Rebuilt 289: 1966 Ford Mustang GT K-Code

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When a buyer ordered a new 1966 Mustang, the gun engine was undoubtedly the K-Code version of the sweet 289ci V8. It provided excellent performance and produced a car that could hold its own in elite company when teamed with a four-speed manual transmission. This ’66 Mustang GT features that drivetrain combination, and the V8 is freshly rebuilt. It needs love to regain its youthful good looks, but its solid bones mean the new owner can commence the project from a sound foundation. I must say a big thank you to Barn Finder Matt H. for spotting this promising project candidate.

The seller purchased this Mustang in 2016, indicating it spent most of its life in San Jose, California. They haven’t attempted rust repairs or restoration beyond treating the Magnum 500 wheels to a refresh. However, as we will see, they haven’t been sitting around doing nothing during the past eight years. They are candid about its overall condition, admitting the tired Candy Apple Red paint is only the tip of the iceberg for those planning a refresh. Rust is present in the lower rear quarter panels, door corners, and floors. The underside shots suggest the latter problem isn’t extensive, and complete floor pan replacement may not be required. Every cloud has a silver lining, and this GT’s story is no exception. The seller sourced a set of good doors with glass, a pair of front fenders, a reproduction hood, and a reproduction deck lid. They include these in the deal and an extensive collection of other parts to assist the buyer on their restoration journey. This Ford retains its correct trim and badges, including the distinctive grille and spotlights. Some items require refurbishing or replacement, but the glass looks pretty good.

If the Mustang’s exterior needs work, the buyer faces no such challenges below the surface. This GT is a numbers-matching classic, and its mechanical configuration is the most desirable a buyer could choose in 1966. The engine bay houses the K-Code 289ci V8 that should send 271hp and 312 ft/lbs of torque to the 9″ Traction-Lok rear end via a four-speed Top Loader manual transmission. The ¼-mile journey will take around 14.7 seconds, and keeping the pedal to the metal will push the needle to 130mph. The seller treated the engine, including the original carburetor, to a professional rebuild. They replaced the fuel tank, fuel lines, and most of the braking system. Add a factory-spec exhaust and a new clutch assembly to the list, and potential buyers can consider this GT a turnkey proposition.

The first owner continued their trend of selecting desirable features when ordering this Mustang, and the interior demonstrates that. They selected Code 65B Red deluxe interior trim, adding a console and the ultra-cool Rally-Pac gauges. I believe it originally featured a factory radio, which has vacated the premises in favor of an aftermarket unit. The interior is serviceable, but it does show its age. However, that isn’t the end of the world because the seller’s parts collection includes what I believe is a trim kit. If correct, returning the interior to its former glory is a rewarding task the buyer could complete in a home workshop without spending a dime.

The seller listed this 1966 Mustang GT here on Craigslist in Portland, Oregon. Their asking price of $46,000 means it isn’t a cheap vehicle, and with values softening slightly during the past year, the figure might be optimistic. However, history shows that these cars remain popular, and this GT offers one of the most desirable packages sought by enthusiasts contemplating a long-term investment. Its restoration will probably push the total outlay beyond what someone might reasonably expect to get for a pristine example in the current market. Still, the included parts inventory will help the bottom line considerably. It is worth considering that the restoration costs could be offset by climbing future values. Is that a chance you would take, or are the stakes too high?

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  1. Fox owner

    Great Mustang. I have not kept up with values for these but 46 large seems high. Although, I would just paint it if there’s no rust to repair, as seems the case. Which makes me wonder. Why all the replacement parts? The doors, Fenders, hood and deck lid seem fine. Underbody shots look good.

    Like 9
  2. Raoul-F Raoul-F

    Missing the re-inforcement bars from the suspension domes to fire wall.

    Like 6
  3. CWMember

    Eh… just another run-of-the-mill coup. Tons of them out there..

    Like 4
  4. al8apex

    that rally pac is a 65, not original to the 66 model year

    Like 1
  5. Frank Drackman

    Solid lifters, high compression if I remember right, wonder how it runs on todays gas? Valve seats hardened?


    Like 1
  6. Guardstang

    I’m sorry but there is no way a stock K code Mustang was a 14 sec car-road tests of the day got high 15s or low 16s. Even the GT350 with 306HP are not 14s cars.

    Like 4
    • Tim

      Absolutly correct in the high 15 second 1/4 mile around 92 mph or so

      Like 0
    • Tiger66

      Exactly. This writer relies on a website ( that uses a computer-model-based “performance simulation,” not actual road tests, for its performance data. It says so right on the site. Best to take any of the performance numbers cited with a grain of salt since road tests (findable online in most cases) will tell a different story. I’d have less of a problem with the computer-simulated numbers if they were simply disclosed as such (so we’d know not to take them too seriously) and not passed off as fact, but why not just look up the real numbers and use those instead?

      Like 1
  7. Bill

    Never thought much of this body style can’t figure out why they were so popular, and still don’t, I’ll take a Camaro any day

    Like 0
    • z1rider

      They were popular because they were cheaper than the fastback and the convertibles. And a bit more practical than either of those.

      Like 5
  8. HCMember

    This looks like a run of the mill, Mustang Coupe to me, not even a Fastback. Is the GT value really there on this coupe? I’d much rather spend this kind of money on a Fastback version.

    Like 2
  9. Mark F.

    The side mirrors are not correct. 1966 never had color matched mirrors like that. There was a remote mirror option but it was chrome and round.

    Like 2
  10. Mike Gordon

    46k??? Must be some good dope in your ‘hood.

    Like 3
  11. Servicevet

    I’d get a good solid cooling system (radiator and fan setup) and drive the snot out of that Mustang just the way it is!

    Like 0
  12. HCMember

    If I’m paying that kind of coin, I want a Fastback version, not a coupe.

    Like 1

    With headers and slicks, which were legal in NHRA stock class in ’66, these were easily in the mid 14 second range, or better.

    Like 1
    • Mark F.

      Maybe. But it would have to pick up more than a second. All the 1/4 mile times recorded back in the day for a completely stock K-Code car are around 15.6-15.7 seconds.

      Like 2
      • Mark F.

        Motor trend in 1966 recorded the 1/4 mile time for the Shelby GT-350 at 15.2 seconds. No slicks on that car, but the Shelby would have had a better intake and headers as stock equipment, as well as traction bars.

        Like 0
  14. DA

    Not worth half the ask.

    Like 0
  15. HCMember

    Possibly needing outer rear wells and rear quarters and other rear and front rails, and possibly torque boxes, in addition to body and paint done, this price is outrageous. He’s lucky to get half his asking price.

    Like 1
  16. Rex B Schaefer

    No traction-lock that year! Equa-Lok that year!

    Like 0
    • Tim

      Correct tfaction locks came out around 68 1/2 early equalocs used 2 friction clutch plates later versions had 3 friction plates there was no way to adjust them

      Like 0

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