Rebuilt 302/4-Speed: 1966 Ford Mustang

This 1966 Ford Mustang is a black-plate classic that has spent its life in a favorable climate. So it’s unsurprising that it is a solid vehicle that retains its factory steel. Its engine bay houses a rebuilt 302ci V8, which should provide a measurable performance gain. I must say a big thank you to Barn Finder Dan for spotting the Mustang listed here on eBay in McKinleyville, California, for $22,500 OBO.

History shows that the 1966 model year was comfortably the most successful during the First Generation Mustang’s production run, with 607,568 buyers taking one home. Volumes dropped from that high the following year, partly due to increasing competition from the Pontiac Firebird and Chevrolet Camaro. Our featured car presents extremely well in Raven Black, with the Body Tag confirming it as the Mustang’s factory shade. The paint is fairly new, helping to explain the lack of significant chips and marks. The vehicle retains all of its factory steel, and the panels are as straight as an arrow. The seller doesn’t mention any existing rust problems, and its structural originality suggests life in California has protected it from the dreaded tin worm. The trim and glass look excellent, and the old-school alloy wheels perfectly suit the car’s personality.

Decoding the VIN confirms that the first owner ordered this beauty with the C-Code 289ci V8, delivering 200hp and 282 ft/lbs of torque. They teamed the C-Code with a three-speed manual transmission and a 3.00 rear end, but much has changed since 1966. The original motor and transmission are long gone, replaced by a 302 and a four-speed. The seller states that the motor is rebuilt, although it is unclear when they performed the work or how many miles it has clocked since. However, they confirm they are the Mustang’s second owner and have documentation dating back to the day it rolled off the showroom floor. Although not specifically stated, it appears to be a turnkey classic.

If the Mustang’s interior isn’t a highlight, it doesn’t miss that honor by much. It looks impressive trimmed in its correct Black vinyl. The seats and carpet show no wear, and the remaining vinyl looks excellent. I can’t spot any genuine issues with the dash or pad, and the wheel is spotless. One interior image shows a column-mounted tachometer, but since it obscures the speedometer, I would either relocate or remove it if I became the new owner. Beyond that, the interior appears to tick the boxes expected from a high-end driver.

The listing statistics suggest this 1966 Mustang hasn’t generated the interest I would typically expect for a turnkey classic of this caliber. One factor working against it is that although the seller’s price appears realistic, ’66 Mustang values have dropped during the last six months. It is unclear whether this is merely a correction that will reverse itself or a sign of waning interest is impossible to gauge. That means that buying a ’66 as an investment might be risky, although the same could be said for almost any classic. Some enthusiasts will throw caution to the wind and follow their heart to own the car of their dreams. If a First Generation Mustang has been on your Wish List, could this extremely tidy example be a contender?