The 1967 model year marked the first significant change for Ford’s iconic First Generation Mustang. While the styling updates appeared largely evolutionary, changes below the skin allowed the company to slot some serious iron under the hood. Previously, buyers hit the upper end of the drivetrain choice with the K-Code 289, but suddenly it was possible to order a new Mustang equipped with a 390ci V8. That is what the original owner of this 1967 Fastback did, but it has fallen on hard times. It needs someone to lavish it with TLC, but the final result should be worth the effort. Located in Memphis, Tennessee, you will find the Mustang listed for sale here on eBay. Modest bidding has pushed the price beyond the reserve to $25,195.

In its glory days, this Mustang must have been eye-catching in its combination of Nightmist Blue with a Code 62 Blue and White vinyl interior. While its glory days are not necessarily behind it, the buyer will face plenty of work returning the car to a showroom fresh state. As a starting point, it appears to be essentially complete. The only item with a question mark hanging over it is the glass. The back window is present, but there’s no evidence or mention of the remaining pieces. Since we are dealing with a 1960s Mustang, it’s no surprise that it has some rust problems. Externally, it is clearly visible in many of the lower extremities like the front fenders, rear quarter panels, and doors. The state of the floors, trunk pan, torque boxes, and shock towers are unclear. The buyer will probably need to brace for plenty of cutting and welding, but the saving grace is that replacement steel is readily available and affordable. It looks like most of the trim is present, including the GT grille. There are no clear interior shots, so it isn’t clear how complete it is. Once again, the buyer will probably face a total restoration. This is hardly the end of the earth because should have no dramas locating a trim kit in the correct materials and colors for around $2,300.

Buyers could continue to walk into their local Ford dealership in 1967 and order their new Mustang with the legendary K-Code 289ci V8 that pumped out 271hp. For most people, that was more than enough power to satisfy the itch in the sole of their right foot. However, for those who wanted more, Ford was happy to oblige. By ticking the correct box, they drove away in a Mustang with an S-Code 390ci V8 under the hood that churned out 320hp. This car features that motor bolted to a four-speed manual transmission. It is interesting to compare the performance figures between the new S-Code and the former king in the K-Code. As well as more power, the 390 produced 427 ft/lbs of torque versus the 289’s 312 ft/lbs. Those figures translate to a significant performance improvement. Equipped with a 289/four-speed drivetrain, the Mustang could romp through the ¼ mile in 14.8 seconds before winding its way to 132mph. The S-Code slashed the ¼-mile ET to a neat 14 seconds, while the top speed remained the same. It appears that this Fastback may be a stalled project because somebody has pulled the engine and transmission. It isn’t clear whether the vehicle is numbers-matching or whether that V8 turns freely, but potential buyers may be wise to factor a rebuild into their restoration costs.

For many reasons, First Generation Mustangs continue to be highly sought as project cars. Apart from their inherent desirability in the classic world, they are a known quantity for restorers. The weak points are well documented, and parts to address the design flaws and common issues are readily available and affordable. If this 1967 Fastback proves to be numbers-matching, it has the potential to command a value beyond $60,000 in today’s market if restored to a high standard. On a good day, that figure could climb past $70,000. That’s why I’m not surprised that even though the bidding has been subdued, the price has reached its current level. It could be worth watching this auction to see where the price goes when the hammer falls.