Cheap project candidates almost invariably divide opinions. Some enthusiasts view them as an opportunity to create the car of their dreams, while others will see nothing but a mountain of work before the vehicle even gets its first sniff of a public road. That leads those people to consign such cars to the “too-hard” basket. Therefore, gauging opinions on this 1968 Mercury Cougar GT will be fascinating. It would have been a potent beast in its prime, but the new owner faces many hours of toil to recapture its lost youth. However, the seller’s price makes it undeniably affordable.

Mercury released the Cougar as its entry into the pony car sector in 1967. Although the new model was based on the underpinnings of its Mustang cousin, it was longer, wider, and heavier than the Ford product. This Cougar GT rolled off the line in November 1967 as a 1968 model, with the first owner ordering it in Cardinal Red. The seller doesn’t reveal its recent history, but its overall condition suggests it hasn’t led an easy life. The paint is well past its “best-before” date, and a few trim pieces are AWOL. However, dry-climate classics like this are typically rock-solid. There are exceptions to every rule, and this GT graphically demonstrates that fact. The exterior steel exhibits few rust problems because this car hides everything below the surface. It is difficult to convey the carnage in mere words, but this underside shot tells the story. Rust has devoured the floors, torque boxes, and sections of the rails. Replacement steel to address the issues is readily available, but the buyer faces hundreds of hours of hard graft before the bodyshell is structurally sound. Throw in the amount of time required to massage the panels to perfection and the cost of replacing missing trim and other items, and this build will require nothing less than total commitment.

Potential buyers must consider this Cougar as a “what you see is what you get” proposition. The Marti Report makes fascinating reading, confirming the first owner ordered this classic powered by the S-Code 390ci V8, producing 325hp and 427 ft/lbs of torque. They teamed the engine with a four-speed manual transmission, a 3.25 limited-slip rear end, and power steering. The Cougar GT tipped the scales at 3,530 lbs, which is over 200 lbs heavier than an equivalent Mustang. However, with both sharing an identical ¼-mile ET of 14.4 seconds, the additional weight didn’t bring a noticeable performance penalty. This Cougar is a roller. The engine and transmission are long gone, although it appears it has a shiny new rear end. Sourcing period-correct components won’t pose a challenge, but some might consider this the ideal opportunity to pursue the restomod path.

The driver’s seat isn’t bolted down, and the dashpad is missing. Otherwise, the Cougar’s new owner will receive a complete interior. It retains its original Black Laredo vinyl trim, console, and AM radio. Some items might survive a deep clean to be serviceable on a build project, but the shopping list will probably be long if the new owner aims for a high-end result. The parts are out there, but what is eventually replaced will depend on the buyer’s budget.

The seller listed this 1968 Mercury Cougar GT here on eBay in Wylie, Texas. They set a BIN of $3,995 OBO, making it one of the cheapest First Generation Cougars kicking around at the moment. The question is whether anyone will tackle its revival. The list of tasks facing the new owner isn’t just as long as their arm; we can add the arms of several friends into the mix! Every aspect of this car requires attention and a financial injection, but do you believe it is justified? It will be fascinating to learn whether we have readers who believe in it enough to make an offer. We’d all love progress reports if you become its new owner.