I’m sure that plenty of our Barn Finds readers have seen project-grade 1st Generation Mustangs come and go, and some of the prices have been outrageous. Well, this 1966 Mustang Coupe might just be a splash of sanity in a sea of craziness. It is a literal blank canvas, but the seller might be able to offer the buyer the chance to secure some mechanical components that will get the project up and running. Located in Largo, Florida, you will find the Ford listed for sale here on eBay. Bidding on the Mustang is proceeding at a reasonable pace and after opening at a mere penny, it has shot all the way to $1,365. With the reserve now met, this is a project car that is set to head to a new home.

The history of the Mustang is a little vague, but it is finished in a color called Sahara Beige. There is what appears to be some evidence of Signal Flare Red showing on the driver’s side front fender, but it isn’t clear whether this is a replacement panel, or whether this might have been the vehicle’s original color. It also used to have a vinyl top, but the owner chose to remove this. Just as people used to prospect for gold, he was prospecting for rust. He did find some under the vinyl, but this was limited to a small spot near the top of the windshield. There is some rust present in both rear quarter panels, but this isn’t severe. There is also a spot in the bottom of the driver’s door, but looking under the hood, the shock towers appear to be solid. There is no information provided on the state of the floors or frame, but the relative cleanliness of the quarter panels and other lower sections of the body looks quite promising.

This is why I referred to the Mustang as a blank canvas. Originally occupying the engine bay was a C-Code 289ci V8, backed by a 3-speed manual transmission. Just because the engine bay is empty doesn’t signal the end of the world. The owner does still have the original components, and they can go with the car. The engine ran fine before it was removed, but it is said to have been a touch smoky. Maybe this is a sign of faulty valve guides or seals. If the buyer wants to return the car to original, then they could certainly give these components a refresh, and then slot them back into their rightful place. The owner does offer some alternatives that would be worth considering. It sounds like his original intention was to tackle the Mustang as a restomod, so he does have some 5.0-liter components, including an engine, standard ’90s heads, a set of Edelbrock aluminum heads, intakes, and a Tremec T5 transmission. He says that he is willing to negotiate on any or all of these components, which is definitely food for thought. Even if the next owner is considering a different path again, I know that if it were me, I’d be grabbing the original engine and transmission regardless. Given the ongoing increase in the value of the early Mustangs, this is a car that has some future potential as an investment. However, it is always going to be worth more as a numbers-matching vehicle. I would properly store the original components so that they could be reinstated at a later date if circumstances made this worthwhile.

I guess that the best thing that can be said about the Mustang’s interior is that it appears to be complete. The original radio is still present in the dash, although there are some holes cut into the rear parcel tray for a set of speakers. The seats look like they might clean fairly well, but given the fact that the Mustang is going to require carpet, a headliner, along with door and rear trims, it would just make sound economic sense to buy an entire trim kit. Since it is possible to buy an entire kit, including a replacement for the cracked dash pad, for around $820, it makes you realize why you wouldn’t muck about on this part of the car. Having said that, how the interior finishes up being configured will depend on the next owner’s vision for the car.

I think that we’re all used to seeing these Mustang project cars listed for sale with what could best be described as ridiculous auction reserves. The fact that this car has already reached its reserve with such a modest bid makes a refreshing change. It is a car that offers its next owner some options, but I’ll be interested to see whether any of our readers feel inclined to pursue the Mustang further.