Ford SVT and Carroll Shelby’s 2007-’09 GT500 has become a modern classic

It’s been 20 years since the all-new 2007 Shelby GT500 first bared its fangs. The legendary muscle car arrived in ’06 as an ’07 model, 40 years after the original G.T. 500’s 1967 debut. It rolled in on the heels of the ’05 Ford GT, borrowing some of the supercar’s engine parts and riding a wave of factory nostalgia. This new Shelby/SVT GT500 was hailed as an instant collectible and buyers were forking over thousands above sticker — in some cases tens of thousands — not wanting to miss out on the second coming of Carroll Shelby’s mightiest Mustang.

The relationship between Mr. Shelby and Ford seemed amicable enough, in the 21st century, with time and a new business arrangement healing all wounds. The original Shelby Mustang program made Ford’s pony car an American performance icon, but it unraveled pretty quickly after 1967. Shelby American had difficulty meeting demand for G.T. 350s and 500s in ’67 and its lease was up at the Los Angeles International Airport. So, A.O. Smith in Ionia, Michigan, was tabbed for ’68 Shelby G.T. Mustang production. It was a win for Ford in terms of quality control and profit, but the move pushed Shelby toward the sidelines. Meanwhile, Semon “Bunkie” Knudsen defected to Ford from General Motors in early ’68 and began his short, turbulent stint as president. Knudsen was no fan of Shelby’s and thought Ford should have its own performance machinery (cue the Boss Mustangs).

The ’69 Shelby G.T. Mustangs were more Shelby by association and were given a distinctive makeover by Ford stylists, using custom fiberglass and plastic body parts. The cars were bigger and heavier than ever, and a major departure from the Shelby-American-made ’65 originals, but they definitely stood out — even in a market packed with flamboyant muscle cars. The ’69 Shelby GTs also marked the end of the Shelby/Mustang line as the ’70 editions were ’69s updated with 1970 VINs.

The 2007 GT500 was a throwback to the original in terms of styling and, though it was wholly a Ford SVT product, Shelby was brought on board as a “senior advisor.” The car’s foundation was the S197 Mustang introduced in 2005. That had been a clean-sheet redesign with a vastly improved chassis and a roomier, more comfortable cockpit — but it still rode on a solid rear axle.

The new GT500 gave the S197 Mustang a broader range too, offering something for everyone, from the sub-$20,000 V6 car, to the $25,000-$30,000 GT, and the GT500 at the top of the lineup at more than $40,000. Previous SVT-tuned Mustangs had appropriated the Cobra name (Cobra/Cobra R) and wore the famous Cobra badges, but this brought the Shelby story full circle and was welcomed by enthusiasts.

Production in the GT500’s first model year soared to 10,847 — 8,152 coupes and 2,695 convertibles. For ’08 the number dropped to 8,583 — 6,513 coupes and 2,070 convertibles. Model year 2009 saw a precipitous drop to 3,559 — 3,004 coupes and 555 convertibles.

This buyer’s guide is limited to the first three years as those cars were the most alike. The 2010 GT500 received a cosmetic redesign and some mechanical upgrades — often those Mustangs are referred to as S197 II or S197.2. Power was increased to 540 from 500 though it still shared an iron cylinder block with the previous GT500s. The engine was all aluminum beginning in 2011.

Values for the 2007-’09 cars are similar too, with prices for coupes averaging around $40,000 and up while convertibles average $3,000-$4,000 more. There are a lot of upsides to owning one of these modern classics: they are relatively affordable (for now); they are generally reliable; they offer excellent performance; and there are a lot of pampered low-mileage examples to choose from out there. If you’re shopping for one of these early, S197 GT500s, here are a few points to keep in mind…

Engine

For the GT500 powerplant, SVT borrowed pages from its Mustang Cobra and ’05-’06 Ford GT playbooks. The starting point was a 5.4-liter iron cylinder block, like the one used in Ford’s light trucks, but with a forged crankshaft, forged I-beam rods and forged aluminum pistons. SVT then capped the short block with the Ford GT’s aluminum four-valve heads — after modifying the outside ends of the heads, as well as the left rear cam cap, so that they’d squeeze into the GT500’s engine compartment. Also from the parts bin were camshafts from the supercharged “Terminator” Mustang Cobra, as those were well suited to a powerful street Mustang. A low-profile intake manifold, unique to the GT500, served as home base for an Eaton M122 Roots-type super charger pumping up 8.5-psi of boost. An air-to-liquid intercooler ensured a dense charge and the supercharged 5.4 inhaled through a dual-inlet 60-mm throttle body (also used on the V10 truck engine). In stock form, the GT500’s engine delivered pure American muscle car thrills. Hit the throttle and it shoved you back into the seat while the supercharger whined out a melody you could get addicted to hearing.

