The Mercury Cougar joined Ford’s Mustang in the new “pony car” segment in 1967, just as General Motors was also getting in on the act. Though it would morph into a personal luxury car later, the Cougar would be the highest-selling nameplate ever produced by Mercury over a 34-year run. This 1970 Cougar XR7, the fancy one, sat uncovered outside for the past 30 years, so it has succumbed to Mother Nature and the passage of time. Found in Fort Worth, Texas, this old Merc is available here on eBay where a single bid of $1,500 has been cast, but the Buy It Now button is an option for $5,000. Thanks for this drop-top find, T.J.!

Automobiles carrying the Cougar nameplate would number nearly three million between 1967-02 (with a one-year gap in 1998). The moniker would be second only to the Grand Marquis in terms of longevity within the Mercury family. Fans will recall the marketing mantra of the company, “The Sign of the Cat” which hung over dealer lots for two decades. Other “cat” names that Mercury would borrow from included the Bobcat, Lynx, and Sable.

First-generation Cougars were on the assembly lines through 1970, including this XR7 convertible, the top dog in the portfolio. Fewer than 2,000 of them were built that year, making the seller’s rough car a rare find after more than 50 years. The Cougar received the Motor Trend’s Car of the Year Award for 1967, the only time a Mercury-branded car was recognized in this way. 1970 Cougars were further evolved styling-wise from the 1969s, and overall production would exceed 72,000 units that year, making up a big part of the division’s overall sales.

As the story goes, this Cougar was put out to pasture (literally) some 30 years ago for reasons unknown. First, the convertible top rotted, allowing sunlight and rain to invade and ruin the interior. In the process, the floorboards also rotted out, so a new floor pan must be secured. It’s hard to determine from the photos how rusty the body is, but don’t rule out a little optimism. But there is no question a full restoration is in the cards.

A 351 cubic-inch V8 is under the hood, verified by the VIN. We’re told it turns and may start with some work and coaxing. The mileage of the Cougar is unknown because the instrument cluster is fried. The vehicle’s title is categorized as “Flood, Water Damage” so who knows how much trouble retitling the Mercury will be. It sits on a set of Keystone Classic wheels (I had a set back in the day) and they now house a set of tires that hold air, unlike the ones in the photos. According to NADA, one of these drop-tops can be a $70,000 car now, but this one will take a blank check to get there.