We see plenty of First Generation Mustangs crossing our desks at Barn Finds, and it is easy to understand why. Ford produced these cars in extraordinary numbers, and they remain as popular and desirable now as they were when they emerged from the factory. Our feature car is a 1968 GT Fastback that is a promising restoration project. It has the typical rust issues, but it is an essentially solid classic that runs and drives. It is a prime candidate for restoration, although the winning bidder might opt for the restomod approach to create a more civilized or potent package. The GT is listed here on eBay in Belgrade, Montana. Spirited bidding has pushed the price to $14,400, which is below the reserve.

Ford performed three significant updates to its original Mustang design, with the first hitting showrooms for the 1967 model year. The car’s exterior dimensions grew slightly, but the most significant changes were below the surface as the company reengineered the range to accommodate larger engines. This 1968 example is a relatively solid vehicle the first owner ordered in Sunlit Gold. The seller acknowledges the Black cloaking its exterior came courtesy of rattle cans, meaning the new owner must strip away layers of paint to achieve a high-end result. The panels feature a range of minor dings and dents, and it probably wouldn’t be a First Generation Mustang project if there weren’t rust requiring attention. It has consumed the floors, although the trunk pan, rails, shock towers, and lower exterior surfaces look surprisingly sound. Some trim pieces require replacement, but I can’t spot any significant issues with the tinted glass.

The VIN, Marti Report, and Window Sticker confirm the original owner ordered this GT with the J-code 302ci V8. This motor was a one-year-only inclusion for 1968, producing 230hp and 310 ft/lbs of torque. They teamed the 302 with a three-speed automatic transmission and power steering, resulting in a car that would have been an effortless cruiser. The GT is no longer numbers-matching, with a previous owner performing an engine swap. The seller can’t locate a tag on the transmission, believing it may have also been changed. The specifications of the powerplant are unknown, but the engine runs well. The seller recently drove the Mustang from their home to its storage facility with no problems. They don’t consider it genuinely roadworthy, but the buyer has a firm foundation from which to work to achieve that goal.

One look at the Marti Report confirms the first owner had one eye on comfort when ordering this Mustang. They equipped the interior with air conditioning, a Sport Deck rear seat, and an AM radio. The interior is partially dismantled, with little evidence of the original Nugget Gold vinyl trim. The driver’s seat has made way for a body-hugging vintage racing unit, while the front passenger seat is AWOL. However, it isn’t all bad news, because the images reveal that the back seat, dash components, and much of the plastic is present. The other missing piece of the puzzle is the air conditioning, which wasn’t there when the seller became the car’s custodian.

Some within Ford management considered hitting the panic button in 1968 because Mustang sales slumped by nearly 50% compared to the record total set two years earlier. That sounds like a recipe for gloom and doom, but with 317,404 cars rolling off the line, it was hardly disastrous. The Mustang continued to justify its existence, with the First Generation undergoing further upgrades until making way for the Mustang II at the end of 1973. This 1968 GT Fastback is a promising project that has attracted twenty-eight bids, and with over a week remaining on the listing, that total is guaranteed to climb. Returning to its former glory requires deep commitment, but are you up for that challenge?