It can become a common theme with 1st Generation Mustang project cars. I would like a dollar for every example I’ve seen with significant rust problems because I suspect that I would finish up with enough cash to buy an extremely nice one to park in my garage. This 1970 Mustang Mach 1 might look tired, but the story below the surface is far better than you might expect. I’m not going to claim that it is rust-free, but that which is present is pretty minor. The owner has decided that the vehicle needs to go to someone willing and able to return it to its former glory. The Mach 1 is located in Eads, Tennessee, and has been listed for sale here on eBay. Bidding currently sits at $10,100 in a No Reserve auction.

This Mustang wears a coat of many colors because I can spot gray primer, along with areas of red, blue, and orange. Somewhere beneath all of those layers hides the car’s original Medium Lime Metallic. The buyer will be facing many hours of sanding unless they hand the car to a media blaster to remove the majority of the paint. It isn’t clear whether the paint conceals any nasty surprises like Bondo, but there’s no evidence of any issues in the supplied photos. The original owner ordered the car with tinted glass, and this looks pretty good. The trim and chrome fall into two categories. Some pieces would respond to some hard work with a high-quality polish, while others will need to be restored. The panels and lower body extremities appear free from any visible rust issues, but that slice of good news extends further than skin-deep.

This shot seems to be pretty indicative of how things appear to be below the surface with this Mach 1. There is plenty of surface corrosion present, but there’s little in the way of penetrating rust. The story is similar with the frame and torque box region. Some buyers might choose to head down the path of wholesale floor replacement, but it would seem that utilizing patches could be a viable alternative. An in-person inspection may expose other woes, but the general impression looks pretty positive.

For purists, the fact that this Mustang isn’t numbers-matching will undoubtedly be a disappointment. The included Marti Report indicates that the Mach 1 rolled off the line equipped with a 351-2V V8, an automatic transmission, and power steering. The 351 would have produced 250hp, which was sufficient to send the vehicle through the ¼ mile in 16.1 seconds. In place of the 351, we now find a 302 of unknown origins. Unsurprisingly, the motor doesn’t currently run, although it does turn freely. Coaxing it back to life may not be a drama, but the lack of an original engine opens a few options for the buyer. Sourcing a date-coded 351 should be possible, or the buyer could slide something more potent under the hood. It also leaves the car as a prime candidate for a restomod, and all of these are options worth considering.

The Mustang’s interior has undergone wholesale changes, but it does appear to be complete. Its White Knit Vinyl trim must have looked stunning alongside the Medium Lime paint when it rolled off the line. Today, the interior is finished in basic black, and the buyer will need to decide what path they will follow to return it to its best. The dash looks respectable, but the pad has one significant crack. The seats and door trims look surprisingly good, so it would be interesting to see how they would respond to a deep clean. The original owner didn’t load the car with optional extras, although he did order it with air conditioning. All of the hardware under the hood is long gone, so the buyer might have to spend a few dollars if the A/C is to blow cold once again.

If this 1970 Mustang Mach 1 is as structurally sound as the photos suggest, then it is an ideal candidate for a project build. Whether the buyer chooses a faithful restoration or a restomod, the final result has the potential to be something special. Finding a car in this state that isn’t riddled with rust is a treat, and with the auction being a No Reserve affair, it will be interesting to see where the price heads by the time the hammer falls.