Tackling a project build can involve a leap of faith. This is especially true if A: The car involved has known rust issues, and B: There is also evidence of repairs that a previous owner didn’t perform to the highest standard. This 1966 Mustang Convertible scores on both counts, and it has been sitting patiently in a shed waiting for its owner to commence the work since 1988. He admits that it will never happen, so he has listed it for sale here on Craigslist. The Mustang is located in Fullerton, California, and you can take it home by handing the owner $9,500. I have to say a big thank you to Barn Finder rex m who has once again demonstrated the ability to spot some interesting classics that will get our brain cells and imaginations working overtime.

If taken purely at face value, this Signal Flare Red Mustang looks like a promising project. Determining the condition of the paint is difficult due to the accumulated moisture, but at first glance, it shows promise. The panels look straight, and the White power top would be acceptable on a driver-grade car. It isn’t perfect, but it would be worth cleaning it thoroughly to see how it responded. The trim and glass seem to be good, although the hubcaps are missing. There are no glaring signs of either visible rust or previous repairs, which makes it seem possible that this could be a rust-free Californian survivor. Now that I’ve lulled you into a false sense of security let’s crouch down and take a look under this classic.

Okay, so the news isn’t anywhere near as good when we survey this Mustang’s floors and frame. There’s some significant rust visible, and it has impacted all of the usual weak points in this classic. These include the floors, frame rails, inner rockers, cowl, and torque box region. There’s nothing unusual in this lot, but there’s also evidence of prior repairs that look pretty amateur. These are clearly visible in the floors, but there could be more that haven’t revealed themselves in the supplied photos. The owner is pretty candid about the Mustang’s overall condition, which means that the buyer will probably need to strip this classic to the last nut and bolt if they intend to return it to its former glory. We’ve seen worse cars revived here at Barn Finds, but it’s worth remembering that whipping this one into shape isn’t going to be something that the next owner will achieve in a few days in a home workshop.

If this Convertible springs a surprise, it occurs when we open the doors and examine the interior. The shopping list will include new seat covers, armrests, and a carpet set, but there are a lot of components that could bounce back with some old-fashioned cleaning. These include the dash and pad, the console, and the rear seat trims. The door trims are wrinkled, but if I were to buy this classic, I would attempt to stretch the vinyl back into shape before spending a dime on new trims. If this works, returning the interior to a presentable condition could be the least expensive part of this restoration.

Things potentially take a backward step when we tackle the question of mechanical health. The Mustang features a C-code 289ci V8 that would have produced 200hp when new. The original owner also chose a three-speed automatic transmission and power steering. The owner says that the car ran when parked but admits that this was in 1988. Since he dragged it out of hiding, he has treated it to new plugs, plug wires, points, a cap, and a rotor. He coaxed the V8 back to life using an external fuel source and had it running long enough for it to get warm. He admits that the fuel lines and tank will need replacing, but that could be the tip of the iceberg. The owner doesn’t seem convinced about the health of the engine or transmission and suggests that the buyer needs to be prepared that one or both might benefit from a rebuild. I’m not sure if it was my imagination, but I’m pretty sure that I just heard a moaning sound coming from the wallets of potential buyers. If major mechanical refurbishment forms part of this project, that will add considerably to its overall cost.

As a born optimist, I believe that a dedicated owner can bring almost any classic car back from the brink, and that includes this 1966 Mustang Convertible. I’m not going to pretend that it will be a cheap exercise, but the parts required are readily available and inexpensive. If the buyer completes the work to a high standard, the car should be worth well over $30,000 by the time the tools are put down for the final time. When you consider the sale price as-is, that leaves a fair amount of room to move on this project before its financial viability becomes questionable. The killer blow in these cases can be labor costs. These can quickly spiral out of control and will usually comprise the majority of any restoration cost. The buyer could reduce these significantly if they are prepared to tackle most of the dismantling and reassembly work themselves. Not only will it help the hip pocket, but it will add a sense of accomplishment when they survey the finished product. With those thoughts in mind, is this a project car that you might consider pursuing further?