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Ive been looking for a vintage mustang for a while now, and came across one locally for $3750. It is an orignal GT, with factory disc brakes, A-code engine, 4 speed top loader tranny, and a rebuilt 289 and transmission with a hurst shifter. However, the car is pretty rough and needs LOTS of body work.. The owner had sandblasted and primered the entire car only discovering a frankenstien patch on the rear, driver's side wheel well. it also needs new fenders and hood, and like i said, its rough. The owner has had it about 6 years and just replaced the entire fuel system, including the tank. I couldnt find any rust, but the interior needs a good deal of work also. (including carpet, door panels, and dash pad) So, what im asking is, do you think that at this price i can restore the car to pretty good condition (not frame-off, but really clean) and still come out ahead? What do GT's in good condtion usually run with these options (disc brakes, a-code, etc..) thanks for any insight
-steve
 

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If it's a true factory GT coupe, it's worth about $10K once it's restored according to the CPI Guide. But you'll need to investigate it thoroughly to determine if it really is a factory GT, since there is no way to know except by looking for the tell-tales. Search the forum; this topic has been discussed several times before and you should have no trouble finding threads with detailed information on how to identify a true GT. Given the description, I'd say the price is high considering what it will likely cost you to finish it. $2-2.5K seems more appropriate.
 

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It really depends on the part of the country you're in. In Ca, you can't hardly find a car that the engine will start for $2,500. A cherry 66 GT will sell for (in the upper end mind you) $18-20K. Figure your restoration costs will run in the area of $15-20K depending on how much work you versus a shop completes.
 

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On a '66 there is no sure way to tell if it's a genuine GT. You can tell if it NOT a GT though.

If you are getting into a project to make money you will likely be unhappy when all is said and done. It really does not matter what you paid for the car up front. Unless you can do all of the work yourself, and I do mean ALL, then you won't make much money, even if you are able to clear 18K on the sale.

If it was me, I'd buy it for the project, but not to make $$$.
 
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Actually, if the car was built in Metuchen (sp?) NJ, the body buck tag will have PIO stamped on it if it is a GT. I'v also read that it could be P10. But I understand that PIO is Performance Image Option. My '66 is from NJ, it's an original GT, and PIO is on the buck tag.
 

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I agree with Scott. My car's buck tag reads PI (I guess "performance image")....indicative of a factory GT. Dickson
 

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Price sounds a bit high for the condition. You listed a bunch of items that need redone. Don't forget about all the stuff the crops up later on after you've bought the car. Do you have documentation to support an engine and transmission rebuild? If not, then you can't really include that as justification for the asking price. Some one mentioned $10k as a value for a restored GT in the CPI guide. I'm sure that's for a #1 car restored to concours specs. Most "restored" cars fall short of that level.

It's really hard to come out ahead when you start with a project. The only way to come out ahead, I think, is to buy one that's already been done right and then hold onto it (in that condition) until it appreciates. Unless you find a steal. This one doesn't sound like a steal.
 
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