Finding a rust-free project candidate can be challenging, but if one appears with the bonus of a freshly rebuilt engine, it could prove irresistible. That is the story behind this 1968 Mustang, making it ideal for someone planning a hands-on approach. It requires work, but the puzzle pieces are present for the right person. It is listed here on Craigslist in El Paso, Texas. The seller set their price at $12,500, which is pretty respectable if the new owner follows the DIY approach.

Mustang sales had dropped by nearly 50% between 1966 and 1968, although with more than 317,000 rolling off the line, the figures still looked healthy. The opposition had made inroads, but the Mustang remained the pony car “must-have.” This one is a solid vehicle, and if it has spent its life in Texas, its lack of significant rust is unsurprising. That doesn’t mean it is perfect because I noticed a small rust spot in the lower corner of the driver’s door. There are no other potential issues, but the panels sport minor bumps and bruises. None are bad enough to justify panel replacement, but the buyer will undoubtedly address them before picking up their spray gun. Some trim pieces, like the grille and front bumper, are missing, while others require replacement due to deterioration or damage. The glass looks fine, and whether the new aftermarket wheels stay or go will be a matter of personal preference.

It is unclear what engine originally called this Mustang home, but it now features a 289ci V8 under the hood. Its specifications are unclear, but the carburetor suggests it isn’t the C-Code producing 195hp. It is freshly rebuilt, making me believe it could churn out 225hp as per the previous year’s A-Code powerplant. It sends its power to the rear wheels via a three-speed automatic transmission, with power steering fitted to lighten the driver’s load. If this V8 produces 225hp or more, the journey down the ¼-mile would take 15.9 seconds. The Mustang is in sound mechanical health, and it appears it can be considered a turnkey proposition for its new owner. It might require expenditure in other areas, but the buyer shouldn’t need to spend a dime on its drivetrain.

The original owner ordered this Mustang with its interior trimmed in two-tone Blue vinyl. It would have looked stunning in its prime, but the seller admits it requires a total restoration. This shouldn’t cause too many sleepless nights, thanks to the availability of trim kits. These vary in price, but a high-quality kit would return the interior to as-new condition for under $2,000. The vehicle did feature air conditioning, although a few components are missing. As with the trim, locating the required items shouldn’t be challenging.

This 1968 Mustang is far from perfect, but transforming it into a tidy driver in a home workshop seems viable. Its lack of apparent rust and good health means the new owner could replace the missing grille and front bumper to experience immediate classic motoring enjoyment while they assemble the parts and budget required to transform this beauty. The buyer could apply a fresh coat of its existing Blue, although it is a blank canvas for anyone considering a color change. This could be the ideal candidate if you have sought a Blue-Oval project.