It is up for sale for $1.2 million — the owner has already knocked back an offer for $900,000.
The 60-year-old Holden, No.46 of only 112 sold in 1948 — the year the first Holden was made in Australia — is believed to be one of three still around.
The owner, Canowindra car dealer Charlie McCarron, said experts had described his car as “the first Holden that will make a million dollars.”
Mr McCarron said he had been contacted by an agent for an overseas buyer who offered $900,000 but the offer had been rejected.
“I really want what I'm after ($1.2 million) for it,” he said. And he would prefer a local buyer, saying; “I wouldn't like to see it go out of the country.”
The car was originally known as a 48-215 Holden but the model has become more commonly called the FX.
They sold new for pound stg. 733 back in 1948. Mr McCarron bought his car second hand for $575 in 1970.
His car has deluxe options, while the other cars known to exist are standard.
What's the difference? For an extra pound stg. 10 the car gained leather trim, safety wheel rims and a passenger's sun visor.
It only has 21,000 miles (35,000km) on the clock and has had an interesting life, including several TV appearances.
Racing legend Peter Brock drove it on a parade lap before his last Bathurst 1000 race in 2004.
Mr McCarron said it was the last car Brock drove at a Bathurst 1000, as Brock's race car was crashed by his co-driver before he could drive it that day.
“Peter Brock told me after he drove it, 'I never thought I would ever have the opportunity of driving an as-new 48 Holden',” Mr McCarron said.
He said the car still ran well and had its original spark plug leads.
The tools, jack, hand pump and handbook are still there and the interior still smells like new.
It had a 2.15-litre, six-cylinder engine with 45kW of power. Today's six-cylinder Commodore has 172kW.
More than 120,000 FXs were made until 1953, when the FJ took over.
The other cars are owned by Holden (No.6) and Melbourne enthusiast Phil Munday (No.19).
The $1.2 million price betters the $1 million price a 1971 Ford Falcon GT-HO owner has been asking for his car.
The official record price for an Australian-made production car still stands at $683,000 for a GT-HO bought at auction in Sydney last year.
First built: November 1948, first ute version 1951
Price when new: (pound stg.) 733
Total number built: 120,402
Also in November, 1948: Rimfire won the Melbourne Cup, Prince Charles was born and Harry Truman was re-elected US president