Owning a Mustang can be a very rewarding hobby. You can enjoy the cruise in's, the track, taking an evening drive with the family, or just spending time in the workshop. This is something you can enjoy with the family, particularly your children who will never forget working on the Mustang when they were younger. As with any hobby if you just jump right in without a little knowledge you will likely buy the wrong thing and find yourself moving on to other hobbies. Mustangs do take a fair bit of time, Patience, and money so be prepared.Take your time to know what you are buying, don't let the moment sweep you off your feet and purchase something you might regret. Mustangs are great cars and many are still available in good condition for reasonable prices. With a little knowledge you can quickly weed out the garbage from the good deals and get started in this wonderful hobby. What made these cars so popular was the unique design, affordable price, and options normally only found on higher priced cars. Things like bucket seats and floor mounted shifter were not common at the time with most cars featuring column mounted shifters and a bench seat.
VIN Decode: The VIN is on the door plate, the inner driver fender, and possibly other places depending on year. Not that long ago the VIN was a complete mystery but these days it is super easy to decode and know what it was original equipped with. This information can GREATLY effect the value of a vehicle. For example you would be able to quickly identify a rare big block optioned car vs a more mundane inline six. Once you have the VIN for a potential purchase you can use websites like http://www.mustangdecoder.com/decoder.html. Assuming the door tag is still there and the door is original you can also get some additional details like interior color and trim from this If you want more information about your car you can purchase what has become known as a Marti report. A wealth of really fascinating information is available and I would highly recommend getting this report. The down side to a Marti report is that it's not free so you cant just get the info for any potential car ahead of time. You can find all the information related to this located at http://www.martiauto.com/
Here is the VIN on my car which starts off as 8F02C which decodes as 8=1968 F= built in Dearborn, MI 02=fastback C= 289 2V V8. The door tag found on the drivers door (middle pic) decodes as an original Highland green, standard black interior, C4 3 speed automatic trans, and 2.8 open rear end. The right pic is part of the Marti report.
Knowing the Years: This list of tips is really geared towards the 1964.5-68 model years. What the heck is a 1964.5, how can you have a half year car? Mustangs began production in 1964, however they were all titled and sold as 1965 models. As Ford streamlined the production process small changes were made from 1964 to 1965 so with a little investigation you can identify a 1965 model that was built in 1964. The fact that it was built earlier can in some cases make the car more valuable. These early production cars are known to collectors as 1964.5 model but as I said before they are all officially '65 cars. The model stayed the same with minor trim changes through the 1966 model year. Virtually all parts from 1964.5-66 are compatible even if they might not be "correct" for the year. The Mustang came with an I6 baseline engine and a three speed manual transmission with 3 flavors of V8 as options. The 289 2V, 289 4V, and the Hi-Po 289, the Hi-Po was built in limited numbers and is considered highly desirable. The I6 and standard 289 options are much more common place and quite easy to find. It was built as a coupe, fastback, and convertible, the coupe was by far built in the largest numbers with the fastback and convertible having been built in much smaller quantities. A 4 speed manual, 3 speed automatic, power steering, front disc brakes, and power brakes were some of the more common options you will find. The "options" list was a mile long and you could really personalize these cars. A remodel came in 1967 and the car looks very similar to the previous year but it got a larger grill, wider stance, and more engine bay room for larger engines. 1967 and 1968 started to enjoy big block engine options which were built in small numbers so they are now very sought after.The 1964.5-1968 models in terms of structure are all virtually the same so my tips below apply to all the cars in this range. 1969 saw a complete remodel which looks completely different from the previous 4 years and is structurally different so some comments might not apply to 69 and up.
Is it Rare?: The better question is does it matter? The price of Mustangs can range widely from a $100 parts car to the Shelby big block worth small fortunes. In general the value is higher for fastbacks and convertibles with coupes being much more common and less expensive. The Inline six is less desirable than a V8 and the big blocks will bring a higher price than a more common 289 or 302. Of course there are exceptions to this and there are rare and collectible six cylinder cars. However with the ease that people can decode VIN's and door tags it is very unlikely that you would stumble onto one of these treasures without the owner already knowing the value. The car that I have highlighted on this web page is worth more because it is a fastback but other than that it is nothing special or rare. If you do decide to go after a more collecible car make sure the numbers match. What numbers you ask? Almost every significant part of the car is cast or stamped with part numbers that can date code it. If you are looking at a '65 fastback with an engine that date codes to '71 then you know it can't be correct and it lose some value. Finding an intact numbers matching car 40+ years after it was built is not an easy task but they do exist. My personal opinion is that collectibility doesnt matter, buy something that you like and build it how you want. I get more staisfaction from knowing I built it the way I want it then knowing the numbers match.
