K-Code Convertible! 1966 Ford Mustang GT

There were a ton of Ford Mustangs built for 1966. More than 600,000 of them, to be more exact. But when you start drilling down to convertible, GT, K-Code, and 4-speed manual all rolled into one, you come up with a small number. Maybe as small as 250. If that’s so, this would be one of those cars. The engine is out of this ‘Stang, but has been rebuilt and waiting to go back in, and there’s a bit of body work to deal with. But you’d end up with a pretty rare fish in a sea of many. This ragtop is located in St. Paul, Minnesota and available here on eBay for a Buy It Now price of $36,000. If this is too rich for your blood, you can click on the Make Offer button and see what happens.

The “K” in the Mustang VIN refers to the durable, lightweight “Hi-Performance” 289-cubic inch V-8 that Ford managed to coax 271 hp out of. For 1965-66, it was the top engine option available in Ford’s new pony car. Less than 12 percent of ’66 Mustangs were convertibles and only ¾ of one percent of total production had the K-Code engine. The estimate of 250 of these cars that were also GTs and had 4-speed trannies seems pretty plausible. And even fewer than that have actually survived. Thanks, Kennage Classic Cars, for the estimates.

The GT K-Code Mustang can be spotted by the “High Performance 289” badging on the front fenders and “GT” emblem embossed on the gas cap. With the engine also came a special handling package, dual exhaust, 9-inch rear end, dual-red-stripe tires, and upgraded clutch and drive-shaft to help the car do more than just haul ass in a straight line. This was a vastly different engine than the routine 289 that went frequently into Ford products. The “HiPo” engine was built to perform at high-RPMs. They were fitted with solid lifters and camshaft, 10.5:1 compression ratio; a dual-point distributor, low restriction exhaust manifolds and a bigger carburetor. The K-Code engine required plenty of hand-work and engineering, so the bean counters were no doubt happy when it was later replaced by 390 and 428 big-block engines when they became available to the Mustang.

The seller’s 1966 Mustang GT looks like solid a work-in-progress. To verify it’s the real deal (besides checking the VIN), one could look for these GT Equipment Package features on or in the car: grille-mounted fog lamps, rocker panel stripes and disc brakes. Inside, different gauges occupying the instrument panel and, of course, there’s that gas cap. This car seems to check all those boxes. We’re told the ‘Stang was recently pulled out of long-term storage. The Tahoe Turquoise paint is going to need to be re-done and there is a bit of rust here and there, evident in the photos where the seats and carpeting have been removed. But it doesn’t look like something that should scare anyone away.

The standard Mustang interior in this car is a bit surprising as I was expecting to see the nicer pony interior. But this passenger cabin appears to have survived nicely and we assume the seats and all have been removed in order to jump-start the restoration process. The convertible top looks rather good and we assume that lowering or raising it is a manual operation. The reported 65,000 miles look to have been easier ones than the hot engine would suggest.

The engine and transmission have been rebuilt and ready to go back in the car. The clutch is also new.  The seller would entertain letting the GT go without the engine if a buyer is so inclined (but why would you do that?). Other than finding a Shelby Mustang, I can’t imagine you’d find a ’66 Mustang that would command as much coin as this one might when restored. I wasn’t able to find a recent listing for a GT/K-Code/convertible for sale, but older transactions looked to have approached six figures at one point. So, the seller’s asking price may not sound so crazy (as it first did to me). Another GT K-Code convertible.

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Comments

  1. Socaljoe

    Too bad about the rust on the car. Otherwise it would be a good project.

    Like 1
  2. Leland

    These were nice with a six, but I think the V8s had too much power for the frame.

    Like 1
    • Cal

      You know, I agree with that idea. I just mentioned something similar about the 55 Chevy here. A lot of boys and girls went to the great beyond from too much HP and not enough suspension or good tires. The HP was ahead of the engineering. It was not prudent to offer such crazy machines. The car styling is superb, but they were dangerous with a K Code V8. The 200 inch six was a great engine, that should have been the only offering.

      • Stan Marks

        With all due respect, Cal. I understand where you’re coming from. Although I wouldn’t blame the car manufacturers, due to reckless drivers. I was 20 yrs. old, in ’64, when I purchased my ’65 GTO. I’m 76 & still alive.

  3. gaspumpchas

    This baby has a lot of rust, the biggest one would be the inner rockers, as you can see daylight under the dash on both sides in the inners. It will at least need both quarters, plus whatever. It does have all the goodies. I see a 6 grand (??) rally pac in one pic and its missing in another. Yep its all fixable but the buy at 36 large, is it worth that much coin?? They do have it shined up nicely but no pics of the underbelly. Rust under the trunk mat. The pics of the rear look pretty crusty. As always, a good inspection then decide. its gonna take another 30k to bring it up to snuff. Good luck and stay safe. a lot of lipstick here.

    Cheers
    GPC

    Like 4
  4. KKW

    I’d say the price is fairly reasonable compared to the six figure price tags I’ve seen on trashed out Mopars and Porches, especially for one as rare as this. My only issue is, I think the engine and transmission should be reinstalled to be sure everything is performing as it should.

