If that's the ONLY place on the car with rust like that (not likely) there must be one helluva reason it did that. It ain't safe to drive, and I wouldn't pay that much for something I couldn't pick up my wife from work and at least get a little smile with the eye-roll.
As bad as that is at the front end, it needs an entire front clip. No pics of the rear but I'd suspect the same if not worse condition. Rear frame rails, trunk panels, possible wheel wells, entire floor, possible transition pan, possible rockers, you're looking at 10-12 grand for all that parts and labor.
Then you're 16 grand into a car without yet rebuilding the drive train and suspension.
This might be a little high estimate, but I'd bet it's real close to reality by the time its completed.
I don’t think your guess is too high. I did some napkin math in a thread here the other day and it was about that for a front clip and some pans. I was at 80-100 hours plus parts to strip to the tub, repair and reassemble.
OP I doubt this shell is even repairable. You’re basically building a new car. If it was a 289 with a half decent interior, dash, powertrain and accessories I might offer a couple of grand as a parts car. If you’re new to restoring cars anything with this much work is a no go.
Unfortunately, the prior warnings in this thread are consistent with my assessment. Beyond the front sub-frame failure, the rear tire to wheel well alignment looks off as well so, in the absence of further information, I suggest it would be safe to assume the rear frame rail also has significant needs. If you are looking to hire out the repairs, I would think $30K would do it. Unfortunately, when you are done you would most likely have a car worth $12k - $15k. Even if the car was free, the "investment" necessary to bring that car back would most likely be upside down in a major way. If you have $34K to spend you could have an already done trophy winning show car without waiting. Buy the best car you can afford if you are concerned about the value of your purchase.
As a point of reference, in the vintage Mustang world 6 cylinder coupes are typically at the lowest end of the price/value spectrum. The cost of major structural repair is about the same whether you have a plain jane base model or a deluxe high performance model. Keep looking.
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