Three key criteria can usually determine the value of a classic car. These include rarity, condition, and originality. We could also add desirability to that equation, although that can generally be linked in some way to one or more of the factors already mentioned. A shortcoming in one or more of those areas can harm the car’s relative worth. That brings us to this 1969 Mustang Mach 1. It is an unfinished project build that runs and drives. Completing the process would seem straightforward, but there is one factor that we will consider shortly. Located in Granite Falls, Washington, you will find the Mach 1 listed for sale here on eBay. The bidding has raced to $28,100, although this remains short of the reserve.

The seller indicates that this Mustang rolled off the line wearing Black Jade paint with Red Mach 1 stripes. It would have made a bold statement, and there’s no reason it couldn’t do so once again. It was already wearing the current gray primer when the seller took possession, and it is unclear what repairs may be hiding below the gray. A thorough in-person inspection may uncover the truth and is a path that I would consider with this car. The panels look pretty straight, with no visible dings, dents, or exterior rust. However, that doesn’t mean the Mach 1 is rust-free. This underside shot reveals a problem in the floor, but it appears to be the only problem visible in the supplied photos. The chrome and glass look good, as do the original 14″ wheels. At first glance, this looks like a promising project, although there are other factors to consider.

The VIN confirms that this Mach 1 rolled off the line with an S-Code 390ci V8 producing 320hp. The original owner elected to add a three-speed automatic transmission, power steering, and power front disc brakes. This would have been a potent package capable of demolishing the ¼ mile in 14.9 seconds. The Mustang is no longer numbers-matching, and its configuration is guaranteed to ignite debate. The 390 has been consigned to the pages of history, with its spot now occupied by a 351ci Cleveland V8. There’s nothing wrong with the 351 Cleveland, and it should provide comparable performance to the original 390. However, the decision to bolt in a smaller-capacity motor could prove a difficult psychological factor to overcome. Finding classic cars where an owner has swapped engines for something larger or more modern is a daily occurrence. However, a situation where an owner has selected a motor of similar vintage but with a smaller capacity is less so. Some buyers may find that obstacle too difficult to overcome, while others will take it in their stride. The seller indicates that the 351 runs nicely, and the transmission shifts smoothly. They suggest that some fresh tires wouldn’t go astray, and that may be all that is required before this classic is deemed roadworthy.

The Mustang’s interior is upholstered in White vinyl, and while it is serviceable, it has some notable shortcomings. The seller indicates that a previous owner installed new trim but did so in a hurry. That explains the “baggy” appearance of the front seat upholstery. There are no rips or tears, allowing the buyer to stretch everything into shape without spending any money. The dash and pad are excellent, as is most of the plastic. The factory radio has gone, and the rimblow wheel is cracked. Replacements for both are readily available, but with reproduction wheels selling for more than $1,000, it may be worth the effort to patiently scour online auction sites hoping to strike a bargain.

There’s no doubt that when it was shiny and new, this 1969 Mustang Mach 1 would have turned heads wherever it went. It could still do that with a bit of effort, which would seem the most obvious course of action. However, we need to factor the engine change into this equation and what impact the change will have on this Mustang’s potential value. There’s little doubt that there will be a negative impact, but there’s also a psychological one worth considering. It is common to find classic cars where an owner has swapped the original motor for one that is larger and more powerful. There would be nothing wrong with the 351 Cleveland under the hood of this Mach 1, and it should still offer impressive performance. However, its capacity is lower, which is a factor that some people will consider negatively. Therefore, I’m unwilling to place a potential value on this Mustang, but I will be interested to read your feedback on the matter.