    Like 6
  5. Aaron Carlson

    I hope this isn’t a dumb question, but didn’t the ’66’s have spears in the cove area?

    • Rich C.

      The GT’s did not have the side chrome trim.

      Like 3
  6. bobhess bobhess Member

    Sure wouldn’t be putting any running gear parts back in until the underside rust is taken care of. The picture of the front side of the differential doesn’t exactly give me a case of the fuzzys on the rust situation as a whole. Too much money for too much rust.

    Like 4
  7. David

    This is the apex of mustang. Amazing car. Worth every penny.

    Like 4
  8. James O'Neill

    Might be a mistake by person that rebuilt motor but 289 high performance were gold regular289 were blue had a gt in high school

    • Jeff D

      I noticed the engine color as well, but my research indicates all Hi-Po’s are painted black.

  9. K Gun Offense

    I like the car! To me it’s worth the money to restore if it is the real deal. By the pictures, it appears that it is. My problem and to me it is huge, look at the sellers other items for sale. He is selling fender tags for Shelbys, engine tags, transmission tags, and not just a few but many. If he has that many tags saved up, very easy to use on this car for every area and put on the parts to make this car a clone in reality. Amazing g how many tags he had for sale when you look at his other items for sale. But like I said, if it can be proven to be the real deal and the motor can be proven to work and be rebuilt, I believe it is worth the price. I myself would not want to deal with a person selling tags galore! Kind of scary.

    Like 4
  10. Poppy

    Unless the electric top pump shown in the ebay listing is shot, I wouldn’t assume that “lowering or raising [the top] is a manual operation.”

  11. 1-MAC

    A very sweet engine. And maybe one of the best sounding ever. Had a friend who had a hardtop with this set-up It was faxt and a great sound. Will make a great car.

  12. Bill McCoskey

    I guess the deciding factor in purchasing this car will boil down to how the rust repairs are tackled. To do this right, the entire bottom of the car [except for trans hump] will require replacement, 4 floors, inner & outer rockers, convertible stiffeners, torque boxes and related body parts, as well as rear frame pieces & both rear quarters.

    Paying a shop to do this correctly is very expensive, and when added to the purchase price of the car and the other related items the car needs, it could exceed current value. And we have to consider the motor; It’s rebuilt, but by who, and if the rebuilder info is known, does the original motor builder still offer a warranty? If not, then you have a major unknown $ factor. To quote a famous actor; Do you feel lucky?

    Now if the purchaser is knowledgeable & capable of doing high quality work, and willing to do it all themselves, then this might be worth the time & effort.

    Like 2
    • KKW

      Where in He@# are you guys seeing all this rust? My Lord.

      Like 1
      • Stan Marks

        KKW, you obviously didn’t check the pics, on the Ebay site.

        Check the driver side rear panel, interior floor & under carriage. Make sure you’re up-to-date on your tetanus shot first.

  13. Curtis Kelly Lemmon

    Remember the F.B.I. T. V. Commercials. Only mustang make it happen, only mustang makes life great, mustang moves you mustang grooves you , mustang, mustang, 68! In 1966 I was 12 years old, and there were four of these covertabels driving around sugar house in Salt Lake City, Utah. And I was able to place my hands on each and every one of them. The rag top was not electric or hydraulic, it was by hand. But I was able to get a look at wat it had under the hood. 289 in each and every one. And talk about clean. I’ve always wanted to own a 66 mustang GT convertible, back then I was 12 years old, rideing a big old springer Swine bike one speed, as fast as you can peddle. Now I am 65 years old, and own a 2005 mustang covertertible GT with a sound system to die for with 32,000 miles on her , she is red in color, with a black ragtop, gray interior . The top comes down push of a button. I love to say , she’ll take me to my favorite golf course , then to dinner, and if I’m extra good, she’ll take her top down playing my most favorite music at a very high volume. Life does not get any better than this! Very little Crome just like the 66. I don’t drive her much , but when I do it’s an adventure. I do not like puttering her in harm way. I like taking her out of her house and give her a bath but I’ll hire a couple of gales to do the bathing while I watch, it is so cool, I love the water fights. I love this car so much. Retro 66 or as close to it as you can get. Plus the extras that only the future can provide . Best car I have ever owned!

    Like 2
    • Jonathan Ard

      I agree, Curtis … I didn’t have the Mustang back then, but had a ’66 Falcon Sports Coupe (with black vinyl top) with the 289 … it was our high school driver … I’ve had several convertibles in the fifty years since then, including a ’61 Vette 283/2-4bbl/4-speed, but for the last fifteen years have a 350Z Touring convertible with 6-speed manual … every day is a good day driving it, and it’s an instant attitude adjustment … after a left hip replacement I may have to consider an (gasp) automatic … but with Bose sound and “oldies-but-goodies” blasting driving at the speed limit (ha!) it’s a great way to enjoy retirement …

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