YIKES its rusty!!! Rust is a HUGE problem with these cars and it can be hard to deal with. It's like a cancer that once started its tough to stop and it seems to infect all parts of the car. Unless your buying a car that spent most of its time in a dry climate like Arizona or California you are not likely to find a rust free car. When you do find a rust free car rest assured that the price will reflect that. Its up to you to decide what is worth more, your money for a good car or your time invested in fixing one. I personally enjoy working on my car so I bought a rust bucket that no one else was likely to put the effort into fixing. there are a few common places to look for rust though so at least you know what your getting.
1, The cowl vents: This area had no rust protection from the factory so the rust out quickly. Over the years leaves and debri get into the vent holes and get stuck in there clogging the drain. When it rains the water cant drain and everything rust out. There are a few "patch" kits available but they are temparary fixes so I wont discuss them. The real fix is to take the top half of the section off which requires removing the windshield and drilling out 200 or so spot welds. The process is labor intensive so try to get one with a good cowl. How can you check? dump some water in the cowl vent holes, if the floor gets wet you got a problem. Once the cowl vents rust water leaks into the toe boards in the cabin.
2, floor boards: Leaking cowl vents is a leading cause of rusted floor boards since the carpert just traps and holds the moisture. So check the floorboards for serious problems, especially near the front. Surface rust is normal and not a problem to deal with, you are looking for holes and deep rust in large areas. This is another area that the parts are cheap but it requires a lot of time to fix. if your looking at a rare or sentimental car it might be worth fixing, if its an inline six coupe keep looking. Plenty of coupes are still running around that are largely rust free for reasonable prices.
3, frame rails: OK you got me, its true this is a unibody not a full frame car. But it still does have frame rails and they can rust and they can present a huge structural problem if rusted. The torque boxes which are right under the floor are prone to rust if the floor rusted from the leaking cowl vent. The rear frame rail is prone to rust where the rear shackle is bolted in place. The other place prone to rust on the frame is right under the upper control arm.
4, Qaurter panels: The rear part of the quarter panel on the lower side is also very prone to rust. They make sheetmetal patches, skins, and even full quarters to fix this problem. This issue is less serious than the others but it does take time and money to fix it so beware of it.
5: Trunk floor: Pull up the mat in the trunk and check it out. The trunk floors support the gas tank and the rear part of the suspension so this is not just cosmetic. Again, surface rust is normal and nothing to sweat.
6: Battery Tray: Virtually all Mustangs have the battery tray rusted out to some degree. However, this is more likly a result of unsealed batteries leaking onto the tray over the years. I certainly would not pass on any Mustang because of this but be aware that this area will need some attention.
Buy what you want: What I mean by this is dont buy an automatic transmission car if you really want a manual. Its true that its really not that hard to swap but by the time you get all the little parts its a lot of time and money. Same with the engine, dont buy an inline 6 if you want a V8. The I6 used a 4 lug wheel and all V8 models used a 5 lug wheel which makes it very easy to identify them at a glance. There is nothing wrong with a good inline six and many people enjoy these cars immensly. But if you want a V8 just buy a V8 car. Many articles are written about swapping engines which is very easy. But then you also need a stiffer suspension and other small parts that complicate things. The 7.75" rear axle on the 6 cyl also is not going to stand up to much abuse from a V8. So again, try to buy what you want.
Ford made millions of these cars so be patient and you will find what you really want.
Cost of Restoration: Many people buy a cheap project car, get the car stripped down to the frame with intentions of a complete restoration and then realize the true costs. I have also seen projects that start off with intentions of mildly upgrading the car and next thing you know they are adding all kinds of expensive parts and the budget is out the door. This is a sure fire way to never finish. Before you buy make sure you have clear intentions on what you plan to build. A nice driver, concours correct, a full blown race car or something in between. Stick to the plan and make a budget for completing the project before you buy. Its easy to look at a project and think "oh I can fix that up cheap". All the little parts add up shockingly fast! You might realize that a more complete or better condition Mustang is actually cheaper even if it means a higher up front cost.
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