Cheap projects. Are you getting a bargain, or have you handed over your cash to experience a world of pain? That is the question posed by this 1966 Mustang. It is a restoration that stalled more than twenty years ago, and the seller feels it’s time to cut their losses and send it to a new home and a better life. It shows promise, although there is one hurdle for the buyer to overcome before it returns to our roads. The Mustang is listed here on eBay in Winter Garden, Florida. Bidding has crawled to $2,125, and with No Reserve in play, this could be one of the cheapest First Generation Mustangs in the current market if things don’t kick-start soon.

This poor Mustang has spent the past two decades awaiting the attention it richly deserves. The seller purchased it when he was but a lad, planning its restoration as his first project. Sadly, this never happened, and it has spent years squirreled away in his parent’s garage. He basically did nothing during those years, meaning potential buyers won’t need to worry about second-rate repairs that could come back to bite them. The Candy Apple Red paint is past its prime, but the Black vinyl top looks acceptable. The driver’s door sports a significant dent that would make it irreparable, but any further panel damage appears to be minor bumps and bruises. Since this is a First Generation Mustang, our attention must inevitably turn to the subject of rust. There is some, but it might not be severe. There are some smaller spots in the lower body extremities, but it appears that they could respond to patches without the need for panel replacement. The shock towers and battery tray appear solid, but the trunk pan is a surprise. The supplied photos suggest it is completely sound, but the interior shots reveal rust in the front floor that justifies replacement. Most chrome and trim pieces may be okay after polishing, and the glass looks fine.

The Mustang’s interior sends mixed messages because although the seller fitted a new dash pad, the upholstered surfaces are either shredded or missing entirely. They cut a hole in the dash for a modern stereo, and a sports wheel tops the column. A retrim is on the agenda, and how it is tackled will be down to personal preferences. If the buyer elects to undertake a faithful restoration, a trim kit in the correct color and material will add about $1,800 to the build. If they opt for Pony trim, that increases that figure by another $250. The buyer may follow an entirely different path, which could involve custom upholstery in leather or cloth.

The VIN for this Mustang confirms it started life with an A-code 289ci V8 under the hood. It sent 225hp to the ground via a three-speed automatic transmission, allowing this Ford to cover the ¼-mile in 15.8 seconds. The seller says the engine is original but doesn’t state when it last roared into life. If it has sat for two decades, it might require encouragement. If it turns freely, cleaning the fuel system, plugs, and points, could produce positive results. The car won’t be instantly roadworthy, but it would be an excellent starting point.

Okay, we’ve looked at this 1966 Mustang’s physical and mechanical needs, and addressing them may not cost a fortune. However, there is one further obstacle for the new owner to overcome. The seller indicates it has a Salvage title. That in itself may not be a drama, but there is a further complication. The VIN on the title and that on the tag differ by one digit. Whether it is an insurmountable obstacle will depend on the buyer’s location, but that could determine whether the next stage of this classic’s life is as a project or parts source. If the bidding remains at the current modest level, it would undoubtedly be one of the cheapest V8-equipped Mustang projects you will ever find. Would that be enough for you to throw caution to the wind on the title and make a play to purchase this classic?