If you scour the usual online website for a First Generation Mustang project candidate, you will be spoiled for choice. With Ford producing 559,451 examples of its iconic pony car during that model year, there will inevitably be plenty out there begging for TLC. Many will require varying degrees of rust repairs, but our feature Mustang breaks that rule. The seller claims it is rock-solid. It also appears its sweet little V8 may be freshly rebuilt, adding to its appeal. However, it is the price that might make it irresistible.

The seller is limited in their information about this Mustang’s history and condition, with the description running to a mere five words. Therefore, we must rely on the supplied photos to make our own assessment. The first thing worth noting is that it will take more than a few days of tinkering to return it to its rightful place on our roads. It is partially dismantled, with components scattered around their workshop. The Tag confirms its first owner ordered it in Wimbledon White, although it underwent a color change at some point. The panels are relatively straight and free from major problems. My only reservation is that there appears to be what may prove to be a small area of Bondo in the driver’s side rear quarter panel. Otherwise, the exterior is clean, and the underside shots reveal nothing beyond dry surface corrosion that would be easily treated. The car comes with a pair of new front fenders, but it is unclear whether the trim and chrome pieces are all present.

The VIN confirms that this Mustang rolled off the line powered by the C-Code 289ci V8. It delivered 200hp and 282 ft/lbs of torque, with this classic featuring a three-speed automatic transmission. That combination was the least potent within the V8-powered range in 1965, although it still offered respectable performance. This is another area where we are flying blind with this project. The seller doesn’t reveal whether the engine pictured in the listing is original, or whether the fresh paint indicates a recent rebuild. It looks quite clean, which is promising. The further we dig into this classic, the more questions it raises.

It appears that most of the significant components required to restore this Mustang’s interior are present, although many currently aren’t attached to the car. There are brief glimpses of its original Blue upholstery, but very little is fit for reuse. Therefore, a complete retrim is the only option. Kits are readily available for those choosing a faithful approach, and they are very affordable. However, those seeking something more distinctive might select a Pony Trim kit, which would make a bold statement and add a touch of class. The final choice will be driven by personal taste, but the finished product could be stunning.

The seller listed this 1965 Ford Mustang here on eBay in Sacramento, California. It shows promise as a project candidate, but their decision to list it with a BIN of $4,000 OBO might make it one of the cheapest First Generation Mustangs not requiring major cutting and welding. I am surprised someone hasn’t snapped it up, but there is a fair chance that will happen soon. My only reservation is that the seller is relatively new to eBay, and there is no feedback to provide reassurance. However, it would be worth contacting them to arrange an in-person inspection. That may remove any lingering doubts about the legitimacy of the listing. Are you tempted to make a move on this promising project? I will understand if you do.