Every restoration project is going to have its good and bad points. That is certainly the case with this 1966 Mustang 2+2 Fastback. Its rust issues appear to be confined to little more than surface corrosion, while its drivetrain should offer respectable performance once the car is returned to a roadworthy state. However, the new owner will need to overcome a mechanical hurdle before this can occur. If you feel up to the challenge, you will find this Mustang located in Westland, Michigan, and listed for sale here on eBay. The owner has set the listing to open at $30,800, but there have been no bids to this point.

The Trim Tag indicates that this Mustang rolled off the production line wearing Raven Black paint. That shade still graces the panels, although it isn’t clear whether the car has received a repaint in the past. It continues to hold a reasonable shine, with no major flaws or defects. However, it isn’t of show quality, so the buyer will probably treat this classic to a refresh. For anyone who has dealt with a First Generation Mustang in the past, the question of rust will be uppermost in their mind. In this case, you can rest easy. There is surface corrosion present around the vehicle, including on its underside. This corrosion hasn’t deteriorated to the point of penetrating rust, so addressing it will be relatively easy and inexpensive. I would prioritize this because you don’t want the dreaded tin worm getting its teeth into that classic steel. Some minor trim pieces are missing, but what remains is in good condition. There are no issues with the glass, and overall, this looks like it could be a reasonably straightforward restoration project.

While the news has been pretty positive up to this point, I am about to rain on your parade. Lifting the hood reveals a C-Code 289ci V8 that would have pumped out 200hp in its prime. Those ponies found their way to the rear wheels via a four-speed manual transmission. Pointed at a ¼ mile, this Mustang would have completed the journey in 16.2 seconds. Okay, now let’s tackle the bad news. This Mustang doesn’t currently run, and it isn’t clear when it last did so. The engine is locked, and the owner has not attempted to free it. When you throw in inoperative brakes that require a total rebuild, the buyer will be spending some time and effort on this classic’s drivetrain. If 100% originality isn’t vital, they may decide that a restomod build is a more appropriate path to follow. This option would retain the character of a classic Mustang with a drivetrain that is easy to live with and fuss-free. It is an option worth considering.

The surprise packet with this Mustang is its interior. It is upholstered in an attractive combination of two-tone blue vinyl, and while there is some slight wear on the seats, they remain in excellent condition for their age. There is no evidence of rips or physical damage, making their condition acceptable for an original survivor. The carpet is slightly marked, but not severely. The dash and pad appear excellent, and an aftermarket 8-track player resides under the dash. The wheel is slightly faded, and the kick panels are missing. Otherwise, this interior appears to be complete. The overall impression is that it will take more time than money to whip it into an acceptable state. It looks like a rewarding task to tackle in a home workshop.

I’m not going to try to convince you that this ’66 Mustang Fastback is a cheap project. At $30,800, it represents a sizeable chunk of change. Its general lack of penetrating rust is a huge bonus, although the buyer will need to address the surface corrosion to prevent further deterioration. Doing so will involve dismantling the car down to the last nut and bolt if it is to be performed effectively. That will be a labor-intensive process but one the buyer could tackle in a home workshop. With all you know about this car and the unrelenting growth in Mustang values in recent times, do you feel that the asking price is realistic? If so, are you tempted to pursue this one further?