American automotive history is littered with the demoted nameplate. The swanky Bel Air became predominately a fleet model by the late 1960s. The Impala was demoted by the Caprice, the Galaxie 500 by the LTD, and the Mercury Monterey by the Montclair and Park Lane within a couple years of this ’61 convertible’s build date. The 1961 Mercury was itself demoted to the Ford’s basic platform for 1961, looking an awful lot like a Galaxie in profile, but whether it’s a Galaxie or a Monterey, a red full-size convertible from 1961 is a car I’d like to own. To truly live that early ’60s glamour will take a couple years of effort in your home garage, however, because this Monterey is a project. Brought to us by Barn Finder Ted, who shares a lot of interesting finds from the state of Ohio, the buy-in price is a low $2,500 on Marketplace.

The seller begins that ad by telling us that the Mercury is a “pretty solid car,” and these floors could certainly be a lot worse. It’s not perfect – there’s some rust in the top well/trunk area that a restorer will have to deal with, but that’s nothing to someone who’s been staring at the bottom of salt-belt cars since they turned their first wrench. Aside from its relatively rust-free nature, this convertible also has the big 390 four barrel with its ubiquitous 300 horsepower rating. Backed by a Merc-O-Matic (which is a Ford Cruise-O-Matic, the big-car transmission before the C6 was introduced), it was clearly ordered as a showroom centerpiece or for someone who wanted a truly top-of-the-line Mercury experience. The engine is installed in the car but needs wiring and work on the front dress. No specifics are given, but we’ll assume it needs a water pump, alternator, and maybe even a timing cover? Unfortunately, there are no pictures of the engine in the ad.

The interior and soft trim might pose a problem in the Mercury’s restoration. The power convertible top works but will need new material installed, something that’s probably best left to an upholsterer (unless you’re brave or experienced). The upholstery looks dirty but it might be OK. OK, probably not. If you wanted original material, that will be an expensive proposition, but if you’re OK with a close approximation, a substitute red vinyl pattern might be available somewhere. Maybe?

There’s no getting around the fact that $2,500 is just the door price for this Mercury, and there is plenty more to be spent. It’s too bad, because a more popular model such as the aforementioned Impala would be sold within minutes for that price; such are the whims of the collector car market. But if you’re a Ford person who wants something a bit different and know what you’re getting into, this is a great start.