This Mustang isn’t a Fastback or even a V8 car, yet it’s estimated to fetch between $450k and $650k! How can that be? Is it some crazy performance variant or was it owned by a celebrity? Nope, but it is one of the very first Mustangs ever built. As a matter of fact, it’s serial number is 00002 and is the first hardtop to have received a VIN! While it might have the second serial number, it isn’t necessarily the second Mustang built, but it definitely is an early car and is certified by Ford to be the very first hardtop built. It’s been with the same owner since 1997, who has done considerable research on the car’s history and has even written a book about it. They have decided it’s finally time to part ways with it and it is set to cross the auction block on May 20th. You can read more about the auction here on Mecum.
In their research, the seller discovered that this car is a pre-production Pilot Plant chassis car. That means it was partially built at the Allen Park Pilot Plant and then transferred to the Dearborn Assembly Plant where they used it to train workers on how to assemble the Mustang. It was also destined to be a show car, so it received the “show car treatment”. To make sure it looked its very best, body panel seams were filled in with lead prior to painting. Speaking of paint, this is the very first Mustang to be painted Caspian Blue. After it was completed, it was loaded up and shipped off to Canada to be displayed at various dealerships there, but somehow it ended up at a dealer in the Yukon Territory and completely missed the debut.
While it received some unique cosmetic treatments, it also got some received some interesting components not found on regular production cars. The engine is the 170 cui inline 6 from a Falcon, the 3-speed transmission is from a Fairlane and the rear end is from a Ranchero. The dash, gauge cluster, and shifter are also a little different from production cars.
During the restoration, every aspect of the car was documented, from the unique sheet metal stampings the way the interior was assembled. It took about 2 years to complete the restoration as a result, but as you can see, it was well worth the work! After it was completed, it was displayed at Ford’s world headquarters for the company’s 100th anniversary.
The incredible estimated value makes a little more sense now. You aren’t just buying a beautiful Mustang, but a piece of automotive history. The fact that survives today is amazing and while it would be even more amazing if it were unrestored, I’m just glad that it has been saved. Sadly, I could ever afford to own this one, but it makes me want to go out and find a Mustang in Caspian Blue!