My cousin has an early 1965 or what some consider a 1964.5 convertible that needs total restoration. He is going to be selling it (when we figure a value I will post it on the appropriate cars for sale forum). He started a restoration by totally disassembling the car,tearing down the motor and replacing some sheetmetal. He now just wants to sell the car as-is. He does not know vintage Mustangs very well so he asked for my help in placing a value on the car. Well, I know 69-73 Mustangs fairly well, but not much about the earlier ones. I have done some research throughout this forum and other venues though. This is what I know about the car. It decodes out to be Rangoon Red with standard black interior, 260 V-8, c-4 transmission and a production date of July 18, 1964. It has the large, frame mounted horns, generator charging system, horn relay under the voltage regulator, beveled "unfinished" hood edge, radiator support with cooling vents, distributor with oil wick and a couple of other items that indicate an early 1965 convertible. The car is in pieces though and very rough. It does need alot of rust repair (i.e.- floors, torque boxes, trunk, one rear quarter, etc.) but all the numbers that I am aware of are there. My cousin realizes this is a major project car. But it is rebuildable and being an early V-8 convertible I think it should be restored. I told him and he does realize that it is not worth much. But can anyone give a ballpark number on where he should start? The numbers I see have such a wide range.
Keep in mind that it is much more difficult to sell a disassembled car than one that is together even if the overall condition of the components are equivalent. I've looked at a few "restoration started"s and did not get them because the asking price was that of an assembled car. The down sides are a disassembled car requires a significantly larger amount of storage space, not having disassembled it there is some missing knowledge of how it goes together and what parts are not there anymore or were chucked out, and it's a significant amount of work to make it a driveable car again.
So essentially you are loking for someone with knowledge, significant space and time. I'm not trying to knock the car or you, just giving my perspective.
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67 conv. 289 4spd(mine), 67 coupe 289 Export(swmbo's)
Well like most of the others I see the biggest stumbling block as the fact that the car is in pieces. You are talking many many 100s of hours to put it back together correctly.
Also having a C4 instead of a 4 speed drops the value a bit as well.
The way I figure out value is to take my best guess as to what it would be worth restored, and then subtract however much I think it take to get the car to that state.
So say if it were restored well it would be worth $30,000. You are looking at somewhere between $10,000 and $13,000 for body and paint. $3,500 to $7,000 (just the top alone is going to be well over a $1,000) for all interior work, replacement, and reconditioning. $4,000 to $8,000 for reconditioning or rebuilding the mechanical systems. Plus I'm sure a lot of other things that you would find along the way.
I would guess less than $2,000. But it just comes down to finding the correct buyer.
My 66 convertible was purchased in the same condition. There was not a nut or bolt to be found in that unibody. It took an enormous amout of time to sort through all the boxes of parts, fasteners etc. to figure out what I had and what was missing. I too believe that your asking price should start at or below $2000.
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