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Discussion Starter · #1 ·
So I was a semi-active member here 15ish years ago. My first classic mustang was a 1967 S-code auto fastback, which I did some basic maintenance on, but decided to sell it in order to buy a rust free roller that I could build as a blank canvas. I still kick myself that I let that S-code go. Anyways, I got the roller, which was not at all as the pictures represented and I returned it and ended up just getting a 67 T-code coupe. I had that car for a bit and enjoyed it for what it was, but I sold it so I could move a few states away and go to graduate school. But I never got the vintage mustangs out of my mind and my goal was always to get another one and restore with my future kids, teach them about cars and build memories with them.

Here I am, nearly 43, good career, married with 2 daughters who are 6 and 8 and I have started looking at vintage mustangs again to assess how the market has changed. What I am seeing tells me that I need to find and buy my project car as soon as possible, or its going to be impossible to afford. When I bought my S-code back in 2004, it cost me $11,000 and it was a complete car that ran after a little TLC. It wasn't rust free by any means, but it wasn't falling apart. Prices have gone up at least 5% (probably a little more) on average since 2004. I feel like every 65-68 fastback I see listed for sale is priced like a 1 of 1 car. I know the fastbacks command a premium and I'm ok with that, so maybe this is just me railing against reality. Seems to be a lot fewer fastbacks even listed than I remember there being, but I guess thats how it goes.

I guess my question is where do you guys look for reasonable listings for project cars? All I am seeing are either rust buckets for $20k or already restored cars for $60k+. Is it unreasonable to find a largely unmolested fastback needing some rust repair and an engine rebuild for $20k?

To give an idea of what I am looking for, I want to build a 65-68 fastback into a regularly driven car. Just a good touring car that I could drive on as many nice days as possible and even take on multi-state road trips. Bucket list item is a cross country trip, hitting iconic roads like Route 66. I'd rather it be a V8 code than a T-code car, but thats not as important as finding one with original sheet metal in as good condition as possible. Could be a rust free roller, but obviously the more bits and pieces the better.

I think the biggest impediment in realizing my dream will be SWMBO (is that acronym still used here?) who does not really share my passion for these iconic cars (or cars in general, really). She did tell me she mused once about a Factory Five Cobra kit car, so maybe there is hope.

Anyways, I'm rambling after a little wine and watching this video of a 1966 4 speed GT fastback.

Is there hope for me?
 

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68 Mustang Coupe
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Just some anecdotal stories. In the past few months I've seen 2, 67 fastback on 4x4 chasis, with titles sell for 13k. No interior, just a shell on a frame. They sold pretty quick. Both needed complete floor pans and quarters.
 

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Discussion Starter · #4 ·
More like 100 to 150% increase.
Sorry, I meant 5% per year. So what I bought for $11,000 in 2004 was around $25,000 in 2020. Sounds like pretty much what you are saying, roughly a ~130% increase in that timeframe.
 

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Exactly.

However, deals are out there, but not generally on enthusiast message boards or Facebook groups. We, as enthusiasts, tend to value them more and may even be more willing to pay a premium.

You'll find deals at estate sales, local used car dealers sometimes, and newspapers classifieds (old school sellers).
 

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Welcome back. You are correct. 65-68 fastback prices are crazy right now and only going up.
I had fastbacks for years, but resolved to build a quality coupe as they are at least available. Started with a 66 coupe years ago and will end with one!
Ron
 

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Discussion Starter · #7 ·
Just some anecdotal stories. In the past few months I've seen 2, 67 fastback on 4x4 chasis, with titles sell for 13k. No interior, just a shell on a frame. They sold pretty quick. Both needed complete floor pans and quarters.
I think I saw one of those. That would be an interesting start to a project for sure and a worthy task to return those back to their RWD roots.

I still need to decide whether I want to pursue 65-66 or 67-68. I was originally very partial to the 67-68, but the 65-66 have really grown on me as a sporty car. I need to go to a car show and sit in one to see how I fit. I guess they are probably not too different from the 67-68, just a few inches smaller in width and probably marginally in height.
 

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1965 Ford Mustang fastback T5 Ncas 9in Locker
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Don't give up... I started with a hubcap....we don't give up our dreams....we stop PURSUING them.









.
 

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Discussion Starter · #9 ·
You'll find deals at estate sales, local used car dealers sometimes, and newspapers classifieds (old school sellers).
I'll keep this in mind, thank you. You are right that I probably won't find what I am looking for on sites like ebay, autotrader, etc...
I need a barnfind!
 

