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Dont forget that back in the 60's engines were usually under rated.
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Possibly. But those numbers come from Shelby, not from Ford's marketing department. The original engines are what we'd now consider a fairly mild build except that they're capable of higher revs with the solid lifters. I don't think an original displacement, original cam, original head, single-4BBL 427 can much exceed 440-450HP at best. 420-430 is probably in the very close ballpark.
There is something to be said for the completely original build in these cars. It's certainly not underpowered...
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Don't forget todays horse power numbers being thrown around are usually made up by the owner.
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*rimshot* 