The good news about the early GT500 is that these engines have proven to be very reliable when maintained and not heavily modified. Issues are few, but there are a couple things to be aware of. The stock harmonic balancer on the 2007 was heavy, tipping the scales at more than 20 pounds. On a stock GT500, used for pleasure driving on the street, it will likely never cause an issue. But if performance modifications, higher rpm and aggressive driving are in the cards, it’s best to swap the original balancer for the lighter 2008-’10 factory unit or an aftermarket balancer. “Heat soak” was also an issue with the GT500. Popular opinion has been that the supercharger intercooler’s heat exchanger is inadequate for track use, or even regular driving in very hot climates. When the intercooler fluid temperature rises too high, the computer will retard timing to protect against detonation under boost, and performance drops off noticeably. There are many aftermarket intercoolers available to prevent this from happening if it’s occurring regularly.

Transmission and AXLE

There were no S197-series GT500s built with an automatic transmission. So if you’re considering one of these, be prepared to stir a Tremec TR-6060 six-speed manual. Most of the issues GT500 owners have encountered were related to the gearbox and the clutch. From new, the shifters in these cars had long-ish throws, but there are many aftermarket alternatives available and this update alone can make a difference. There was an extensive TSB (#10-3-8) issued under the heading of “clutch drag” on the 2007-’09 GT500s that covered a wide-range of symptoms: hard shifting; difficulty engaging and disengaging first and reverse gears; creeping in gear when the clutch pedal was depressed, and more. The TSB applied to all three years but the 2007 cars seem to have especially had clutch engagement issues, which could lead to excessive synchronizer gear wear if driven that way. The solution was to replace the flywheel, pilot bearing and clutch, then lubricate the clutch hub splines during reassembly. The clutch slave and master cylinder as well as the hydraulic line were also subject to replacement. If it were determined that there was transmission damage, the synchro gears and the transmission input shaft would be replaced. That TSB was issued in 2010 and the repairs would’ve been made free of charge to vehicles covered under warranty. So, when shopping for a GT500 today, it’s a good idea to look for one that’s had the clutch work performed, or seek out a late-2009 car which might’ve rolled out of the factory with the updated flywheel, clutch and the splines lubricated. (The 2010-’11 clutch seems to be trouble-free.) Of course this problem isn’t insurmountable if the work hasn’t been done and your GT500 starts to exhibit any of the above symptoms. It just means you’ll be dropping the transmission and possibly installing a new flywheel, clutch, etc.

The GT500s used Ford’s time-proven 8.8 rear axle with a 3.31:1 gearset and a limited-slip differential. It’s common to find GT500s upgraded with 3.55:1 or 3.73:1 gear ratios. Some gear whine isn’t unheard of, nor is differential noise when cornering. Generally speaking though, these are durable trouble-free rear axles.

Suspension and Brakes

The GT500 rides on MacPherson struts up front with “reverse L” lower control arms and a 34-mm tubular anti-roll bar. In the back, there’s a three-link arrangement with coil springs, lower control arms, and a single upper control arm. A Panhard bar keeps the axle located, and a 24-mm anti-roll bar on coupes or a 20-mm bar on convertibles limits body lean. The GT500’s SVT-tweaked chassis does its job reasonably well and strikes a good balance between ride and handling. These cars weigh more than 3,900 pounds however and the convertible version weighs more than 4,000. The supercharged 5.4-liter V-8 is a hefty engine, and gives the car a 57/43 front-to-rear weight distribution. SVT tried to mitigate that with chassis tuning but the nose-heavy feel can be noticeable and sometimes reminds you that the GT500 is more muscle car than sports car. One common complaint about the car’s stock rear suspension is the wheel hop experienced during hard launches. There are aftermarket suspension solutions to correct that, but they may alter the car’s driving manners. All of that said, the GT500 is a lot of fun on spirited back-road drives and, pointed straight, it accelerates like a missile.

