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The 1967 Shelby Mustang was available in two basic models: the GT350 carrying the high performance 289 V-8 and the GT500 hauling the larger 428ci V-8. Shelby now began parting ways from the basic Mustang model. The new 1967 Shelby model was drastically restyled to give off looks of performance, while also being able to deliver performance. A unique grill with two 7 inch driving lights could be found under the fiberglass nose extension, which was exaggerated from the production Mustang. Although most '67 Shelbys had these driving lights mounted close together in the center of the grill, some can be found with the driving lights mounted at each end of the grill to comply with some states lighting laws. Additional hood pins were added to the fiberglass hood which had a functional hood scoop. In the rear of the car, upper and lower scoops could be found, however, the lower scoops were only functional on early '67's. At the rear of the car was a fiberglass deck lid with a spoiler, as were tailights from the 1967 Cougar, without the chrome trim.
The Deluxe Mustang interior came in either black or parchment, and was outlined with a two-point roll bar (some early cars had a four-point) which anchored a pair of inertiareel harnesses. All cars came with the rear fold-down seat, a 140mph speedometer and 8000rpm tachometer. The oil pressure and amps, which were both additonal Stewart Warner gauges, were mounte in a special housing found underneath the dash.
All '67 Shelbys came with the familiar GT350 or GT500 rocker panel stripes, a front grille emblem, front fender emblems, a rear deck emblem and a pop-open gas cap which had a Shelby Cobra cover. Some of the early cars have flat caps, but most other have curved caps.
The GT350 Shelby came with the modified 289ci 271hp engine, which was once again rated at 306hp. However, they did not have the Tri-Y headers and most did not have the Cobra oil pan. The GT350 four-speed cars used a Holley 715 cfm carburetor while the automatics used a Ford 595 cfm four-barrel. Most of the early cars came with the S2MS numbered aluminum high-rise intake manifolds while the later cars used the S7MS unit. In other areas, the 289 was the same as the 1966 model. Ford's 428ci Police Interceptor, modified of course, V-8 could be found in the GT500 model. This carried a pair of rear-mounted 600 cfm Holley carburetors mounted on an aluminum intake manifold. On top of these was an oval Cobra finned air cleaner which matched the Cobra Lemans aluminum finned valve covers. The powerful 428 was rated at shoving out 355 horses.
An extremely small number of more powerful 427 Medium Riser V-8s were installed at the factory or at the selling dealer. These engines produced 425hp. The exact number made is not known.
The GT350 still had the Paxton Supercharger as an available option.
The standard wheel on the Shelby Mustang was a steel rim with a wheel cover, which are quite rare. More common wheels are the Kelsey-Hayes styled steel wheels or the cast aluminum Shelby ten-spoke wheels measured at 15x7 inches.
Only some 1967 cars have 3 inch round tailpipe extensions while others used the quad exhaust extensions from the GT Mustang.
Also, only some Shelby VIN tags were hand-lettered. Most cares with the outboard headlights also contain the letter "Z" preceding the serial number on the VIN plate.