How much would you be willing to pay for a 1969 Mustang Mach 1 requiring rust repairs and total restoration? Hold that thought for a moment. What if the car in question is essentially complete and features its original 428 Cobra Jet V8 under the hood? Does that change your answer? That is the scenario presented by our feature car, and the harsh reality is that any restoration will involve dismantling the vehicle to the last nut and bolt. That hasn’t dissuaded potential buyers, with this Mach 1 attracting fourteen bids since the seller listed it here on eBay in Manahawkin, New Jersey. The action remains below the reserve at $20,099, but there is also a BIN option of $42,500 for those wishing to throw caution to the wind.
Ford introduced the Mach 1 to its Mustang range for the 1969 model year, and the overwhelming success of its latest offering would sound the death knell for the GT badge. The first owner ordered this car in Champagne Gold, with the Black vinyl top a later dealer addition. There’s no way to sugarcoat this because the Mustang’s tired paint is the least of its problems. The seller supplies some excellent underside shots revealing that the rust in some of the lower extremities has taken hold of the floors, trunk pan, and rails. This isn’t the worst example we have seen at Barn Finds, but the buyer faces many hours of cutting, grinding, and welding before the shell is rust-free. The best approach would be to entirely dismantle the Mustang and mount it on a rotisserie. I admit that it is a long and laborious project, but many will agree that this classic deserves far better than a halfhearted approach. The process will include replacing or replating many trim pieces, although the glass looks acceptable.
The viability of the restoration project might seem touch-and-go, but lifting the hood helps this Mustang’s cause enormously. The first owner equipped the car with the 428 Cobra Jet V8, a four-speed close-ratio transmission, and power-assisted steering and front disc brakes. The only surprising omission from that list is a Traction-Lok rear end to more effectively deliver the Cobra Jet’s 335hp and 440 ft/lbs of torque to Planet Earth. It would have been capable of delivering a 14.5-second ¼-mile ET in its prime, but much water has passed under the bridge since then. The seller believes that this classic is numbers-matching, although they are unsure about the engine block. The car doesn’t run or drive, but they confirm that the engine turns freely. They haven’t tried to coax it to life, which is good news for those who have a preferred method of performing that task.
The Mustang’s panels and paint aren’t the only aspects of this car begging for TLC. Its interior has seen better days but would have looked excellent in Black against the Gold exterior paint shade. It is missing the pad and a few center dash components, but is, otherwise, complete. Trim kits that match the factory look are easy to find, and following that path will add around $2,000 to the restoration budget.
Let’s be honest, the seller’s BIN figure is a lot of money for a project candidate, especially one requiring as much work as will face the new owner of this 1969 Mustang Mach 1. It requires an equal helping of hard work and cash to recapture its former glory, begging the question of whether such an approach is financially viable. While Hagerty suggests a value approaching $100,000 awaits someone who performs a high-end restoration, recent successful sales results suggest a figure just shy of $80,000 is more realistic. That leaves room to move on the build, but are you able to be hands-on enough to ensure that the budget doesn’t blow out? I wish you luck if you become its new owner, and I’m sure we’d all love to receive progress reports.
Well said, Adam, and realistically so. This has potential but an arduous project.
A point of concern too is the engine block numbers question…
To see this back on the road would be a joy.
Hopefully the new buyer sees it that way all and the way.
GLWTA
Pretty scuzzy engine room for a 42K asking price. Guess we could assume the underside isn’t any better. Lot more information needed before jumping on this one.
BTW, I bet they didn’t 14.5 out of the quarter mile with no limited slip diff.
And 14″ bias ply tires! More smoke than my neighbors backyard on a Friday night.
A 428 4-speed 1969 Mach 1 should, under most circumstances, be a viable restoration project. Plenty to do, but hopefully someone can make the numbers work. I’m usually fine with a vinyl roof, but to me it looks completely out of place here.
Beauty is in the eye of the beholder. Personally I think with a shiny gold paint job and brand new vinyl, this car would look pretty damn good!! Not sure about the BIN. Gotta really want it. GLWTA
$42k for this, as it sits??? Are there people out there that are really that stupid??? Maybe half the bin. There are better examples out there to buy for $42k that are good drivers.
People are paying for the CJ, you should be able to find a small block Mach 1 driver for that price, but not a 4spd 428CJ.
Steve R
Over the years that I located and restored multiple Mustangs, Camaros and Corvettes, that’s the hardest type of restoration candidate to evaluate. It’s all original, and it’s all there, but everything needs to be replaced. A wonderful, high value car when finished, but the restoration cost will exceed the final value.
Awesome find! However, if the seller wants “matching number” money, then he needs to verify and guarantee that it is, in fact, a numbers matching vehicle. The engine block is the most critical piece of the puzzle, in my opinion. It wouldn’t be wise to spend $42k on a “probably”- especially when the person who stands to receive the money is the one admitting doubt.
One picture shows the bellhousing inspection cover off. No clutch or flywheel in there. No driveshaft. Hope he has those parts. With the condition of the floors and torque boxes, I’m surprised they’re strong enough for it to be supported on a lift.
Way overpriced, especially with the originality of the block in question.
Was this underwater ? Flood ? Nasty !
No doubt was once a real stormer. Hard to believe that anyone, dealer or otherwise would order without a limited slip. I’ve heard from guys who had lockers that couldn’t drive them in winter. So there’s that camp. What you’re buying here is a VIN.
I was informed I comment too quickly; two comments in a half hour? OK… This Mustang will only be a good deal for the seller. I suspect it was pickled in many Manahawkin floods. Installed transmission with no clutch? Floors have all the strength of wet cardboard. Too much rust, too many questiions, too much money. I promise I typed slowly.
Seller needs to spring for a Marti report.
I wouldn’t care if a Marti report verified that this thing left the factory a true 428 CJ and a personal inspection revealed a numbers matching block, there is no world where this car is worth 43K, pure and simple. I agree with Adam about two things, this car would need every nut and bolt removed and replaced and if it was completely restored correctly the ceiling would be around 80 to 85K. Even if you had a fully equipped shop and expertise in literally every facet of automobile restoration, you could not restore this car for under about 60K. Doesn’t make sense.
My favorite car, but, for that kinda money I’d rather finance one out of a showroom with 40k down payment.
Everybody is asking way too much for these fastback mustangs especally since you can by a new body for half the cost.
Did the factory build any ’69-’70 fastbacks with a vinyl roof?!
IDK for certain, but I do know for certain, they shouldn’t have.
Auction ended on 1/11/2024 with a high bid of $26,600, did not meet reserve.
Steve R
They should have taken the $26,600, gave the buyer a huge thank you, and headed for the hills before the buyer came to his or her’s senses.