When it’s time to slow things down, the GT500’s braking package was up to the task, thanks to 14-inch cross-drilled Brembo rotors up front with four-piston calipers and 12-inch discs and single-piston calipers in the rear. The factory alloy wheels measured 9.5×18-inches all around and were shod with Eagle F1 Supercar tires (255/45ZR18 front and 285/40ZR18 rear). The grip these tires delivered was excellent and, as of this writing, they were still available at about $1,200 for four. They’re strictly for warm weather use though and tend to last fewer than 20,000 miles.

Body and Interior

It wouldn’t be a GT500 without some signature Shelby styling/performance touches. For starters, SVT reworked the front fascia by giving it a larger lower opening and incorporating a functional splitter. The grille was widened and given a trapezoidal shape for a more aggressive look. Topping off the front, the hood was stamped out of aluminum to help shave off a little weight and functional heat extractors were built in.

The GT500 also has a revised rear bumper with strakes on the underside that were inspired by the Ford GT’s integrated rear diffuser. The rear spoiler is unique too and has a more integral design than the Mustang GT unit.

The front fenders each wear badges with Shelby Cobras while the grille was given an off-center snake badge in place of the Mustang’s galloping horse. A GT500 logo is incorporated into the side rocker stripes like the original, and a Shelby logo is positioned on the rear deck above the taillights. Also, the gas-cap-styled medallion between the taillights has “Shelby GT500” centered on the Cobra image.

We’ve heard no reports of chronic rust on Shelby GT500s, likely because few of the cars have ever seen four-season driving. Paint bubbling on the edges of the aluminum hood panel was a fairly common problem, however.

The GT500 interior was upholstered in black leather with or without contrasting red seat and door panel inserts — Cobra logos were embroidered into the tops of the seat backs. A Cobra logo was also centered on the steering wheel’s air bag cover, and the wheel rim was wrapped in leather. The GT500’s shift boot is leather and the parking brake handle was leather clad as well.

The gauge cluster was unique to the GT500 in that the speedometer was on the left while the tachometer was on the right — opposite of the rest of the Mustang line — and a boost gauge was included. The instruments had satin aluminum trim and a pair of door sill trim plates also bore the SVT logo.

Standard issue stuff on the GT500 included: air conditioning, power-assist windows and locks, a tilt column, two 12-volt power points and two cupholders. An eight-speaker Shaker 500 audio system with a CD changer and MP3 playback was also part of the bargain. The optional Shaker 1000 Audio System had two subwoofers included in the 10-speaker array, and an audio input jack.

The GT500’s interior was comfortable and roomy with a usable back seat and good trunk space. Be on the lookout for drooping or sagging door panel upholstery, or signs of water leaks — usually due to clogged cowl drains.

Seeing Red: GT500S WITH SPECIAL STRIPING MAKE UNUSUAL COLLECTIBLES

If you’re interested in an ultra-low production 2007-’09 GT500, keep an eye out for one with red stripes.

In May of 2007, Ford released the limited-edition Red Stripe Appearance Package. It was offered only on white or black coupes and included: red rally and side stripes; red-accented exterior badges; red-and black interior; floor mats with red-and-silver snake logos; plus a car cover. The ’07 package was offered for one month and only 297 GT500 Red Stripe coupes were built: 128 in white and 169 in black.

The package returned for 2008, but was offered exclusively on convertibles. Just 241 open-top Red Stripe GT500s were sold that year: 110 white and 131 in black.

For 2009, the Red Stripe edition was offered on both GT500 coupes and convertibles. All told, there were 299 built: 262 coupes (89 white/173 black) and 37 convertibles (eight white/29 black).

With a grand total of 837 Red Stripe GT500s built over three model years, these are relatively scarce in the wild and make unusual collector cars today.

What To Pay For A 2007-’09 Shelby GT500

Parts Prices For A 2007-’09 Shelby GT500

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