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Valuation of a modified 1965 Mustang Convertible
I need advice being that I am new to classic Mustangs. I have a chance to trade for a 1965(later year model) Mustang Convertible. Serial # 5F08T723729. I have deciphered the VIN# and know it was 1965, made in the Dearborn plant, a luxury convertible with a 200 CID 1V 6 cylinder engine. Luxury two tone interior, power steering and brakes, power convertible top.
There have been modifications, the engine has been replaced with a new 302 cu. in. V-8 crate motor. I guess one of the former owners wanted more power and also put the 289 fender ornaments on and used a 289 high performance breather as shown in an effort to beef up the perception of power. The guy offering it to me has no knowledge of this and thinks he bought the car modified from a 289 engine to a new 302 engine. I will have to educate him about it.
The brakes need repairing and my plan is to bring it to a mechanic that can determine if the motor, tranny and rear end are compatible and judge the overall condition mechanically. The car looks nice and drives well except for a bit if turning sway so I am considering it.
My question is how does this all affect the price/value? What is a realistic value? He is looking for A $20K value for the car on our trade and I think the revelation that it was made with a straight 6 engine and then modified reduces the value. What do you think?
There have been modifications, the engine has been replaced with a new 302 cu. in. V-8 crate motor. I guess one of the former owners wanted more power and also put the 289 fender ornaments on and used a 289 high performance breather as shown in an effort to beef up the perception of power. The guy offering it to me has no knowledge of this and thinks he bought the car modified from a 289 engine to a new 302 engine. I will have to educate him about it.
The brakes need repairing and my plan is to bring it to a mechanic that can determine if the motor, tranny and rear end are compatible and judge the overall condition mechanically. The car looks nice and drives well except for a bit if turning sway so I am considering it.
My question is how does this all affect the price/value? What is a realistic value? He is looking for A $20K value for the car on our trade and I think the revelation that it was made with a straight 6 engine and then modified reduces the value. What do you think?
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Upgrades on early Mustangs are quite common and since they aren't a rare car, modification to make them more enjoyable on modern roads (more power, disc brakes, suspension upgrades, aftermarket AC, etc) not only doesn't diminish value very much--it often enhances it.
Also the photos suggest this is a nice, but not a show car, but rather a "clean driver", so in those terms the price of $20K is about market correct. So if you plan to drive and use the car periodically, then it might be perfect for you. If you had planned to show the car in local competition, it probably wouldn't fare all that well in terms of prizes or awards. It would be a nice car to take on tours with the local car clubs.
Pay attention not only to the body, but to the engine bay and the underside of the car. I see a lot of "classic cars" that have been superficially restored, but the engine bay and chassis underneath are far less attractive than the new coat of paint.
$20K is an "average" value, so you're probably okay there unless it's a mess underneath.
Classic cars are not, however, "liquid" assets. It takes time to prep them and sell them, if you want your money back.