Would You Sell This 1969 Ford Mustang Mach 1 428 Super Cobra Jet for $81K?
This stunning Mach 1 428 Super Cobra Jet recently crossed the auction block, but the high bid was not enough to meet reserve.
Car auctions can be fascinating to watch. This is especially true right now as the overall collector car market is cooling off. During the pandemic years it seemed like the value of every car was going to the moon. You had a rusted-out Mustang II with no engine, and you felt like you were sitting on a gold mine. Well, those days are over. Not just for Mustangs but pretty much all vehicle values are down today compared to the peak around 2021. Some owners refuse to understand that and still have their cars priced above market. Is that the case with this 1969 Ford Mustang Mach 1 428 Super Cobra Jet? It was recently up for auction on Bring a Trailer but the high bid of $81,000 was not enough to meet the reserve, so the car didn’t sell. Did the owner make the right choice?
$81,000 is a lot of money. It was a solid and honest bid for the car. And it may have been enough to buy most examples of a 1969 Mach 1. But the one being auctioned here is not like most examples. This one is a Mach 1 428 Super Cobra Jet. And it has recently undergone a multi-year refurbishment. It looks resplendent in Indian Fire Red with a blackout hood. And it was optioned from the factory with all of the desirable options. Except for one. We will get to that in a moment. But if this was your car and you were offered $81K for it today, would you let it go or hold out for more? How much do you think it would take for you to part with the car?
1969 Ford Mustang Mach 1 428 Super Cobra Jet
Not only does this car wear a desirable paint color, but it was also optioned almost perfectly back in 1969. The star of the show is the 428ci Super Cobra Jet Ram-Air V8. It has been enhanced a bit as it now wears a Ford Performance Improvement intake manifold. This car also has the desirable Drag Pack option. This added a high-lift camshaft with hydraulic lifters as well as cap-screw connecting rods, and a modified crankshaft, flywheel, and vibration damper. Unfortunately, this car was also optioned with the Select Shift Cruise-O-Matic transmission. This three-speed automatic transmission was an expensive $222.08 option back in 1969. However, today collectors want the 4-speed manual.
Condition
This car shows 73K miles on the odometer and presents very well. Save for a couple minor paint blemishes, it is difficult to find fault with the car. It also comes with a framed copy of the Elite Marti report and a set of styled 14-inch wheels with trim rings and tires. The refurbishment process is well documented with photos. The car has won awards at local shows. It is a great car that any new owner would surely enjoy. But what is it worth?
Value
The easy answer is the car is worth what someone is willing to pay. So, as of a week ago, based on the auction the car is worth $81K. But the owner doesn’t agree and thinks it should bring more. According to the Hagerty valuation tool, a 1969 Ford Mustang Mach 1 428 Super Cobra Jet in number 2 condition is worth $129,000. However, Hagerty would subtract 5 percent for the automatic transmission. That still puts it right around $120K. But that tool and the real world are not the same thing. The commentors on the auction feel that the car should bring around $85K to $95K. That is probably reasonable in the current market. Hopefully a deal can be struck soon so a new owner can start to enjoy this car on the open road.
Images: Bring a Trailer
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