crawlaway

Hi, i recently decided to look seriously into working towards buying a classic stang at some point this summer (the sooner the better!). ive been searching ebay/classic car trader sites for a few days and it's gotten to be quite frustrating sorting through all the options. Here's what im aiming/hoping for:

-1965-1968 Coupe/GT/Fastback (fastback being the most ideal)
-absolutely has to at least run since i wont be ready to do major engine/tranny work anytime soon
-body in good shape with no rust, i can deal with bad paint but no rust!
-as original as possible, mainly the engine (289 4v or better)

Im trying not to be too picky as part of this idea is the fun of working on the car and improving it however possible. I am looking to spend less than $12,500 initially on the car. Does anyone have any tips for sorting through the hundreds of ads for these model years?

Sorry for the broad/newbie'ish question but thanks for any help!
Paul

BLAKE

You are right to look for a car with as little rust as possible, but I warn you that COMPLETELY rust free 40 year old cars are almost non-existent.

Price range will depend on where you are located, but (as you know) you will get alot better coupe for your money than fastback. (but I understand why you prefer the fastback )

Most importantly when checking out a prospective car: Bring an expert.
The value of an experienced classic Mustang owner is priceless. No matter where you are, there is likely someone nearby who is a certified Mustang nut that will be happy to visit the prospective car and advise you. You might pick up a cruisin' buddy in the process.

Mberglo

Spotting rust and bondo can be a tricky thing. If I were you, I'd look hard at southwestern cars. Rust repair can make the purchase price look trivial. Typical rust is lower rear corners of front fenders, front lower corner of doors, lower rear section of quarter panel, cowl (vents in front of windshield), and of course floors.

Also, if your goal is a V8 car, start with a V8 car. Don't get caught in the trap of buy cheap sixer and convert, cause it's not cheap or easy.

Be prepared to pay twice as much for a fastback as a similar coupe. Verts can be even higher, but that's understandable.

Take your time, shopping is fun.

crawlaway

thanks for your tips! im definitely making sure to research everything when it comes to inspecting prospective cars. I live in New England (CT to be exact) so i am prepared to travel a ways to find one. if there is minimal rust, as almost all seem to have, what are my options? If it is small enough can it be repaired one way or another?

Thanks again, Paul.

BLAKE

The good news is that virtually every part of a classic Mustang's body is available new and can be welded in place of damaged/rusted original metal. The downside of this is that it is labor intensive and expensive, but a few small spots of pin-hole rust would not be a deal breaker for me. (of course this is the part where I own up to having much more than pin-hole rust in mine, and I'm never selling. ) Ideally you'd want to find a car with very little rust to begin with, or one that has been correctly repaired with new metal.

1 COBRA

$12.5K? It'll be hard to find one that won't need an additional $20K to restore it to a decent level. A ground up restoration by professionals will be a lot more. And if you decide to sell it don't expect more than 75 cents on the dollar, if you're lucky. Restoring a classic is full of thrills and disappointments. If you restore it to specs, it will never measure to today's standards and if you improve it, it becomes a mutt. Even in the excitment of Barrett-Jackson auctions, high priced classics can turn out to be boxes of chocolates. Do yourself a favor, explore all the negatives, which there are many, before you are confident enough to jump on an endeavor that might have no end. If you really like the classics, there will be a professionally restored '05 at your nearest Ford dealer in the Fall, for a lot less money and a 3 year warranty.

Mberglo

That's a pretty discouraging post from someone who doesn't appear to own a vintage car. There are PLENTY of nice drivable vintage Mustangs out there for $12.5k. What is your personal experience with these cars?

1 COBRA

Appearances can be deceiving. If you must know, I've got two '68s under my belt, a fully restored GT and a partial restored V8 vert, both sold at considerable losses two years ago. My opinion is not based on discouraging, it is based on awareness and reality. crawlaway is seaking and deserves honest advise not a rose garden.

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mr-mstng

Well put George. Buying or restoring a classic mustang is a hobby, don't think of it as an investment. Do it becasue you love it, and don't expect a lot back, when you are done, and must part ways with it. I too took a fairly big hit with my 69, but that said, I'm wiser this time around, and would still do it just because its something I enjoy, but I know what to buy and how much to spend initially.....I think.

Hey George, I'm calling a guy today on a totally disassembled 67 GT 390 4-spd car (orig S-code). I'm going to get more details today, but the rough details are: new quarters and front floors. Everthing is there, but its in pieces. What's your estimate on a 'good' price?

Mberglo

Interesting. I've owned 6 vintage Mustangs, and have never lost money on any of them. My current favorite is my 66 convertible, which I've done a ground up restoration, where no bolt was left untouched. I probably have less than $18k in the car total, and I'd have no problem getting $25k-$30k for it on ebay. And it will be worth even more next year...and the year after that.

On the other hand, the value of a new 05 will fall gently like a boulder down a steep embankment.

