Pedro Rodríguez took a P261 back to the Tasman Series for one final time in the 1968 season, and he took second place at the Longford round. But with the widespread availability of the Cosworth DFV 3-litre V8 in the 1968 Formula One season there was little reason for running with an outclassed and underpowered old chassis in Europe beyond the end of 1967. Nevertheless, chassis number 261 was fitted with the new BRM V12 engine, the H16's replacement, for a few non-Championship race entries. Its best result was third place in the Grand Prix de Madrid, although it was only the second race that the car managed to finish all year. Australian driver Frank Gardner attempted to qualify the V12 engined car for the 1968 Italian Grand Prix, but his time was too slow. Ian Mitchell's privateer P261 did appear in the British Formula 5000 Guards Trophy races in 1969, but he failed to finish a single race. Tony Dean drove a P261 in the 1969 Madrid Grand Prix at Jarama. Contemporary reports show that he finished second but only completed 39 out of 40 laps. Peter Gethin broke down on lap 40 and some later reports classify him as second.