1970 Shelby Mustang GT500 sat in barn for 30 years, still has rare V8

A rare 1970 Shelby GT500 has resurfaced after spending nearly three decades off the road, offering muscle car enthusiasts a fascinating glimpse into one of Ford's most collectible classics. The car, documented by Ryan Brutt on YouTube's Auto Archaeology channel, has remained largely untouched since it was parked sometime in the 1990s.What makes this discovery even more special is that the GT500 still retains its original, numbers-matching 428-cubic-inch (7.0-liter) Cobra Jet V8 engine. Despite years of neglect, the iconic drivetrain has survived, making the car an excellent candidate for restoration or preservation.A rare Shelby with an unusual historyAlthough it's officially a 1970 model, this GT500 is virtually identical to the 1969 version. That's because Ford had built more Shelby Mustangs than it could sell. The remaining unsold cars were later assigned 1970 VINs and shipped to dealerships.The 1970 GT500 also marked the end of an era, as it was the final classic Shelby Mustang produced before Ford and Carroll Shelby ended their partnership in the summer of 1969.Parked for decades after changing handsAccording to Brutt, he first came across the car in 2012. The Shelby has reportedly been with the same owner since 1974 and was taken off the road in the 1990s, where it remained parked for around 30 years.The GT500 was initially stored inside a barn, but after raccoons damaged the interior, the owner moved it outside into an alley. Years later, after the property changed ownership, the car was brought back into the barn, where it currently sits.Weathered, but still remarkably completeTime has certainly left its mark on the Shelby. The interior is cluttered with spare parts and shows signs of heavy deterioration. However, the exterior has fared better than expected.The faded paint, believed to be the original Aztec Aqua finish, still complements the car's white racing stripes. Surface rust is visible in places, but the body appears solid enough that many enthusiasts believe it could clean up surprisingly well. The white interior, though in rough condition, would make for a striking factory color combination once restored.Original Cobra Jet V8 remains intactOne of the biggest highlights is the factory-installed 428 Cobra Jet V8, the same engine the car left the assembly line with. Producing 335 horsepower, it was among the most powerful engines offered in the first-generation Mustang lineup, second only to the ultra-rare Boss 429.Keeping the original engine significantly boosts the car's historical value and desirability among collectors.Restoration plans still uncertainIt's not yet clear whether the GT500 will undergo a full restoration or be preserved as a survivor. Brutt says the current owner is focusing on repairing the barn first so the Shelby can be stored safely and protected from further weather damage.Given the car's rarity, bringing it back to life would be well worth the effort.One of only 470 GT500sThe 1970 Shelby GT500 is exceptionally rare. Historical records show that only 788 unsold Shelby Mustangs received 1970 VINs, and just 470 of those were GT500 models. Of those, only 380 were fastbacks, making this example particularly desirable.Its uncommon Aztec Aqua exterior paired with a white interior adds to its appeal. Once properly restored, experts believe the car could command well over $100,000 at auction, with exceptional examples potentially fetching even more.