I parted out a 70 Grande years ago that I bought for $400. It was a basket case and many of the parts when to some of our friends here on the forum. By the time it was over, I gave the shell away and had $2400 in my pocket. But the parts for a 70 Mustang are pretty desirable and are hard to comeby. If you do not have a place to store it and part out week by week I would walk away from it. It is certainly going to cost you alot to restore it. My fastback is probably going to end up costing me about $17k by the time the prison is done with it, and my rust isn't near as bad as that disaster.
Location: Soviet Socialist Republic of Massachusetts
Not sure about making money off parting it out, but you never know. But you have to factor in time, storage, etc. I started to part out an explorer once. Had many 'desirable' parts. Took me 4-5 months to sell it off, and even then I barely made $1200 and I owned the car for the previous 20 years so it didn't cost me anything. I could have saved myself 4-5 months of trying to hock parts on various sites and send it to the scrap yard for $500 in my pocket.
Most common mistake people make when parting out cars is they forget to put a value on their time. I do a lot of buying and selling of various car parts as I find deals, but I have a garage and I've ended up sitting on parts for a year before they sell.
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