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Dimples
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Cool video! Thanks for sharing that.

Is it unreasonable to find a largely unmolested fastback needing some rust repair and an engine rebuild for $20k?
Sorry to say it, but yes. Those are unreasonable expectations. 18 months ago I would have thought it possible with patience and luck, but since then, the market for old iron has gone bonkers

There’s plenty of old Mustang fun to be had, but the fastback part is screwing that up for your budget. I personally hate that the body style skyrocketed in value, and the only reason I have one is that I was lucky enough to be turning 20 in the mid 90’s, and once I bought it ($5,500), I knew I was never selling it.

Recently I’ve found a renewed interest in coupes specifically because they’re more affordable, and trust me, they’re just as fun. My daughter’s project 66 coupe is in paint jail and my rowdy 64.5 coupe project will start when hers is done. That one is going to be stupid fun.

Sorry for the novel, but the point is, it’s still worth doing even with a different roof. And convertibles are usually cheaper than fastbacks. Those are fun too.
 

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Great story. I often ponder and imagine at the cars that were available when I was 16 and looking for my first car. If we all knew the future.

798621


Van Nuys CA 1974
798622
 

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Like anything if its worth pursuing then you have to go 100% look at craigslist/Facebook market place dont be afraid to travel either. Ask friends/join a club go to shows. The cars aren't coming to you can't be lazy. And if you find something be ready to buy- don't hem and haw or it'll be gone. I was into Mopars and then I had to sell my last one and the prices just jumped and have yet to find anything in my price range - so I went to mustang fastbacks - and I got lucky and found my last one and what I wanted but I was looking at craigslist constantly. Saw an add that was listed 5 hours away from me and it was only on for 37 minutes and I was 2nd in line. Well I didn't think I'd get a chance but he called and he said I was next in line - So I got up at 3am and drove straight there and bought it. When I was there at 8am he had already a dozen calls and more and his phone kept ringing at 8am - I put deposit down and paid his asking price. Previously I lost 3 fastbacks by waiting only a couple of days and I wasn't going to lose this one.
 

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Dimples
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Thanks, its going to happen. I just have to convince my wife that its only going to get more expensive the longer I wait.
Sounds like you need to have a heart to heart with the wife. It’s a generally wholesome hobby and it’s fun to share it with my daughter.

I don’t spend what we can’t afford and my beautiful bride (not SWMBO) doesn’t give me grief. It’s a deal I highly recommend.
 

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I love my 68 a lot, whole lot but given the way the market is these days and if I were in my late forties or early fifties I would be looking for Fox body Mustang.
Perhaps not the classic look but there is just is just so much more available to start with and the options are endless.
 

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The video was awesome, and reminded me of my '65 that just sat while I was too busy for it. Unfortunately, the days of finding cheap cars are long gone. More buyers (not just Boomers) and even less supply than when they were new.

This is the actual ad from 1990 when I found my first car.
798623

Luckily, I still have it.

I also have a '68 convertible I'm considering selling. My wife enjoys that car, so we might just have to keep it. My girs, 5 & 8, love going places in that thing too. I have pictures of my oldest daughter helping me wash it when she was just three. They're Mustang girls through & through. ..Sell your wife on the family aspect of it.
 

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Funny thing about a car you build to drive...
If you drive it, it actually has some return on investment without having to sell it. I gave 4500 for MyFirstCar 29 years ago. Engine, suspension and brakes rebuilt once, transmission twice, one rear quarter and some adjoining metal replaced with one repaint in 1995. The rest has been general maintenance or done purely for pleasure. I think I have MORE than gotten my money's worth. I have driven it a lot, including countless quick trips to run errands, it was my daily driver from 1992 to 1999 and is still a very reliable car to drive every chance I get, and my family has now driven our pair of 66s on road trips up to 6 hours one-way...and we have a third one ready to start restoration for my younger son.
YOU CAN DO IT.
I saw an ad recently for a roller 65 or 66 fastback with its original solid quarters, rails and pans, and a power train that needs TLC...$18,000 .
I haven't the budget for another car, so I hope someone jumps on it and turns it into a stunner.
 

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I'd consider how your wife is going to react to all the time you're going to spend chasing parts and working on the car. You might be better off biting the bullet and spending more upfront and getting something that needs less work. She might be more tolerable of a nice car sitting in the garage rather than a project in pieces.
 
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