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Discussion Starter #1
Hi, and thanks to those that replied to my first post: The Long Lost 1967 Fastback. I did find a 1965 Fastback locally, and not sure of the code yet. It has a 289 with 302 heads, mild cam, T-10 Borg-Warner transmission, and four barrel carb. I'm looking at it this Saturday with a car expert friend of mine. who is a former Auto Body Refinishing Instructor at a local Technical College. The owner said it had been hit in the front, and and had straightened the sub-frame, then got hit again after skidding on some ice. My question is, can the sub frame be straightened enough to be safe and drive well? He also said the rear main seal is leaking, and it needs paint. He's not asking alot for the car, but I've not seen, and heavily inspected it as well. Thanks for any advice!
 

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I guess it would depend on how hard it was hit. Was it straightened on an auto body shop frame machine or just hammered back into place?
 

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Discussion Starter #4
Everything depends on how hard it was hit. Any photos? A fastback is worth fixing, even if that involves frame rail and shock tower replacement.
Thanks! Not photos as of yet. Not sure how hard, but he drove it quite a bit after fixing the frame.
 

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Don't send a dime until you get a copy of the title and VIN to go to DMV and have them check it. To many scams out there. Send money to hold it until you get here. I'd even call the PD where it's at to verify the vehicle for you.
 

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Discussion Starter #7
Don't send a dime until you get a copy of the title and VIN to go to DMV and have them check it. To many scams out there. Send money to hold it until you get here. I'd even call the PD where it's at to verify the vehicle for you.
Thanks, much! Great ideas and will make sure it's legit in every way. Luckily it's a local, and a friend-of-a-friend lives right next door. You can't find anything in Montana, unless you know someone, that knows someone, that has a friend that might have a Mustang for sale!
 

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Hagerty currently values a base 289-2V 1965 2+2 in the following condition at $44,200.

#2 vehicles could win a local or regional show. They can be former #1 vehicles that have been driven or have aged. Seasoned observers will have to look closely for flaws, but will be able to find some not seen by the general public. The paint, chrome, glass and finishes will all appear as excellent. No excessive smoke will be seen on startup, no unusual noises will emanate from the engine. The vehicle will drive as a new vehicle of its era would. The one word description for #2 vehicles is "excellent."

My formula is to start with this number and deduct the following:

a. Acquisition costs (taxes & fees, transport, etc.)
b. Estimate of parts and labor costs to bring the subject vehicle to the condition description above times 125% (because you KNOW you'll overlook SOMETHING).
c. Your desired positive equity in the finished car.
d. What is left is what it's worth.

PS: If you plan on doing some of the work yourself, then don't forget to add tools and supplies you'll be buying, heat, lights, and other utilities you'll be using, and your time, unless you figure your time investment is worthless....
 

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Discussion Starter #9
Hagerty currently values a base 289-2V 1965 2+2 in the following condition at $44,200.

#2 vehicles could win a local or regional show. They can be former #1 vehicles that have been driven or have aged. Seasoned observers will have to look closely for flaws, but will be able to find some not seen by the general public. The paint, chrome, glass and finishes will all appear as excellent. No excessive smoke will be seen on startup, no unusual noises will emanate from the engine. The vehicle will drive as a new vehicle of its era would. The one word description for #2 vehicles is "excellent."

My formula is to start with this number and deduct the following:

a. Acquisition costs (taxes & fees, transport, etc.)
b. Estimate of parts and labor costs to bring the subject vehicle to the condition description above times 125% (because you KNOW you'll overlook SOMETHING).
c. Your desired positive equity in the finished car.
d. What is left is what it's worth.

PS: If you plan on doing some of the work yourself, then don't forget to add tools and supplies you'll be buying, heat, lights, and other utilities you'll be using, and your time, unless you figure your time investment is worthless....
Thanks, much! That's a Mustang world of info I didn't think about!
 

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Depending on how hard it was hit and how it was repaired the first time, the original factory vin stampings may or may not be present. The obvious one to check would appear in the notch in the drivers side fender when the hood is raised. The first character of the vin should be a 5 followed by a letter. The next two digits of the vin should be a 09 to signify a fastback. If these digits are 07 or 08, it's possible the front clip of a coupe (07) or convertible (08) was grafted on for a repair.
 

