While Ford released the Mustang Mach 1 as a performance variant, a knowledgeable buyer could order their new toy with a wide variety of optional extras. The original owner did that with this 1972 Mach 1, allowing it to combine excellent performance with a touch of luxury. Considering what it offers its new owner, it is an affordable project that would attract its share of attention once restored. The seller has listed the Mustang here on Barn Finds Classifieds in Denver, Colorado. The asking price is $22,500, although there is an option for the seller to apply a driver-quality paint job and finish the interior for a further $25,000.

There’s a bit to unpack with this Mustang, and it’s worth starting our tour by tackling the subject of rust. It can be a significant factor when determining the financial viability of a First Generation Mustang project, but the news with this car is pretty positive. The seller has already replaced the taillight panel, the trunk pan, and the inner lower rear quarter panels. The buyer will face minor repairs in the lower rear quarters and other repairable areas in the trunk lid and hood. Otherwise, this Mach 1 is rock-solid. The floors and frame show no issues, meaning the buyer won’t face countless hours of grinding and welding to make the car structurally sound. Unsurprisingly, its Bright Red paint has seen better days, and a repaint will form part of this build. The trim looks suitable for a good driver-quality build, as does the tinted glass. The Mustang rolls on a set of shiny Magnum 500 wheels, adding a classy but sporting touch to the exterior.

The Mach 1’s sporting credentials are confirmed when we open the hood. The original owner ordered the car with a 351ci V8 bolted to a four-speed manual transmission. Their decision to include power steering and power front disc brakes should provide an effortless driving experience, while the optional Ram Air hood helps the engine to breathe effectively. Manufacturers had transitioned from quoting gross to SAE Net horsepower figures by 1972, and this car churned out 266hp. That allowed the Mach 1 to scorch the ¼ mile in 14.6 seconds before winding its way to 127mph. As part of the process aimed at returning the car to a roadworthy state, the seller recently replaced the fuel system and performed a brake job. The buyer will probably elect to detail the engine bay, but they have a head start with returning this classic to active service.

The Mustang’s interior is essentially complete, although the buyer faces a total restoration. However, this should not represent an enormous challenge. Trim kits featuring everything required to return the inside of this car to a factory-fresh state in the correct materials and patterns retail for around $2,000. That doesn’t sound like pocket change, but it is worth remembering that it represents a one-off investment. Installed correctly and treated with respect, there’s no reason it shouldn’t still present well in another fifty years. I can say from experience that there are few more satisfying experiences than stepping back and admiring an interior that you have restored with your own two hands. The original owner elected to add a collection of creature comforts to the interior, ensuring that the motoring experience will be pleasant once the car finds its way back onto our roads. They selected air conditioning, power windows, a tilt-away wheel, and a factory tachometer. These items remain intact, and the power windows operate as they should.

For a passionate enthusiast seeking a first or DIY restoration project, this 1972 Mustang Mach 1 is a strong candidate. First Generation Mustang sales had fallen dramatically by 1972, with 125,903 buyers handing over their cash to park one in their garage. Of those, only 18,045 paid the extra for a Mach 1. When you compare that figure with total new car sales in North America for that year, it represents a drop in the ocean. The very nature of these classics saw many driven into the ground by overly enthusiastic owners, but this one is a survivor. Therefore, if a Mach 1 loaded with luxury is on your Wish List, it might be time to contact the seller.