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Rally Pony: 1964.5 Mustang Convertible


The seller of this 1964.5 Ford Mustang Convertible claims it is a “D” code car that was optioned with the Rally Pack. While they have the Rally Pack parts, they currently aren’t on the car. It was recently pulled from 30 years of barn storage and needs a complete restoration. If you interested in taking this project on, find it here on eBay.


Ford released the Mustang five months before the start of the actual 1965 model years, so cars built in this period of time are often called ’64 and a halfs.  The “D” code designation was only used for 1964.5 cars and that means this car came with the 225 horsepower 289 V8. The seller claims this is the number matching original engine, which is paired to its original four-speed gearbox.


The Rally Pack option simply added a Tachometer and clock to the Mustang’s interior. Seeing as it was simply a bolt on option, they could easily be removed and installed on any Mustang. The seller claims this one’s were removed to prevent them from getting stolen. If you look closely at the steering column, there appear to be marks for where it would have been mounted.


At first glance, this one looks very solid, but there is some serious rust issues that will need to be addressed. Early Mustang convertibles are highly sought after, but the seller’s asking price seems high given the rust issues. They are willing to take offers though, so what would you be willing to spend on this Rally Pony?


  1. Dan Farrell

    Most of the early Mustangs came with one of two sixes or a 260 V8, I didn’t think the 289 and the rally pack came online until 1965.

    Like 1
    • Jesse Mortensen Jesse Mortensen Staff

      That is what I thought too Dan, but apparently you could order a high performance 289 4V (D-code). Here is an article from Mustang Monthly. Not sure when the Rally Pack became an option though.

      Like 0
    • Larry King

      I have a D code 289/4sp that was built 4-13-64 before showdate 4-17-64. It does have a rally pack, but can not vouch that it original to the car. I don’t know how many are out there, could never get any numbers on them. Currenty has 35k miles. But one repaint with color change in 1980.

      Like 0
  2. Todd Norsted

    Yes, the first V-8’s in the Mustang were 260 c.i.d.! I had one, 260 V-8, auto, orange convert. with white top, black interior! That was in 1970 and I was 16! Dad bought it for me! Fun, fun, fun!

    Like 0

      same 260 v8 they had as an option on the 63 falcon ?

      Like 0
  3. twwokc

    Thought the first cars had the 260 in them. We had a friend who had one of the first ones in town and it had a 260 badge on the front of each fender.
    I also thought all V8’s had a badge on the fenders and the 6’s didnt. This one has lost its V-8 badges or that engine isn’t original to that car. IIRC,

    Like 0
    • paul

      They probably broke the badging when they did the poor repaint .

      Like 0
  4. Todd Norsted

    Mine did have the 260 badges on each front fender. Sadly, I totalled it. ;(

    Like 0
  5. paul

    They want to start at 10 g for a 64 mustang with no floor & damn little left of the unibody frame rails & a car that had a bad paint job, that could be hiding bad rust from long ago, I don’t know maybe it’s me, but I think they are out of there minds.

    Like 0
    • rancho bella

      yep…………….they are out of their minds…………

      Like 0

    I purchased a 64 and a half coupe about 10 years ago. The D code 225 hp was available and in 65 it changed to the A code. A ralley pack was available as a dealer installed option or if the car was a GT, which wasn’t an option in the first production runs.

    Like 0
  7. seth

    over 25 years ago I saw several of these in body shops with rotted frame rails.
    This car has a drooping passenger door so look forward to this problem

    Like 0
  8. SoCal Car Guy

    “D” code 289 is a correct optional engine for ’64 1/2 (correctly an early ’65). Available engines for ’64 1/2 were “U” code 170 cid inline six (standard), “F” code 260 cid V-8 (with 2-V carb) and the “D” code 289 V-8 with 4-V carb and 210 hp (NOT 225 — that was the later “A” code 4bbl 289).
    Buyer be very wary of this thing. With no pix of the entire engine compartment and the no-holes fenders where “289” badges should’ve been, I wouldn’t be surprised if this car had been in a front-end accident. It has a correct ’64 1/2 hood (little eyebrows” over the dummy lovers to the inside of the headlights) but there are no photos to show the matching ’64 1/2-only (and ridiculously hard to find) headlight bezels. I know it’s been a few years, but in the late ’90s I paid $2,500 for an essentially zero rust, unmolested Poppy Red ’64 1/2 convertible with “D” code engine, automatic (I probably would’ve kept it if it’d had a four-speed), power top and a SoCal car (with black plates) from new. With floors as bad as this one’s, I’d be real apprehensive about tinworm infestation throughout the car. A buyer needs to look real closely at the rear body floors and rear subframe/”rails” integrity — about 15 years ago I saw a ’69 Mach 1 428 SCJ/fourspeed with rust so bad that the rear floors collapsed and the rear (leaf) springs and shackles were resting against the tops of the quarter panels.