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Discussion Starter #13
Depending on how hard it was hit and how it was repaired the first time, the original factory vin stampings may or may not be present. The obvious one to check would appear in the notch in the drivers side fender when the hood is raised. The first character of the vin should be a 5 followed by a letter. The next two digits of the vin should be a 09 to signify a fastback. If these digits are 07 or 08, it's possible the front clip of a coupe (07) or convertible (08) was grafted on for a repair.
Okay, and thanks! I'll check that as soon as I see it this Saturday. A little scary, but at least it's in the same town, and Montana has a fairly dry climate.
 

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Hagerty currently values a base 289-2V 1965 2+2 in the following condition at $44,200.

My formula is to start with this number and deduct the following:

a. Acquisition costs (taxes & fees, transport, etc.)
b. Estimate of parts and labor costs to bring the subject vehicle to the condition description above times 125% (because you KNOW you'll overlook SOMETHING).
c. Your desired positive equity in the finished car.
d. What is left is what it's worth.

PS: If you plan on doing some of the work yourself, then don't forget to add tools and supplies you'll be buying, heat, lights, and other utilities you'll be using, and your time, unless you figure your time investment is worthless....
While I normally agree with the Grand High Exalted Woodchuck, I believe part of this formula will set you up for failure.

Hagerty value s great for those determining how much sales tax to collect, but actually getting that amount is very dicey. I knock off 20%, like the stores where jewelry is ALWAYS 70% off retail. The Hagerty price is inflated.

If I am selling, I don't care a BIT about YOUR taxes, transport , etc. Why would my car be worth less because you need to transport it 1500 miles and pay 8% tax in some tax crazy state. Your problem, not mine, does not make my car worth less.

Parts and labor are fair game, but what parts, what labor. Is it buying NOS parts at full retail, or aggressively finding great deals on other parts. Is it $175 hour labor in San Francisco or $45 in Wewoka Oklahoma. MOST early Mustang project cars, if buying high end parts and paying full shop rates, cannot be brought to #2 without being deeper underwater than the Titanic.

Your desired positive equity. As a seller, I say, Time for you to go look at someone else's car. Your desires have nothing to do with my price. You may desire a $20,000 positive equity on my $25,000 car that you feel needs $35000 in costs to make it a $50,000 car, so if the math is correct: $50K - 35K - $20K means I have to pay you $5K to get the car off my land. (Sound of door being slammed).

While I am not the guru, I have bought over 300 Mustangs.
 

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Discussion Starter #20
While I normally agree with the Grand High Exalted Woodchuck, I believe part of this formula will set you up for failure.

Hagerty value s great for those determining how much sales tax to collect, but actually getting that amount is very dicey. I knock off 20%, like the stores where jewelry is ALWAYS 70% off retail. The Hagerty price is inflated.

If I am selling, I don't care a BIT about YOUR taxes, transport , etc. Why would my car be worth less because you need to transport it 1500 miles and pay 8% tax in some tax crazy state. Your problem, not mine, does not make my car worth less.

Parts and labor are fair game, but what parts, what labor. Is it buying NOS parts at full retail, or aggressively finding great deals on other parts. Is it $175 hour labor in San Francisco or $45 in Wewoka Oklahoma. MOST early Mustang project cars, if buying high end parts and paying full shop rates, cannot be brought to #2 without being deeper underwater than the Titanic.

Your desired positive equity. As a seller, I say, Time for you to go look at someone else's car. Your desires have nothing to do with my price. You may desire a $20,000 positive equity on my $25,000 car that you feel needs $35000 in costs to make it a $50,000 car, so if the math is correct: $50K - 35K - $20K means I have to pay you $5K to get the car off my land. (Sound of door being slammed).

While I am not the guru, I have bought over 300 Mustangs.
Thanks for the great information, and background in the buy/sell/keep environment of the potential 65 Mustang. We don't have sales tax in Montana, and the car is located 8 miles away. I'm looking at buying what you referred to as "aggressively finding deals on parts." Throw in tools for that matter as well. My goal is to make it safe, mechanically sound to drive, sound like a V8, and doesn't need to be a full restoration, or Hagerty #2 in any way, shape or form, but look decent enough? Does this sound like a feasible, or reasonable goal? Also not looking to flip, or sell it.
 
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