351/4-Speed: 1969 Ford Mustang GT Convertible

This 1969 Ford Mustang GT Convertible has sat for many years, but the seller has coaxed it back to life. The GT runs and drives, but may eventually need mechanical TLC. Its engine bay houses a 351ci V8, teamed with a four-speed manual transmission. It has some obvious faults that need attention, but it has generated impressive interest. The seller has listed the Mustang here on eBay in College Point, New York, for $18,950 OBO.

Ford made its second major upgrade to the First Generation Mustang for the 1969 model year, increasing the exterior dimensions while keeping the wheelbase unchanged. It unveiled the Mach 1 as its new high-performance variant, immediately sounding the death knell for the GT. Buyers eagerly embraced the Mach 1, while GT sales plunged down a metaphorical mineshaft. Ford retired the GT badge at year’s end, and it remained a memory until the company revived it in 1982. This Convertible has one little mystery: its paint shade. Its Metallic Green doesn’t match anything on that year’s color chart, suggesting a possible color change. It holds a healthy shine, with no patchiness or other problems. A close inspection reveals some panel defects, including what appears to be rough Bondo on the driver’s-side front fender. However, its biggest issue hides beneath the surface, because the underside shots confirm rust in the front floors and the passenger-side torque box. It isn’t all bad news, because the rails and other typically prone areas are solid, suggesting that isolated repairs might be viable. The existing power top has seen better days, but the deal includes a new replacement. The trim and glass look very nice, and the Mustang rolls on a sparkling set of GT wheels.

This Mustang’s interior sends more mixed signals. It is serviceable as-is, with the Green vinyl trim free from rips and splits. The dashpad is in good order, but some of the lower dash plastic has deteriorated, and someone has done a fairly second-rate job installing a JVC CD player. The paint also has defects that need attention, but beyond replacing pieces of dash plastic, it would take more time than money to whip the interior into shape.

The first owner ordered this Mustang with a 351ci V8 and a four-speed manual transmission, skipping luxuries like power steering and power brakes. As the H-Code variant, the 351 produced an official 250hp and 355 ft/lbs of torque. Performance would have been pretty respectable, though it wouldn’t deliver neck-snapping acceleration. The seller says that this numbers-matching GT sat for years, but it now runs and drives. They say that the motor exhibits valve noise and blows some smoke. However, the situation is improving as it accumulates more miles after its revival, so it may eventually settle. The buyer may not face an engine rebuild, but I’d keep the money aside to hedge my bets. The motor makes plenty of power, and the transmission shifts smoothly.

First Generation Mustangs have been stars of the classic market for decades, with pristine examples selling for eye-watering figures. Budget-conscious enthusiasts often look for cheaper alternatives, and this 1969 GT Convertible fits the bill. It needs plenty of TLC, from the rust repairs to a potential engine refresh. However, the Listing View and Watch List tallies of 650 and 48, respectively, show it has generated plenty of attention since it hit the market. Would you consider tackling its obvious needs, or will you pass this time?