In their quest to create the First Generation Mustang of their dreams, one of the most significant challenges many enthusiasts face is locating a solid candidate that won’t consume thousands of dollars and countless hours in rust repairs. For those in that situation, this 1965 2+2 Fastback could be their solution. It is a genuine blank canvas that is rock-solid and begging for someone to wave their magic wand. It is listed here on Craigslist in Pueblo West, Colorado, with a price of $10,500 OBO. Barn Finder T.J’s finely-tuned radar spotted this beauty, so thank you so much, T.J.

This Mustang is a “what you see is what you get” proposition because it is a roller with limited interior trim and little else. Glimpses in a couple of isolated areas suggest its original owner ordered it wearing Ivy Green paint. Those days are far behind it, and its current state would make complete disassembly for a rotisserie restoration straightforward. That offers the opportunity for media blasting that would banish the surface corrosion. Beyond the minor corrosion, the news is positive. The seller indicates one small rust hole in the rear quarter panel and another in the floor. Both are patchable issues and represent the full extent of this classic’s rust. With solid floors, rails, trunk pan, and shock towers, whipping the body into shape should be as easy as falling off a log. The seller believes a previous owner replaced both rear quarter panels, and there is evidence of Bondo in a few spots. However, media blasting would expose the truth and provide a clear picture of the challenges facing the buyer. It isn’t all plain sailing because it appears there is only limited trim, chrome, and glass. The shopping list will be long, but the new parts will help the builder create a high-end finished product.

The “blank canvas” approach continues when we assess this Mustang’s interior. There are a few minor plastic trim pieces, and it appears one front bucket, the rear seat, the dash frame, and the heater are intact. However, that’s all there is. Sourcing a second bucket should be as easy as scouring online auction sites. The next decision the buyer must make is how to trim their new toy. The options are limited by their imagination, although I’d struggle to resist a reproduction pony interior. If a custom build is their aim, that places leather or cloth on the table. The builder will be limited by their imagination and the thickness of their wallet.

Okay, this is where this Mustang’s new owner needs to make some serious decisions. This car rolled off the line with a T-Code 200ci six that sent 120hp to the rear wheels via a three-speed automatic transmission. That configuration was the least potent in the Mustang armory in 1965, allowing the car to cover the ¼ mile in a leisurely 19 seconds. The original drivetrain is gone, but the car now features front disc brakes, five-lug hubs, and a 9″ rear axle housing awaiting a new center. I doubt the buyer will source another T-Code, but the choices are endless. Faithful? Custom? Restomod? I know which way I’d go, and as you will see, it would probably receive the seal of approval from this car’s original creators.

When embarking on a project build, most enthusiasts find the easiest part is deciding what path to take. Some see a faithful refurbishment as their best option, while others will tread the custom or restomod path. This 1965 Mustang Fastback could make those dreams a reality, with its new owner able to sink their teeth into the build without facing significant and time-consuming rust repairs. I would opt for a retro approach using the car’s original paint shade, a pony interior, and a K-Code 289 under the hood sending the power to the rear via a four-speed close-ratio transmission. Your vision could be different from mine, and that diversity is one of the attractions of the classic scene. I will be fascinated to read the feedback on this classic to see what others would do, and it will be interesting to see if any readers pursue this project further.