I am thinking about buying a 1968 Mustang convertible (289 V8 3 Speed manual transmission). I have talked the seller down to 12,500 but I would appreciate some feedback on what others thought of that price point with what work the car needs. I took my dad and friend with me and we combed over it for serious rust issues (checked in the common problem areas, cowl vents, trunk, gas cap, wheel wells, rocker panels, etc) and there didn't seem to be any but it does have several things that aren't working/need to be fixed.

Brakes - The brakes were incredibly 'soft,' to get any stopping power you had to press the pedal completely down.* I had my dad drive it to get a second opinion and he said they should have been more responsive (had more stopping power). The car also pulls to the left when you stop sometimes from what Ive read this is a somewhat common problem on drum brakes. Estimating 1.5k to upgrade to disc brakes via these CJPP kits Front: something from http://www.discbrakeswap.com/
Rear: http://www.cjponyparts.com/ssbc-stan...973/p/A1112-V/

And then getting some used American Racing wheels off of Craigslist

Paint/minor dents - Estimating 1-1.5k here.* the paint is old and worn and it really just needs fresh paint and will look significantly better.

Front seats - Estimating 1k here. Seams are torn and brand new seats would probably go a long way but seat covers suffice in the interim. Estimating 1k here (at most)

Carpet - there is an orange spot on the carpet but the seller claims its new and its been garaged for the 23 years she has owned it.

Other minor things - needs a new steering wheel and shifter, the two tiny windows that roll down from the back seat (not sure what to call those) go up and down but you've got to give them a little 'manual' help by either pulling them up or pushing them down with your hand.

One last thing that I am not sure of - on the back window of the convertible top (both sides) you can slide your hand into the inside of the car. Should I be able to do that?

Pictures - http://imgur.com/a/3ATAW
more - http://hd3000.imgur.com/all/

To sum it up is 12.5 too much? Any thoughts from an expert, I'm pretty new to all of this and I'm trying to learn as much as possible as quickly as I can.

I think I covered everything but apologies in advance if I didn't or messed something up.

 

the owner probably paid about that much for it during a time when it could have been worth that much .. i dont see it being worth that much today .. about 4 grand less .. it will do you no good to start at 12.5 and then add 5 or 6 grand more and still end up with a car worth 12.5 ...just my feelings .. but i`m not a fan of convertables .. if it is a hearts desire car then you cant lose ....

 

Thanks for the input, do you mind if I ask where you came up with about 8.5?

The owner originally had it listed at 18 and then put it on CL for 16, both of which are way to high.

 

Yeah I wouldn't pay any more than $10k if that.

 

I don't know valuations of cars. But I wanted to chime in on the thought of the rear disc brakes in that I would save the money on the rear brakes unless you just want them. Car's not balanced enough to have that kind of stopping power on the back, sort of a waste. The drums will be enough in the back by far.

Front discs, and power booster. Do that.

If you get it, that is.

 

Thanks for the input everyone. I will probably only do front disc breaks after reading up on brake swaps.

I am curious as to how everyone comes to roughly a 10k evaluation?

 

Mainly because you can get a decent coupe for around $8k, so add a little for a vert.

 

I'm with Hammock. When I look at what's for sale online, nationwide, there's almost nothing under $10k. Sometimes if you lowball a seller, you just insult them. Just do a lot of research and try to find cars in the same condition for comparison.

 

And sometimes a low ball offer brings them back to reality.

Heck there is a guy on Facebook who seems to think he restomod 66 coupe is worth 23k. He is a good 6-9k high.

 

How many sellers have you brought back to reality with your lowball offers? Lowball offers often come from people who can't afford the price of admission. I dont even respond when I'm selling something and get crazy offers. If you want something nice and can afford to be shopping for real, you have to be willing to pay the market price.

 

This car is still above market price.

 

The great majority (almost all) mustangs on the market now are overpriced.

The way to get a nice car at a good price is to make reasonable, low end offers (not lowball... that's not an accurate description) on several cars until you get one that accepts.

Of course, it takes patience, and willingness to pass on a car.

There's market price and then there's "fool" price. I've paid "fool" price before. If someone is "insulted" by a reasonable offer, they are an idiot.