Man reveals staggering cost of restoring a 1967 Shelby GT500 Mustang barn find

A man who rescued a 1967 Shelby GT-500 Mustang from a garage in Iowa parted with a staggering amount of cash to have it restored. 

The story unfolded after a man called Bob Folkestad was contacted by a friend who told him a woman wanted to sell her late husband’s Shelby GT500.

The classic car had been bought back in 1973 but was stored away in 1980 where it had remained gathering dust ever since. 

The widow had no clue how much the car might be worth today, but Folkestad wanted to ensure he gave her a fair price. 

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The man paid $65,000 for the Shelby GT500 Mustang

He called in Shelby expert Jeff Yergovitch who was able to inspect, authenticate, and appraise the car before suggesting a price. 

Yergovitch gave the vehicle a warts-and-all once over, pointing out scratches, bumps, and rust spots. 

Although was also able to determine that the car was ‘overall very original’ with some ‘typical 1960s modifications’.

After his detailed inspection, Yergovitch told Folkestad that the car was worth $70,000 retail and $60,000 wholesale. 

Folkestad decided to split the difference and offer the woman $65,000 for the Shelby, which she accepted. 

But that was just the beginning of the spending for Folkestad. 

Who set himself the goal of making it a ‘survivor, drivable car’.

Anyone who has ever restored a vintage car will tell you, you’ll need deep pockets and that was certainly the case here. 

But he parted with even more to have it restored

In a clip uploaded to Jerry Heasley’s YouTube channel, Folkestad revealed the depth – and expense – of all the restoration work.

Holding a stack of invoices, Folkestad revealed he spent $10,000 for the long block and then had to pay for the restoration of various parts of the motor bringing the total nearer to $20,000. 

And in his quest to keep the car as orofinaHe also had to spend big to get his hands on specific Shelby parts for the car, estimating he spent around $40,000 on the parts and an additional $20,000 on labor. 

Then of course, there was the detailing and cleaning of the car. 

Oh and the towing and moving of the Shelby. 

All in all, Folkestad spent $76,000 for the restoration, detailing, and incidentals – as well as the original $65,000 for the car – bringing the total cost up to $141,000. 

“To work on these cars you need to have your piggy bank saved up,” he noted. 

You can say that again.