    Like 0
  9. Bernie H

    Hey SoCal, you pretty much hit-the-nail-on-the-head on this one. It’s rather overpriced for the condttion, and I’m sure the rear frame sections are probably thru the truck floor. There’s a lot of mustangs available on craigs list, especially here in the Detroit area. We see lots of mustangs attacked by the tinworm.

    Like 0
  10. Matt

    there’s a 65 red/black convertible with a 6 banger/4 speed on Sacramento Craigslist for $15K… looks nice, black plates, most likely rust free. Rather buy it, put a hipo 289 in it and GT package. I don’t know why people waste all that time on rust buckets… cuz they’re never the same, even after you replace all those panels. Lots of places you can’t get to the rust… and as far as I’m concerned, once half of it’s been replaced… it’s NOT original anymore.

    Like 0
  11. michael

    With all the cloning going on these days, you can build anything you want, and with the rust this has, Wayyyyyyy overpriced. Does have the correct generator charging system for 64.5 Like an earlier poster said, cheaper to buy one with a much better body and make it what you want.

    Like 0
  12. Peter J

    Thank goodness for Ziebart.

    Like 0
  13. Bill

    Agree with SoCal 100%. Had a D code 64-1/2 about 30 years ago with factory a/c and seat belts and the 289 4V engine with generator. This is when they were just starting to climb the value ladder — think I paid $300 for the car. This thing looks like a real money sink hole and (as others have mentioned) some of the pieces that make a 64-1/2 special aren’t there. I would almost bet that the doors won’t open with someone sitting in the car due to the body bowing in the center. There are some nice pieces that would be an excellent transplant into another (more solid) tub but I can’t see doing anything with this tub as a starting point.

    Like 0
  14. warren

    I bought a 64.5 convert with a 260 and an automatic in 2004. Florida car, barn find, all there Rally Pac pretty solid body, factory 13inch 5 lugs, but needed everything. Paid $3850. Got it running and driving (quite a bit of mechanical work) and droive it for the summer then moved it on. Point is, these can still be found at a fairly reasonable price. This one is a bit much, do the math, by the time it is restored to even a decent driver status the buyer will be upside down.

    Like 0
    • MikeW

      I’d forgot about those Falcon 13 inch 5 lug rims, I’ve never seen them on a Mustang, plus they have to be very rare. HTF

      Like 0
  15. rancho bella

    The six cylinder cars had 4 lug wheels and a tiny rear end.
    Not the kind of rear end you would like to see on a willowy red head but tiny non the less. Keep in mind….Falcon suspension.
    All the parts are available but that indeed would be a fools errand.

    If I have erred in my assessment then please correct me……all except the willowy redhead.

    Like 0
  16. frank

    some D codes were allocated with 289’s to australia, with A code spec engines. not sure if this was a ford dealer only option, as mustangs were never introduced.

    Like 0
  17. MikeW

    Most of these guys need to read more about early Mustangs. It’s all out there on the net and SoCal if right about the engines. although I disagree on the price. If it’s not to far gone, the 10k is not unreasonable. but rust repair is expensive and has to be factored in. I have one just like it but in a little better shape and you wouldn’t get it cheap. It’s the first 4 barrel 289 Challenger engine in the Mustang and has 210 HP due to the lower compression ratio. I love my D code, they are very rare and worth restoring. It’s the first I’ve heard of the red engine. I’ve always believed the were black with gold just like the rest.

    Like 0
  18. Darren

    That may not be the original engine. The early 289 had the oil filler on the front of the engine not on the valve cover. There are a lot of differences in the Falcon version that you can’t see like the one speed windshield wipers or the two speed heater. Also the steering wheel and horn unit are not the same as well as the gas cap. The engine flywheel and clutch is the smaller Falcon type. It’s a 58 year old car now and is worth putting a couple dollars into.

    Like 0

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