While even the roughest First Generation Mustang project car can attract some pretty impressive values, this 1965 Convertible might be a rung above the rest. It looks pretty tired, but its visible rust appears to be negligible. Adding to its appeal, a previous owner slotted a Crate V8 under the hood. With a four-speed manual transmission bolted to the back of this, it should offer pretty respectable performance once it’s returned to its rightful place on our roads. The Mustang is located in El Cajon, California, and has been listed for sale here on eBay. The bidding has hit $4,555, but this figure remains short of the reserve.

The story behind this Mustang is unknown. Its Wimbledon White paint has seen better days, with surface corrosion showing and plenty of patchy areas. The thing that interests me is that there is little in the way of visible penetrating rust. The seller indicates that there is rust to address, so it must be restricted to the car’s underside. However, if this Mustang has spent most of its life in California, those rust problems may be pretty minor. This is a case where an in-person inspection is probably justified because the last thing that a buyer wants is to take a classic home and find some nasty surprises. There is no way of knowing for sure from the listing, so we can always live in hope. The soft-top has seen better days, but this doesn’t represent a major investment since the next owner can buy these for under $500. The glass may look okay after a clean, but some of the exterior trim will need a trip to the platers. Overall, while there is work to do, this restoration looks no more complicated than any other Mustang of this era.

Apart from a Pioneer radio/cassette player occupying the factory radio spot, this Mustang’s interior appears to be original and unmolested. It is also in desperate need of a big dose of TLC. The Californian climate that is so conducive to the preservation of classic steel can wreak havoc on upholstered surfaces, and that appears to be the case here. Nothing has escaped the ravages of the UV rays, and a complete re-trim will be on the agenda. That is one of the attractions of these early Mustangs and what makes them prime candidates as project vehicles. Interior trim kits remain readily available and affordable, so whipping this interior into shape will cost less than $2,000. That figure will include everything to return the interior to a factory fresh state.

When this Mustang was shiny and new, its engine bay housed a C-Code 289ci V8 that produced 200hp. That power found its way to the rear wheels via a four-speed manual transmission, allowing the vehicle to cover the ¼ mile in 16.1 seconds. The seller indicates that a previous owner pulled that C-Code and slotted in a Ford Performance crate engine. Its size and specifications are unclear, so we could only speculate on its power output. While this initially looks like good news, there is a sour note. The engine doesn’t currently run, and while the seller has attempted to coax it back to life, he’s had no success. He indicates that it has no compression, suggesting that there may be a significant internal issue for the buyer to consider. It will warrant further investigation, and the buyer will need to decide whether to persevere with this motor or source something else. Either way, it is likely to consume a few dollars before this classic moves under its own power once again.

What path would you tread if you were to buy this 1965 Mustang Convertible? It would be interesting to know how extensive its underside rust is because its exterior shows promise. It seems that restoring the panels and paint is a no-brainer, but the big question revolves around what should happen under the hood. Would you investigate the issues with that Crate V8 further, or would you source something different to slot into the engine bay? There are no right or wrong answers in a case like this, so I will be interested to read your comments to see what the majority would do.