That's all a mater of personal preference. You are the one that has to be happy with the car.
My sugestion would be to spend some time looking at the cars and start a list of what is important to you. You may fall in love with a '65 coupe, or you may realy like a '70 Mach 1. You sure don't want to start with one when you realy like the other. A good place to start would be to go to bishir's site and just look at all the cars. Which one is what you see when you think about "your" Mustang?
The earlier years are easiest to restore because of parts availability and the high number of cars still around. 65/66 being the easiest. However, the later years, 67-70, have many safety, handling and performance enhancements and may make a nicer ride, but restoration is more difficult and costly. 71-73's are terrific cars, but the size/styling is a personal choice thing, and restoration is toughest of all the classic Stangs.
Best advice: if a particular year/model catches your fancy, go with it! If you go for second best, you stand more of a chance of the resto fizzling out due to lack of enthusiasm.
66 Coupe, check her out at [url]www.66CoupeNW.stangnet.com[/url]
Buy the best car you can possibly afford, then maintain it and even prep it for shows. Maintaining it can be alot of projects and work in itself. The most expensive thing you can do is restore a car.
Seemingly more important than year is body style. My first choice is a convertible, 2nd a fastback or sportsroof, and then a coupe. Most six cylinder Mustangs are simply a body waiting for a future owner to make it a V-8.
How about a '67 or '68 S-code (390 CI V-8) convertible with either a toploader (4-speed manual) or C-6 auto. Maybe a '65 or '66 6 cyl coupe that someone already converted to 5.0 EFI and T-5 or AOD. Or Shelby anything, 64.5 Pace Car, California Special, or any car with special significance.
Other than that, 1967 or 68 cars seem reasonably priced. Mine is a ground up '67 A-code vert with toploader. It's not for sale at any price.
There two (well, at least) strategies. First, decide what you like and find the best you can afford. Second, buy cheap but sound and running Mustang and then learn while you think what you want and then trade. The first is good for those who don't want buy wrenches. And the second one is for those who want to get their hands dirty. I did second and now I still got the car after 10 years, well it wasn't sound and not always running, but sure did get my hands dirty.
having restored many 65-68's, I would say that 65/66 is the easiest and has the most parts available for restoration. I don't recommend a 67 for your first restoration since there are many one-of-a-kind parts on a 67 that can make things difficult now and then. we always refer to 67 as the bastard year... at least from a restoration standpoint.
cost of 65-68 will be about the same depending on the engine or bodystyle.
MCA Gold Card Judge(64.5-65, 66)
'00 GT Conv, triple black
Having just bought my first one, I feel like I can give some advice. Don't get too wrapped up in deciding exactly which model/type/options you want and look for the best example you can find. I wanted a K code 'vert with a 4-speed. When I came across my FB I knew it was somewhat unusual, in good shape, and an OK deal. I agree with others here. It's really cool to do a ground up restoration-but it's much less expensive to find one in good shape and then make it better!
Raven Black 66 Fastback GT, 289 A Code, PS, C-4, AC
Pony w/Rally-Pack, TTD's