One of the greatest challenges when searching for a First Generation Mustang project is locating a candidate that doesn’t require rust repairs. Salvation may be at hand with this ’65 2+2 Fastback. It appears to be rock-solid, and the lack of an engine and transmission makes it the ideal blank canvas for someone considering a custom or restomod approach. It has generated significant interest since hitting the market, so why not take a look to see what all the fuss is about?

Ford found a ready market for the First Generation Mustang, with 559,451 buyers taking one home in 1965. That figure would climb to a record the following year before tapering as the production run continued. The Hardtop Coupe was comfortably the most popular choice, although the 2+2 Fastback hit a sweet spot with 77,079 customers. Our feature Mustang is one of those cars, and it makes a positive first impression. The seller describes it as an older restoration, with the person performing the work applying a coat of the car’s original Rangoon Red to the exterior. It holds a healthy shine, although some careful work with a high-quality polish would eliminate the swirls that have accumulated over the years. The photos are inconclusive, but the only potential rust I can spot is a small area in the lower driver’s door corner. The rest of the exterior is clean, and the seller doesn’t reveal any nasty surprises hiding below the surface. The restoration included adding a GT grille and foglights, but the remaining trim is correct and in good order. The glass is clear, and if the only rust is the spot previously mentioned, this Fastback has no pressing panel needs or shortcomings.

One area where the new owner won’t need to spend much money is on an interior refresh. The wheel is cracked and the Black pad doesn’t match the rest of the trim, but neither issue would be expensive or difficult to address. It appears the car may have only seen limited service following the restoration because there is no wear on the carpet or upholstered surfaces. The plastic is in good order, and the console is a welcome feature. Somebody replaced the factory radio with an aftermarket JVC unit, with speakers cut into the rear tray. Reversing those changes would be easy if the buyer prefers a stock appearance, although since there might be other modifications pending below the surface, originality might not be the winning bidder’s primary focus.

I never thought that I’d see the day when I referred to a ’65 Mustang as a zero-emission vehicle, but this classic ticks that box in its current form. The original engine and transmission are ancient history, and those focused on outright performance probably won’t be heartbroken. The first owner teamed a T-code 200ci six with a three-speed automatic transmission, and with only 120hp and 190 ft/lbs of torque on tap, that made this the slowest variant of the ’65. However, sourcing correct replacements for both should be possible if the buyer intends to undertake a faithful refurbishment. Alternatively, slotting something more potent under the hood would be straightforward, because everything required is available “off the shelf” at many speed shops. A fresh 289ci V8 would look right at home, although throwing caution to the wind via a restomod approach might prove irresistible to many. The lack of a drivetrain is what makes this Fastback a genuine blank canvas.

The seller listed this 1965 Mustang 2+2 Fastback here on eBay in Union, Missouri. The viewing history suggests it has caught the eye of many, but this hasn’t translated into action. They set their auction to open at $15,000, but have received no bids. They also offer a BIN option of $23,000 for those wishing to bypass the auction process. Neither figure makes it a cheap project, begging the question of whether either figure is justified. That depends on your perspective, and whether it is genuinely rust-free. If it is as solid as the listing suggests, that removes major metal massaging from the equation. It is conceivable that simply bolting an engine and transmission under the skin could return it to the road without costing a fortune. That makes this Fastback worth a close look.