra sports cars. Four years later, he returned the favor by removing the back seats from Ford Mustangs to convince the Sports Car Club of America that the cars deserved eligibility in the club’s B Production ranks. Three dozen R-model Shelby GT350s built with Ford’s blessing gave amateur racers the ammunition necessary to break Corvette’s lock on the B Production championship. The Ford-Shelby courtship also yielded an interesting run of steroidal Mustangs for street use. The second car in that series was the 1967 Shelby-Mustang GT500 fastback, powered by a 7.0-liter big-block V-8 that inhaled through two Holley four-barrel carburetors to produce 355 (gross) hp.

Forty years later, it’s deja vu all over again. Ford and Shelby are still doing deals. The new Mustang is striped and spoilered as a salute to its illustrious forefathers. This time, the cast-iron block under the hood is gorged with double overhead cams, thirty-two valves, and an Eaton supercharger. And that old live axle is back for another dance.

Rear emblem view of the 2007 Ford Mustang Shelby Cobra GT500
Dolled up for this spring’s New York auto show, the nuevo GT500 follows ’60s-era recipes to the letter. It’s the classic big engine stuffed into a barely modified standard car. Suspension alterations are mainly tuning tweaks. The only sheetmetal change is an aluminum hood bulked up like a football captain on prom night. According to Hau Thai-Tang, Ford’s new director of advanced product creation and SVT programs, this project is the first tangible evidence of SVT’s revised game plan. Instead of well-meaning but ultimately half-finished attempts to reinvent the high-performance automobile, SVT hereafter will focus on more circumspect alterations of mainstream products delivered with a significantly higher level of execution.

Even though SVT’s leash is tighter, the new GT500 is a credible step beyond the last Mustang Cobra (2003-04). That 390-hp snake had a 4.6-liter four-cam V-8 at the core, whereas the new Shelby edition moves to the 5.4-liter block that powers the Ford GT and various large trucks. Mixing and matching parts, the GT500’s powerplant gets the Eaton Lysholm screw-type supercharger, air-to-water intercooler, and four-valve DOHC heads from the Ford GT mated to the iron block found in the workaday trucks. As the result of a stroke that’s 17 percent larger than the bore, this engine will be a growler, not a screamer; the redline on the show car’s tach is stuck at the standard Mustang’s 6000 rpm.