When selecting a candidate for a project build, an enthusiast’s decision will usually be driven by their vision for the finished product. If a faithful restoration is the goal, an essentially complete and unmolested car is the obvious choice. However, custom builds can broaden the search parameters, meaning incomplete cars missing major components could still be a hot prospect. This 1965 Mustang 2+2 Fastback fits into the second category, but its new owner will need to draw a deep breath before diving into their project. We’ve seen worse examples brought back from the dead because replacement steel to address many of its shortcomings is readily available and affordable. If you feel up for the challenge, the Fastback is listed here on eBay in Tyler, Minnesota. Bidding has raced to $6,188 in a No Reserve auction.

The history of this Mustang is unclear, but the faded Caspian Blue paint and battered exterior suggest it hasn’t led an easy life. With the Fastback in its current state, the buyer will probably select a rotisserie process, with the body stripped to bare metal. That would allow them to choose whether to repair or replace the battered roof. It would also provide clear access to its more severe rust issues, and there are plenty. Those visible in the lower extremities aren’t bad in themselves but represent the tip of a pretty significant iceberg. The trunk pan features heavy corrosion, but I’m unsure whether it is beyond salvation. However, the buyer will face a shopping list that includes new floors, rear frame rails, and one front frame extension. There are issues with the rear torque boxes requiring attention, and although the seller suggests they may be repairable, it would add little to the build cost to source and fit replacements. There will be a long list of trim and chrome items required, and a rear window. The hood is not shown in the supplied photos, meaning they may need to locate a replacement.

The Mustang’s interior is pretty complete, with the radio being the only apparent missing item. However, it is another aspect of the car requiring TLC and a significant injection of cash to present at its best. The buyer will face choices depending on whether they aim for an authentic presentation or a custom look. High-quality interior trim kits, including everything required, start from around $2,000, with a “pony” raising that figure slightly. If the buyer’s vision is for something more extravagant, it may be hard to ignore the lure of cloth or leather to add a touch of luxury. This aspect of the build will only be limited by their imagination.

The new owner won’t need to worry about disturbing or molesting a numbers-matching classic with this build because the Mustang’s C-Code 289ci V8 and four-speed manual transmission disappeared years ago. Sourcing correct replacements would not be challenging, but other options could be impossible to resist. I’d be tempted to locate and build another 289 to K-Code specs, but this Fastback is also a prime candidate for a restomod approach. A potential buyer might already have the ideal motor squirreled away in their workshop that requires a new home. This car’s engine bay could be its next destination, reducing the build cost significantly. It seems the choices are almost endless with this classic.

By the time the new owner of this 1965 Mustang Fastback returns its body to a sound structural state, they will almost certainly be on a first-name basis with a steel supplier who will welcome them with open arms. The build will not be for the faint-hearted, but the reward at the end could be worth the cost and effort if they choose the right path. If you bought this classic, what would it take to transform it into the car of your dreams? With that thought in mind, is this Fastback your ideal candidate?