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Hey Guys,

I'm looking to buy a 67-69 mustang project in reliable running condition, but needs work. I'm in college, but this is something that I love to do (work on cars). Because I am in college, and need to be as economically smart as possible, (an oxymoron when it comes to classic muscle cars, I know, but bear with me) I need to get one of the I6 models. But unfortunately I am not as knowledgeable (right now) as I would like to be when it comes to 1st gen mustangs.

What should I be looking for as I go to get this car? My budget is about $3,000-4,000. Which engine/transmission would give me the best fuel economy? Any advice as far as what to look for when I check out the car? Specific rust spots, or any other expensive repairs, etc?

Thanks!
 

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There were only two transmissions available on 67-69 I6 Mustangs, the 3.03 3-speed, and the C4 auto. The manual will give better mileage, about 5 mpg better than the auto. You'll get even better if you put a T5 5-speed in it.
 

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Dont buy a mustang on a budget. Wait until you can drain your wallet every month with necesary and unnecessary projects. But if your going to anyway its worth the money to have a full inspection done at a local auto repair place. Plus it helps negotiate the price. Things to look for??? Look uner the car for damage and rust, if possible look under the carpets at the floor boards. Inspect all wheel wells. Look under the dash for corroding wires or fuse box and rust. Take it for a long test drive make sure the car gets up to temp. DONT BUY IT WITHOUT SOME SORT OF REPAIR PAPER WORK!!!!! AND ASK ABOUT ALL REPAIRS, AND WHERE THEY WERE DONE. Too often have the cars been to backyard mechanics who have caused more damage then they have fixed. Well hope that helps a little. Good luck. Oh and make sure your single cause your spouse will kill you when they see the bills :p
 

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you need to consider it 40 years old, Its hard to tell whats been done to it. I found out on my first classic I6 after I bought it. items to be considered on any mustang. the brake system, metal lines and rubber hoses rust or dry out. Fuel system metal lines rust out and gas tanks and lines get clogged up with 40 years of junk. The frame rails and shock towers are the corner stone !!! if they are weak rusted through peeling or holes are present pass it by even if it runs good. Also suspension and steering components should be inspected. Other bad spots are the the floor pans and the cowl. you need to go through a car wash or add water directly to the cowl if water pours inside I would pass it by. I would rank the frame rails, shock towers and cowl as the most importanat and costly repair, if they are good any thing else can be repaired or replaced. YOU CAN COUNT ON SPENDING MORE THAN YOU COUNTED ON !!!!
 

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If you're on a $3-4k budget, I strongly recommend getting a newer model, like 1990-2004 instead. It will be much safer, more reliable, less problems and get much better gas mileage than a 42 year old classic. You'll blow thru $3-4k just fixing it up.
 

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Dang rickster... i was gonna say 2 more cylinders. It was just a joke... the 6's I've heard are a lot of fun to drive. I'd say the things to look for would be the same as if you were buying an 8. Rust and structural integrity. If the motor and tranny work... the rust is going to be your biggest enemy.
 

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As far as the sixes go, they are prone to cylinder head and exhaust manifold cracks dead center of the engine, right below the carb, on the carb side. Check this area carefully.

Also check each of the head casting lugs where the exhaust manifold bolts on, these are also prone to cracking or even breaking off.

The flat area where the power steering bolts to, driver's side, front of the motor, looks like it has a small freeze plug there...check the two threaded holes there. Sometimes the block cracks around these threaded holes.

I check each of the freeze plugs on the PS side for leaks. They can be prone to pop out.

Don't worry about main seal leaks or valve cover leaks. That's real common on these motors.

Parts on these things can be quite valuable, for example the original type air cleaner for the '65 is quite rare. The clip at the front of the valve cover on the passenger side, used to hold fuel and vacuum lines, is also very rarely found to be present and those covers can bring some money. The original Autolite 1100 carb can be pricey if you buy a new or rebuilt one. The original four blade fan is another part that seems to disappear.

A core engine with lots of original parts can approach four figures in pieces, believe it or not. I buy motors when I find them cause the parts are often worth good money.
 
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