K-Code Estate Find: 1966 Ford Mustang

While buyers in 1966 could order their new Mustang with a six-cylinder engine under the hood, some craved more performance. The company offered a few V8 options, but the undisputed king was the K-Code version of the 289. This gave the driver 271hp under their right foot and blessed the Mustang with power to burn. That is part of the story behind this 1966 Coupe, but there is more to tell. A previous owner commenced a restoration but sadly passed away before work had progressed far. It has sat exposed to the elements, but it remains healthy enough to justify a new owner completing the process. Located in Ramsey, New Jersey, you will find the Mustang listed for sale here on eBay. Bidding has raced to $4,550, but this remains short of the reserve. I have to say a big thank you to Barn Finder Larry D for spotting this promising project for us.

Before we dig too deeply into the story behind this Mustang, there is one mystery that potential buyers may wish to investigate. The car comes with a clean title, and this matches the car’s VIN. However, the title lists this as a 1966 model, while the VIN confirms it as rolling off the line in 1965. The seller is unsure why this is so but speculates that it could result from a typographical error. When it was shiny and new, the Mustang wore Sahara Beige paint. A previous owner commenced a restoration but passed away before making significant progress. The car spent an extended period outside under a cover, but this has done it no favors. The panels look relatively clean, although issues are developing in some of the lower extremities. The buyer will face the prospect of replacing the floor pans. The state of the rear rails and torque box region is a further mystery, although the front rails and shock towers look pretty good. Given its current condition and potential value, the buyer may be best served by tackling this as a rotisserie restoration. That would maximize the chances of eliminating the rust and prove the best option if they desire a high-end result. The factory styled wheels aren’t included in the deal, with the Mustang rolling on a set of steelies for the new owner. Many trim pieces are sitting in the trunk, and the buyer will need to assess what could be reused or what requires replacement.

The original owner wanted their new toy to stand out in the crowd, ordering the Mustang with a Light Blue and White Pony interior. It remains largely intact, although the factory radio is missing. Time has not been kind to the upholstery, and a retrim will be on the buyer’s “to do” list. One of the attractions of these First Generation Mustangs as project cars is the availability and affordability of replacement parts. A reproduction interior trim kit in the correct colors and materials will cost approximately $2,200. That is hardly pocket change, but once complete, the inside of this classic would look factory fresh. Treated with respect, a new interior should survive for decades without any problems.

What made this car stand a rung above your average Mustang was what the original owner chose to slot under its hood. They went straight to the top of the class by selecting the legendary K-Code version of the 289ci V8. It would have produced 271hp, which found its way to the rear wheels via a four-speed manual transmission. Was it fast? Just a bit! Had they pointed this classic at a ¼ mile, the journey would have been nothing but a pleasant memory in 14.7 seconds. We’ve reached a point with this story where there is a further mystery to unravel. The seller indicates that the engine is numbers-matching, although the transmission is gone. The motor wears a set of later 302 cylinder heads, although the originals are in the trunk. The health of that K-Code is unknown, so potential buyers may need to factor a rebuild into their restoration budget. Some peripheral items like the original distributor are present, but the new owner may need to search for other parts.

First Generation Mustangs remain a staple of the classic scene, and this trend shows no sign of changing. Our feature car would be one of the more desirable examples and could command a value beyond $50,000 once returned to its former glory. Getting it to that point will demand the attention of a dedicated new owner, but it is far from the worst First Generation Mustang we’ve seen over the past decade at Barn Finds. It has already attracted twenty bids, but there is plenty of time remaining for interested parties to stake their claim on this diamond in the rough. I hope someone returns it to active duty because a car like this doesn’t deserve to be left to rot away. It would be wonderful if one of our readers were the winning bidder because I think we’d all be interested in following its restoration story. It is one that should have a happy ending.