No Reserve: 1965 Ford Mustang Fastback

If you were in the market for a new Mustang in 1965, this Fastback was about as good as it got. The engine bay houses the 289ci K-Code v8, which proved to be a pocket rocket. This is a two-owner vehicle that ticks a lot of the right boxes as a restoration project. If you reach the end of this article and feel that you would be up to the challenge, you will find the Mustang listed for sale here on eBay. It is located in Rosedale, Maryland, and the bidding has reached $22,220 in a No Reserve auction.

It appears that one of this Mustang’s two owners had a preference for Black paint because they have applied it over the car’s original shade of Rangoon Red. The quality of the paintwork isn’t great, but it would serve in the short-term if the buyer wants to enjoy the Fastback immediately. The panels are free from any significant dings or dents, and exterior rust seems to be limited to a spot in the leading edge of the hood. The lower extremities look pretty clean, with no issues evident in the rockers, lower front fenders, or lower rear quarter panels. The car wears some of the distinctive features that might suggest that it is a GT, but the seller doesn’t mention this in the listing. These items include the grille with the fog lamps and a GT badge on the driver’s side front fender. There is no evidence of a matching badge on the passenger side, suggesting that one of these panels may have been swapped in the past for some reason. The remaining trim is in a restorable state, while there are no apparent issues with the tinted glass.

This shot is indicative of the Fastback’s overall condition because while the underside of the car wears a light dusting of surface corrosion, there’s no visible penetrating rust. The floors and frame look structurally sound, while the trunk pan, drop-offs, and the torque box region are also remarkably clean. This is one of the reasons why the bidding has been so spirited to this point.

The owner doesn’t specifically say that this Ford is numbers-matching, but if t is, this was about as good as it got in 1965. What we find occupying the engine bay is a K-Code 289ci V8. In its prime, this little gem punched out a very respectable 271hp. With the 4-speed manual transmission bolted to the back, it could demolish the ¼ mile in 14.6 seconds. That number looks pretty respectable today, but in 1965, it made you the king of the kids. The lack of a radiator and thermostat housing indicates that this Mustang doesn’t run or drive. Why someone removed these components isn’t clear, and whether they are included is another unknown. However, the owner appears to be very approachable, so he should be willing to answer questions posed by genuinely interested potential buyers.

Opening the Fastback’s doors reveals an interior that is a sea of red. This is no surprise when you consider the original exterior paint color. Once again, a couple of items indicate that this could potentially be a genuine GT. The most obvious is the five-dial gauge cluster. This appears to be in good condition, while the original owner also chose to equip the vehicle with the ultra-cool Rally-Pac gauges. I suspect that the tachometer in this set may be faulty because there is an aftermarket unit mounted under the dash near the driver’s right knee. There is also an 8-track player mounted under the dash, but those and the Hurst shifter seem to be the only changes that anyone has made to the interior. The rear seat looks pretty good, but most of the remaining trim is past its use-by date. The most obvious solution would be to splash some cash on a trim kit, and while there are some high-quality sets available today, their prices vary pretty widely. If the buyer spends $1,600, they can score themselves a kit where they will need to reuse some plated components, along with most of the existing screws, clips, and other minor hardware. Biting the bullet and spending around $2,300 will bring a kit that has everything to return the interior to a factory-fresh state, including seat foam to address any sagging. Given the potential value of this car once restored, I would probably spend the extra to achieve the best possible result.

As a restoration project, this 1965 Ford Mustang Fastback has a lot to commend it. The apparent lack of rust makes it an attractive proposition, while its drivetrain helps its cause enormously. If that isn’t enough, the owner’s decision to offer it for sale with No Reserve has to seal the deal. If the buyer returns it to a showroom fresh state, it is a car that would easily top $60,000 in today’s market. With those thoughts in mind, it’s easy to see why the bidding has been so spirited to this point. I suspect that it might heat up some more before this auction ends.


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  1. Fred W

    If this were on my radar, I would ask the seller to put a good battery in it and send me a video of the engine spinning over. That would tell you a lot (bad cylinder, etc). That shot of the underside inspires confidence you aren’t getting a complete rustbucket.

    Like 3
    • Stephen

      Ask for a radiator too.

      Like 2
  2. Stephen

    Interesting example.

    The value should be significantly impacted by the engine – is it the original matching numbers block with all the right components (e.g., heads, carb, distributor, alternator, harmonic balancer, etc.)?

    I cannot tell from the one engine picture. The block itself should include a VIN stamp below the alternator just above the oil pan. A picture here is really required for someone who is paying for a K code.

    I suspect there is more rust than the pictures reflect – but not sure.

    Lots of questions/potential here. If the engine is original, the existing bids seem low.

    Like 1
  3. danny mather

    this car deserrves some respect the drivtrain is gold same as a shelby how much is a shelby 65 ? 400,000_600,000 I have one the price is wrong a original restored is very quickly 80 to 100,00 and climbing. very rare car. dannys mustangs

    • Stephen

      How can you tell the drivetrain is gold?

  4. gaspumpchas

    The only thing I see is the mechanical advance distributor, correct for the 271 hp but that doesnt mean the mill is the correct one.It might have an 8 grand rally pac but cant see that either. The shot of the underbelly looks clean but there still may be rust elsewhere. Up to 30 grand with a lot of shill bidding going on. Need to look it over by someone who knows rustangs. Good luck and happy bidding

  5. 87Ragtop

    Hurst shifter would be a flat side with Hurst stamped on it. This looks like a Ford standard shifter with the little finger pull up that is the reverse lock out!

  6. ArtyParty

    Is it correct that all GTs from 65, 66 and 67 used the A Code engine and that there is no such thing as a C Code GT from that period, with any claiming that having been converted later on? Many thanks indeed.

  7. Jonnny

    Seems legit. $40-50k + as is easy ..

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