1967 Mustang GT S-Code 427 Side-Oiler: The Ultimate Notchback Shelby Experience

Introduction: A Mustang Rarity Like No Other

For enthusiasts of classic American muscle cars, the Ford Mustang remains an icon. Yet, not every Mustang was created equal—some rare breeds still stun the automotive world decades later. Meet the 1967 Mustang GT S-Code Notchback, boasting a legendary 427 side-oiler V8 and authentic Shelby DNA. This isn’t your typical fastback story. Instead, it’s a remarkable hardtop that shatters all expectations, blending raw street power with unique factory lineage and dedicated performance upgrades.

Heritage and Provenance: From San Jose to Automotive Legend

This exceptional Mustang’s journey began at Drew Ford in La Mesa, California, where it was custom-ordered in March 1967. Dressed from the factory in Raven Black (paint code A) with a deluxe Saddle Vinyl interior, this pony car is one of only 28 vehicles built in this exclusive color and trim combination. But its appeal goes well beyond its striking looks—this Mustang is steeped in remarkably detailed history, carrying the kind of documentation and provenance that collectors dream of.

Rare Factory Options: GT Equipment and Competition Handling

Digging deeper under its skin, it’s clear this Mustang was no ordinary order. Factory-equipped with the GT Equipment Group and one of just 33 hardtops (non-Shelby) fitted with the Competition Handling Package in 1967, it benefits from performance hardware found on the legendary Shelby GT350: reinforced springs, heavy-duty shocks, enlarged sway bars, and a limited-slip differential with a true four-speed manual. The car was originally powered by Ford’s S-Code 390 big block, instantly making it one of the most formidable Mustangs on the street upon delivery.

A Muscle Car Reinvented: The Shelby-Infused Transformation

The story doesn’t stop at factory spec. The first owner took this car far beyond its original capability, turning it into a showstopper and local legend. In the late 1970s and early 1980s, this Mustang made appearances at major automotive gatherings such as SAAC 3, the third national Shelby American Automobile Club meet. The crowning transformation? Swapping the original 390 for the ultra-rare Ford 427 side-oiler V8—a true competition-bred engine revered by racers and collectors alike.

Under the hood, the upgrades read like a wish list for any Shelby aficionado: real 428 Cobra Jet heads, a dual four-barrel aluminum intake, authentic Cobra Le Mans valve covers, a race-ready Milodon 10-quart oil pan, and a Shelby-style oil cooler sourced from a genuine A/C-equipped ‘67 Shelby. The rotating assembly is just as serious, featuring a Super Cobra Jet crankshaft, Le Mans connecting rods, and a 9-inch rear end packing stout 4.11 gears. Every part is tracked with meticulous documentation, ensuring this Mustang isn’t just modified—it’s curated.

Interior Features: Function Meets Luxury

Step inside, and the Mustang’s blend of race-inspired engineering and factory luxury becomes clear. The original tilt-away steering, 140-mph speedometer, and 8,000 rpm tachometer with redline fade are paired with the GT’s deluxe interior package. Classic Shelby details abound: a Shelby-style dash badge, Hurst shifter set in a late-model Shelby console, and an impressive bank of gauges monitoring vital engine functions such as oil temperature and vacuum. This cabin was built for both comfort and complete driver control—an ideal marriage for true performance enthusiasts.

Exterior Condition: Honest Sheet Metal, Real Stories

The Mustang’s sheet metal tells its own authentic story—it’s 100% original, untouched by rust or patchwork. Even the trunk pan, quarter panels, and factory sound deadener are intact, showcasing decades of preservation. Modifications like the Shelby-style rear end treatment underscore its racing-inspired evolution. While the black paint is sun-faded and the taillights are currently missing, this Mustang’s cosmetic imperfections only highlight its genuine heritage—making it a prime candidate for either factory-authentic restoration or a tribute to its period-correct pro-street roots.

Engine Tech: The Legendary 427 Side-Oiler V8

Any discussion of this Mustang’s performance leads inevitably to its engine. Ford’s 427 side-oiler was developed for the rigors of NASCAR and Le Mans, featuring a solid lifter valvetrain, forged steel crankshaft, and high-nickel block. Designed for sustained high RPM, its unique oiling system prioritized the crank—a necessity for endurance racing. Street versions produced 390-425 horsepower, with race builds exceeding 500 hp, making it one of Ford’s most revered big blocks. By 1968 it had largely given way to the 428 Cobra Jet, but the 427 remains etched in muscle car lore as the more exotic and race-ready option.

Engine Specifications:

• Ford 427 FE side-oiler V8 (Factory Install: No, Period correct upgrade)
• 428 Cobra Jet heads, dual four-barrel aluminum intake
• Milodon 10-quart oil pan, Shelby-style oil cooler
• SCJ crankshaft, Le Mans connecting rods
• Estimated Output: 425+ hp (potential for more in race trim)

Market Positioning: A Collector’s Unicorn

The official Marti Report attests to the car’s uniqueness: just 2,932 hardtop S-Code Mustangs with the four-speed combo were built in 1967, and only 33 received the Competition Handling Package—a statistical anomaly. Factor in Raven Black paint, a deluxe Saddle interior, tilt-away steering, and the full GT package, and its collectability is off the charts. The VIN confirms build and sale dates, further supporting its provenance. Accompanying paperwork includes dyno sheets, the owner’s manual, handwritten engine specs, and a retro window sticker—solidifying its place as an elite muscle car.

Performance and Driving Experience

Driving a 427 side-oiler Mustang is nothing short of exhilarating. The engine’s high-revving nature, thunderous torque, and competition pedigree ensure a purebred performance experience. Paired with the Mustang’s robust handling upgrades, quick-shifting four-speed manual, and limited-slip rear, this car delivers raw, analog driving dynamics that modern muscle machines rarely replicate. Whether tearing down open highways or turning heads at car shows, this Mustang lives up to both Shelby and Ford performance heritage.

Restoration Potential and Investment Value

Currently showing 88,585 miles, the Mustang is available for $35,000—an astonishing price given its spec, history, and value trajectory as a collectible. While it does require cosmetic restoration, the car’s integrity and originality set it apart from run-of-the-mill project cars. For those with the vision and resources, restoring it to concours condition or reviving its pro-street persona could yield a crowning showpiece, both on the street and in any serious Ford collection.

Comparisons and Legacy

Compared to factory Shelby GT350 and GT500 models, this one-of-a-kind S-Code Mustang offers much of the same engineering spirit but with an entirely unique provenance and hardtop exclusivity. Its blend of factory-ordered options and period Shelby upgrades make it a rare gem amidst the muscle car era’s most iconic machines. Finding another notchback with this pedigree, documentation, and genuine Shelby components is nearly impossible—truly a needle in the proverbial stack of needles.

Conclusion: The Ultimate Street-Legal Mustang Notchback

A car like this simply doesn’t appear in casual classified ads; it’s the product of years of enthusiast passion, careful parts sourcing, and judicious preservation. Whether it’s restored or kept as an honest survivor, the 1967 Mustang S-Code 427 is destined for legend status. For any car lover searching for the ultimate expression of classic Mustang performance—infused with real Shelby engineering—this Raven Black hardtop stands in a league of its own: rare, powerful, and absolutely unforgettable.