Why This 1966 Shelby Cobra 427 Made Waves and Bagged Almost $2 Million

Back in 1962, what started as an AC Ace with a small-block V8 rapidly transformed into one of the most iconic American muscle cars—the Shelby Cobra. By 1965, Carroll Shelby had already outdone himself, refining the chassis and cramming Ford's 427-cubic-inch (7.0-liter) FE engine under the hood. The 1966 gem we’re discussing today is a rare testament to that groundbreaking era.

This particular 1966 Shelby Cobra 427 is one of only 998 Cobras produced until 1967, making it a rare find irrespective of its configuration. But what sets this beast apart is its heart—a 427 V8 engine. Of the 998 units, just 260 were sold as 427 models, and only 155 of these retained the true-blue 427 V8. Making it even rarer, this Cobra is one of just 100 that came out of Shelby’s shop with dual Holley carburetors.

The Rarity of the Beast

To truly grasp the significance, consider this: experts estimate that only about 15% of the original 427 Cobras survived without being either totaled in crashes or heavily modified for competition. To find one that's both unmodified and undamaged is akin to discovering a unicorn in the automotive world. This low-mileage example—with just 18,078 miles on the odometer—falls into that exclusive category.

Sure, it has undergone restoration, but the car's numbers-matching driveline and other original parts make it a standout. Its aluminum body is unaltered, and it retains every bit of its original components, including the chassis, rear end, grease gun, jack, side windows, and soft top. Initially sold in Albuquerque, New Mexico, this vehicle has a well-documented history, capturing photos and records from its meticulous restoration process.

A Million-Dollar Dream

This isn't just an automobile; it's a rolling piece of history, and that history comes at a premium. Recently, the meticulously restored 1966 Shelby Cobra 427 sold for $1.95 million at Mecum's Indy 2024, or $2.14 million if you include all fees. This transaction makes it the third most expensive non-competition Cobra 427 ever sold, a testament to how well these cars hold their value.

To put it in perspective, the record for the most expensive Shelby Cobra 427 goes to a black, highly original example that fetched $5.94 million in 2021. This particular Cobra was none other than Carroll Shelby's personal car. The second-highest price tag was $2.42 million, secured by another restored 427 in 2019.

When it comes to 427 Cobras specifically built for competition, prices tend to skyrocket even further. These performance-oriented models often breach the $3-million mark, especially if they retain their factory specifications and have a storied history.

The All-Time Classic

Although the 1966 Shelby Cobra 427 holds a noteworthy place in automotive history, the all-time record for the most expensive Cobra—and indeed the most expensive American car ever sold at auction—belongs to the 1962 Shelby Cobra 260. This pioneering, small-block masterpiece was auctioned for a staggering $13.75 million in 2016.

The allure of the Shelby Cobra has endured over the decades, captivating hearts and wallets alike. The story of Carroll Shelby and his revolutionary designs is woven into the fabric of American automotive history. Whether on a showroom floor or the auction block, these cars continue to mesmerize, proving that their legacy is as timeless as the cars themselves.