While the public’s love affair with the First Generation Mustang hadn’t ended by 1968, there was no denying that sales totals had fallen off a cliff. Form a high of 607,568 cars in 1966, the 1968 model year saw a “mere” 317,404 Mustangs roll off the showroom floor. While that figure is hardly a disaster by any normal measure, it represented a drop of nearly 50% over two years. The total sales ensured that plenty of project cars remain in the current market awaiting a new owner, which is the case with our ’68 Fastback. The visible rust should not dissuade potential buyers because this classic has enough positive points to make it a worthy candidate for a project build. Located in Reading, Pennsylvania, you will find the Mustang listed for sale here on eBay. Bidding has hit $20,000, although this figure is short of the reserve.

The supplied photos in this classic’s listing are poor, making it difficult to get a good overview of the vehicle. However, the close-up shots reveal a few things. The color is interesting because it is unclear whether the Mustang has received a prior repaint. If it is original, it looks to be Black Hills Gold. That makes it easy to determine the build date for this classic because that shade was a Special Order offered as a “Color of the Month” promotion for the first four months of 1968. Cars in January featured Black Hills Gold, while the February shade was Passionate Pink. Buyers could select Emerald Green for March, and April offered Eastertime Coral. The tired paint is the least of this Fastback’s problems because the buyer faces plenty of cutting and welding to address its rust issues. It has impacted many of the lower body extremities, with panels like the rear quarters destined for total replacement. The seller acknowledges that the floor pans are gone, as is the support rail. Replacement steel is readily available and affordable, but potential buyers will need to shelve any plans of returning the car to active duty before fixing the rust. It is possible, but I wouldn’t want to be an occupant if the vehicle were involved in a fender bender. I suspect the outcome wouldn’t be pretty.

This photo graphically demonstrates the extent of the rust in this Mustang’s floors and the challenge the buyer faces in returning the bodyshell to a rust-free state. It also reveals that the classic packs a surprise or two. The interior is complete, with the seats upholstered in Black vinyl. The seats need new covers, but some items like the door trims look like they might be salvageable. The dash and pad look surprisingly good, with no visible cracks or significant problems. An aftermarket radio occupies the spot normally reserved for the factory unit, but there are no further apparent additions. Therefore, while we know that the shopping list will extend to seat upholstery, a carpet set, and a headliner, I would clean the remaining components thoroughly before committing further funds to this aspect of the restoration. It could prove to be time and effort well spent.

If the interior springs some surprises, they are nothing compared to what we find when we delve below the surface of this Fastback. The engine bay houses a C-code 289ci that produced 195hp in its prime. The original owner also chose to equip this classic with a three-speed automatic transmission, power steering, and power brakes. Ford built faster Mustangs in 1968, but this one would have covered the ¼ mile in 16.7 seconds. The first plus point with this car is that it is numbers-matching. The second is that the motor and transmission are in excellent health. The seller pulled both components around eighteen years ago so that the dealership could perform rebuilds. The car starts easily, with the V8 purring like a kitten. It yard-drives okay, with the transmission working as it should. Stopping is another matter because the rust that claimed the floor chewed holes in the brake lines. The buyer will need to replace those in their quest to return the car to a mechanically roadworthy state. Otherwise, it may not require much beyond a careful inspection and some essential maintenance.

There’s no way of sugar-coating it, but this 1968 Mustang Fastback has significant rust. Some project cars would allow the buyer to return them to a mechanically roadworthy state and active duty, with rust repairs performed as time and circumstances permit. That wouldn’t be the case with this car because I would question its structural integrity at present if it were involved in an accident. That means that it won’t suit a buyer seeking instant gratification but one willing to have the time and patience to address the rust issues to a high standard before returning this classic to our roads. That doesn’t mean it is beyond salvation, but it needs a dedicated new owner unwilling to cut corners. It has only received two bids so far, but plenty of time remains on the auction for this to change. If you were considering taking this Mustang under your wing, what would you be willing to pay? More importantly, are you tempted to throw your hat into the ring?