Sitting out exposed to the elements is a special 1968 Mustang Fastback. Its Marti Report is enough to make you go weak at the knees. However, a lot of water has passed under the bridge for this classic, and the buyer will have some decisions to make before it sees the road once again. The Mustang is located in Manahawkin, New Jersey, and has been listed for sale here on eBay. Most 1st Generation Mustang project cars will attract their share of interest, and this one is no exception. There have been 31 bids submitted to this point, which has pushed the price to $29,739. The reserve has been met, so a new home is in this car’s very near future.

The march of time can be kinder to some classics than to others, and it has been pretty hard on this Mustang. That isn’t to say that it is beyond salvation, but it is not a car that will be returned to active duty quickly. It originally wore Highland Green paint, but it appears that it has received at least a couple of changes during its life. Externally, it shows rust in all of the usual spots, including the rear quarter panels, lower fenders, and the doors’ lower corners. There is also Bondo visible, which suggests that this might not be its first battle with the dreaded tin worm. The rear frame rails and trunk pan are said to be good, although the front frame rails will require some repairs. The floors will need replacing, and there is also rust in evidence around the inner rockers and torque box region. Any trim and chrome that is present will need to be restored or replaced, but the tinted glass looks to be okay.

Lifting the hood of the Mustang is enough to make grown men weep. What we find is a 351ci Cleveland V8, which is backed by a 4-speed manual transmission. As a drivetrain combination, there isn’t a lot wrong with this, but the fact that the vehicle isn’t a numbers-matching classic is a tragedy. What used to call this engine bay home was a 428 Cobra Jet V8, backed by a 3-speed automatic transmission. This monster would have been pumping out an “official” 335hp, which was enough to fire the Mustang through the ¼ mile in 13.8 seconds. Power steering and power front disc brakes would have taken the hard labor out of this high-speed motoring experience. It isn’t clear what sort of health the existing V8 is in or when it last coughed into life. If it turns freely, it might be possible to coax it back to life with patience.

The condition of the Mustang’s interior is in keeping with the rest of the vehicle. That means that while it is virtually complete, it will require a full restoration. I think that the door trims and rear seat could respond to cleaning, but the remaining upholstery and trim will need to be replaced. However, the Mustang’s beauty is that all of these items are readily available, and interior trim kits are reasonably affordable. Finding complete kits for under $2,000 is not a difficult assignment. At that sort of price, the quality is generally very high, and they contain everything required to have it looking factory fresh once again.

When it was new, this 1968 Mustang Fastback would have been quite a car. Its glory days seem to be well behind it, but it does appear to be a sound proposition as a project car. That isn’t merely my opinion, as the bidding seems to confirm this. The fact that the original Cobra Jet V8 is missing is something of a tragedy. That begs the question as to what path to follow with this one. Would you attempt to perform a faithful restoration, or would you transform it into something entirely different?