School me on classic mustangs

[Deschodt]

I have an opportunity to buy an unmolested run of the mill 289 '66 mustang coupé from a coworker for $1500. No rust except battery tray. It needs a serious tuneup, light body work in one corner, a paint job... It's sat 30yrs untouched in a barn but it runs (ish) fine, will need gas/brake lines flush, etc...

I think a restored one is a $20K car, no ? Not sure I can squeeze a paint job + looking it over end to end under that ? I'm not in lust with them, but I'm a car guy, never had a mustang, wondering if that's something I should pick up, or it's not that much of a deal in the end... I'm NOT trying to flip, please don't ask, just wondering if I can avoid being upside down ?

No pic yet, picture a straight 66 coupe with no visible rust in need of a paint job. Manual, of course....

Is there value in that proposition? Are mustang people as anal about matching #s as us Porsche people ? (think it is, but might want to bump up power?)
Can you use those for restomods and a shelby stripe, or does that kill the value ? as I said, no clues.... Always wondered about them and this fell in my lap...

[BK911]

Get the Vin. Several 289s available. Even a no rust run of the mill 289 is worth 1500!!

[Deschodt]

Originally Posted by BK911

Even a no rust run of the mill 289 is worth 1500!!

Not sure I get that sentence, sorry... are you saying even a rusty 289 is worth 1500 ?
The car would sit for a while in a shop and or in storage, there are costs associated with that... I wanna be sure that if I put $15K into this, it will be worth at least 15-20 in a couple years. It's just that I'm out of space and something needs to be stored - paying $$$ per month to park it is worth it on a 356, say, but not so on a $1500 car.. and I'm kinda done getting upside down in restos ;-) In other words sometimes a deal is not a deal, I want to be sure, because I'm not flipping this to make a buck on my friend - the deal is if I buy it and pay this little I am redoing it right to keep for as long as I'm entertained...

[J P Stein]

Based on the 2 years I spent fooling with a 65 FB, I am no big fan.
I got it running good with a new motor and it looked nice with a new paint job.
I got the front suspension working and put disc brakes on both ends but the rear susp. was hopeless....a major cash infusion might have fixed it but I got out instead.

Bought a real nice Miata and put money back in the bank....not as much as I took out but it wasn't real bad. The Fast backs are at least at a 10K premium over the coupe.

Parts are relatively cheap, but you need a lot of them.

[Deschodt]

Originally Posted by J P Stein

Based on the 2 years I spent fooling with a 65 FB, I am no big fan.
I got it running good with a new motor and it looked nice with a new paint job.
I got the front suspension working and put disc brakes on both ends but the rear susp. was hopeless....a major cash infusion might have fixed it but I got out instead.

Bought a real nice Miata and put money back in the bank....not as much as I took out but it wasn't real bad. The Fast backs are at least at a 10K premium over the coupe.

Parts are relatively cheap, but you need a lot of them.

Thanks, that's what I needed to hear, I think.... I like cars that handle...

[911boost]

I have had my '66 since 1991, am the second owner and that is one car I do not plan on selling. It has not really been driven in a while, and needs some love, but I am not in a huge hurry to do the work.

I am sure it has more than just minor rust, but like JP said, it is a solid rear axle car that is 50 years old and was not made to handle when new.

For what it is worth, depending on the interior, transmission etc, I do not think you can go wrong for $1500.

I also think $15K is a lot of $$$ to sink into it, I would imagine it could be done for a lot less.

[Deschodt]

Originally Posted by BSiple

I also think $15K is a lot of $$$ to sink into it, I would imagine it could be done for a lot less.

I know a porsche paint job is $10K these days, If it costs less on a mustang I am not sure I understand why. Less porsche-tax ? Crappier finish ? Those guys charge $100+ an hour regardless of working on a Ferrari or an oxcart ;-( If I add some body work which I am sure will pop up, new wheels and all sorts of mechanical refurb (brake lines, discs conversion?), gas lines, engine tuneup, possibly suspension work? I'm not sure I can get under $15K. Seems those cars are FS around the $18K mark.... Looks like a little bit of a deal if I am in love with it, but it's more of a curiosity for me at this point (might be easier if it were a fastback). I'd have to drive a good one first and see how the end result feels, this one however is not driveable right this minute, so I don't know !
Thanks for the opinions, much appreciated... Still pondering.

[Scott Douglas]

My brother did a convertible a number of years back. 6 cyl model that he dropped a 302 into with a C4 auto behind it. Took the car all apart for paint, put it back together with Global West suspension and some Shelby goodies to dress it up, disc brakes in front, new interior/top etc.
I'm sure he did it for a lot less than $15k. I'm pretty sure you could do it for a lot less on a coupe too.
It was a fun car to cruise in, top down and it was fast, but only in a straight line, even with the suspension work he did. In the end, it was a nearly new car, but still just a new 1965 car.
There's a lot to be said for how far we've come in the automotive world since then.
If I were you I'd look up the BJ auction results to see what those models went for.
In a local market, I don't see it as a $20k car when done, unless it's a special code car that everyone is looking for. Don't forget, they made millions of 'em.

[Deschodt]

Thanks Scott. I think that is the final nail in that coffin. I might buy one "done" someday, but managing another barely-break-even project for something that I've never driven, nope... Cool, thanks guys !

[911boost]

Now if its a K code 289, i'd buy it for just the engine.....

[Deschodt]

My coworker has a few stangs, including a read shelby. He knows those things. Told me is was a generic run of the mill 289 '66. Plain jane. It's a fair deal, but there's not enough upside for me to bother with a year long project, and then pay storage. I did not realize those things were so cheap !

[VincentVega]

You guys out west... I would be all over one with no rust.

[BK911]

Sorry poor choice of words.
I meant even a c code 289, which I would consider a "run of the mill 289" with no rust would be worth 1500. An a code a bit more. Don't even need to discuss a k code.

I am sorta looking for a decent a code. If this is one and you pass please forward the contact info.

[mikeferg75]

If you coworker is happy to see you make a profit, grab it as is. Don't put a dime into it and list it. But if it runs well enough to drive on a trailer and and quarters are good, I bet you could get 5k. That is your best return on investment, vs restoring a coupe.

[pavulon]

Of course, live axle rear ends will never be an IRS (there are expensive options for fitting those too) but take abuse well and there are good options for fitting coil-overs from Mike Maier (panhard bar) and Street or Track (watts link). Another issue is making the car stiff which is often accomplished with convertible inner rockers tied to torque boxes at each corner (reportedly much more effective than sub-frame connectors) and stitch welding the unibody seams.

In short, it's a lot of work to get them up to snuff.

Also rust hides in LOT of places in Mustangs.

[Arizona_928]

^^ I second that opinion.

The 289 I6 is a dog.

[black73]

Originally Posted by AZ_porschekid

^^ I second that opinion.

The 289 I6 is a dog.

Exactly!

A Mustang is a Mustang. You can't make it a Porsche or a Miata, no matter what you do to it or how much you spend. There are people that appreciate them for what they are, but they end to be CSOBs. IOW, don't expect big profit on a Mustang project.