Please don't discourage people from enjoying our hobby. He asked what he should look for when shopping, so that he doesn't fall into the trap of paying too much for a car that needs a lot of work.

Here's a nice example of what he's looking for. Now, I would have someone do a thorough inspection on a car from Iowa, but they're out there, and they're affordable.

Someone once said about a vintage Mustang purchase, "You didn't pay too much, you just bought too early."

crawlaway

hey, mberglo, i came across that fastback from Iowa. Seemed like a great deal to me! thanks for all your help, i understand that no matter what it will be a lot of work, i dont have any plans to restore something for profit/to sell anytime soon. im just looking for something to drive as well as work on for the next few years at least.

Jay

Ah, good ol' lawnsofdallas is the high bidder. That schmuck should be thrown out for constantly bidding up cars. Like someone is trying to up the whole market?

Jay

Crawlaway,
I'm in Milford, CT ... have you looked through all the listings at www.bargainnews.com and www.specialinterest.com ? You are going to have trouble avoiding rust completely around here in that budget. Though a coupe should be attainable. There are also a couple cars listed on the bulletin boards at Mustangs Unlimited in Manchester and Classic Mustang in Southington.

1 COBRA

It would depend on the quality of the existing parts and an estimate of what it'll cost to have a finished product, plus 20% as a cushing for the unexpected. The total should not exceed the low $20s. Without knowing all the particulars, $5K would be my opinion.

1 COBRA

Apparently you didn't comprehend my post. Too bad. I hope the interested party did.

The car hobby is expensive and nothing is accomplished by getting into a project in an unknown field and winding up with a second rated or an unfinished product. Restoring deals with nostagia, romance, and a lot of money, not to mention finding qualified and knowledgable tradesmen to do the work, unless the person has the talent, time, tools, and a place to do it himself. Again, my opinion is based on facts and experience.

Jay

Lemme see here... :scratch: listen to the guy that has sold many cars at a profit, or listen to the guy who has lost money on all the cars he sold.

Poster already decided he wants a classic, he's asking how to go about picking out a good one. Don't recall the thread starting out "I don't think I should buy a classic Mustang because.... you all agree?"

You know, the more I read your posts the bigger the holes get... starting with that Bullitt Modified cars are mutts? Yeah listen to this guy, he KNOWS the market

Jay

BTW I just love when people start pushing resale value on others before they even buy a car. If that's what your into cars for, you've got the wrong hobby.

BLAKE

Agreed. Everytime I see George post regarding the purchase of a classic Mustang, he reiterates the same mantra:

Bad investment, and that he took a bath on the sale of his classics

It's a hobby George. If people only want to make money with classic cars, let them figure out their own business philosophy. If they want to have fun restoring and driving a car of their own, what does it matter to you if they don't make a profit if and when they sell?

GT350Clone

Congrats on your decision to go after a classic. It sounds like you've already got a really good idea what you're looking for.

As long as you avoid the rust issue, vintage Mustang ownership is NOT necessarily a big financial drain. A solid car is well within your reach. Take care of it, and it will take care of YOU - these thing appreciate, not depreciate! Heck, my car has the license plate "MUNYPIT", but I'll still break even (or better), plus I have 10 years of use and enjoyment in it!

For the money you're talking, you should be able to find a pretty clean car that will make a very NICE weekend driver, yet still be "showy" enough to draw attention at most any cruise night. Try THAT with a base Ford Focus (about the same $ ). Youalready own the most important tools for classic shopping - your eyes, ears, and brain are your best friend! A good KNOWLEDGABLE friend doesn't hurt either, as these cars are a more emotional purchase than basic transportation.

It's good to hook up with some locals (club members, maybe) if you don't have the background. Every car I buy, I find SOMETHING new to look for. You've already picked up on the BIGGIE though - rust! Inspect any potential purchase in person - don't even try to put together a long distance purchase without a personal inspection - plane tickets are CHEAP compared to buying a dishonest seller's problem. Take any needed repair $$$, and deduct double that amount from the value - for every item you see, there's (at least) one more that you'll miss.

ENJOY! - Report back and tell us what you buy!

1 COBRA

I will not join the pep rally and encourage what appears to be a novice with limited funds to jump head first on a frozen skating ring. For anyone that is seasoned, there is success, gratification, and money to be made, no doubt, and I salute and congratulate them. It is the learning as you trip approach that compelled me to explain the other side of the coin to the "poster", who up to now, hasn't complained about it. Whatever he or the rest of you decide on doing, I wish success and best of luck. It makes me happy when people triumph and accomplish their goals, there is no envy on my part.

Blake: you are right about my "reiterates", just like I could say the same about yours. They are no different, it just happens that our views are at opposite ends. We both keep posting our opinions on the above subject. I respect yours, and unless you can prove me wrong, I hope you respect mine.

Jay: your contribution to the topic is minimal. That will give you an idea on what category you fall on. I can always PM you if you can't figure it out. <wink, wink>

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