The First Generation Mustang GT is a desirable classic, but this 1966 GT Convertible could raise that desirability to a higher level. It needs TLC, but the knowledgeable seller indicates that it is one of the 3% of Mustangs from that production year ordered with a specific paint shade. It is a complete classic, and its freshly rebuilt engine helps its cause enormously. The Convertible is listed here on eBay in Cary, North Carolina. Bidding sits at $11,700 but is yet to hit the reserve. If you are one of those who avoid the auction process, the BIN option of $16,000 may look attractive.

The Red paint that graces this Mustang’s flanks is not original, with a previous owner performing a color change. When it was shiny and new, it wore Silver Frost, which the seller claims is a rare color. They say that only 3% of Mustangs from that model year wore the shade, and my resources agree with that figure. That means that while a ’66 GT Convertible is already desirable, achieving a showroom appearance would increase that desirability. Before they can do that, the buyer faces rust repairs to ensure the car is structurally sound. It has afflicted the usual lower body extremities like the rockers, lower front fenders, and lower rear quarter panels. Addressing the issues should be straightforward, and the availability of replacement steel means the parts are unlikely to break the bank. The seller candidly admits the trunk pan and floors are impacted, although it appears the rails and torque box region wear nothing beyond some heavy surface corrosion. The White power top has seen better days, but a replacement with a plastic window retails for under $500. If the buyer seeks the luxury of rear glass, that adds around $120 to that figure. The original GT grille and factory foglights are intact and in good condition, while the wheels should respond well to some work with a polishing cloth. The remaining trim is restorable, and the glass looks okay.

Whoever changed the exterior paint also stamped their mark on the Mustang’s interior. The current vinyl trim isn’t original, with the seller indicating it originally sported Code 25 two-tone red standard vinyl. It has seen better days, and complete restoration is the only course of action. A standard trim kit retails for around $2,000 but doesn’t include replacements for the tired faux woodgrain or gauge cluster housing. However, these parts are available and won’t add significantly to the restoration budget. The original owner ordered the GT with air conditioning, but the system is not currently installed. The timber steering wheel is in excellent condition, and the inclusion of a Rally-Pac gauge set adds further to this classic’s desirability.

While the body and interior require plenty of TLC, the buyer won’t need to spend a dime on the GT’s numbers-matching A-Code 289ci V8. The seller states it is freshly rebuilt and should produce its original 225hp. The power reaches the rear wheels via a three-speed C4 automatic transmission, allowing this pony to cover the ¼ mile in 16.1 seconds. They say the car runs and drives well, but stopping is an issue due to its inoperative brakes! The original owner ordered the car with front power discs, and returning them to an operational state should be easy. The engine wears aftermarket valve covers and a different air cleaner, but the seller includes the original items. Therefore, this Mustang’s mechanical components require relatively little before it could be considered roadworthy.

One of the greatest attractions of early Mustangs as project cars is the availability of affordable parts. That allows owners to return even the rustiest vehicle to a sound structural state. The rust issues with this GT Convertible aren’t as bad as some we’ve seen at Barn Finds, and the work required is not extraordinary. Returning the car to its factory appearance with its rare paint shade would be worth the effort because it would be a car capable of fetching $45,000 any day of the week. If the new owner aims for perfection, $70,000 or more would not be unprecedented. Considering the BIN price, that leaves plenty of room to move on the restoration if the buyer has the available funds. If you’ve been searching for a First Generation Mustang project, could you be tempted to part with your money for this one?