The 1962 Armstrong 500 was an endurance race for Australian built production cars. The race was held at the Phillip Island circuit in Victoria, Australia on 21 October 1962 over 167 laps of the 3.0 mile circuit, a total of 501 miles. Cars competed in four classes based on the retail price of each model. Officially, only class placings were awarded but the No 21 Ford Falcon driven by Harry Firth and Bob Jane was recognised as "First across the line". This was the third and last Armstrong 500 to be held at Phillip Island prior to the race being moved to the Mount Panorama Circuit at Bathurst in New South Wales where it later became known as the Bathurst 1000.
For the 1962 race the division of classes was changed from engine capacity, used in the previous two Armstrong 500's, to the purchase price (in Australian pounds, the currency of the era) of the vehicle on the Australian market, the intention being to allow the public to make comparisons according to their potential financial circumstances rather than approximating cars of equivalent vehicle performance. An upper limit of £2000 was established to prevent the race from becoming dominated by sports exotica. In terms of actual cars entered the changes saw the Renault Gordinis move up from Class D to Class C, while the Volkswagens dropped from C to D. Volkswagen would break through for their first class victory this year.
Class A was for cars with a purchase price of between £1251 and £2000. The class featured Chrysler Valiant, Citroën ID19, Ford Zephyr, Studebaker Lark and Vauxhall Velox.
Class B was for cars with a purchase price of between £1051 and £1250. The class was dominated by the new Ford Falcon XL but also feature Austin Freeway and Holden EJ.