Schwinn Stingray
 

I'm looking at a 68 Stingray and since I'm fairly new to researching these bikes I found some that don't have fenders, now I know some over the years the fenders were probably taken off, but I saw on some of the old vintage schwinn ads and catalogs online that some Stingrays didn't have them, is this the standard Stingrays that didn't and the deluxe Stingrays had them? Thanks for the help and info.

Correct. Some did not have them. The local Schwinn shop called the ones with fenders, DeLuxe, almost always the girls versions had fenders, and the rear ended short with a spoiler end as we called them.
Fenders were an accessory too. So, some were dealer installed.
The Krates had them, and I think by 1970? the front fender was dropped from the model.
As I could not afford one, I did not bother to memorize that.

Bought my Forrest Green Stingray in late 1969. First thing I did was exchange the saddle and removed all the graphics save the chainstay asterisk star with fingernail polish remover.

Up until '74 base model Sting-Rays did not have fenders, while deluxe models did. The Krates had no front fender in '68 only, from '69 through '73 front and rear fenders were standard.

The fendered deluxe versions are usually more dough than the standards unless you have an unusual color like a coppertone or lime(pre-campus green) from there you step up to the 3 speed stick shifters and from there you can step up to a krate. Fastbacks are cool too and are also considered stingrays. The most sought after there being the 66/7 rams horn models in black.