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Running Project: 1972 Ford Mustang Convertible

Ford started the sporty “pony car” craze in the mid-1960s but was running out of steam just a few years later. By 1972, sales of the Mustang had declined six years in a row, due in part to competition and the cars themselves falling out of favor with buyers. This ’72 convertible is one of only 6,400 copies built that year and runs good except for a leaking transmission. While it still wears its original green paint, the car is going to need a cosmetic restoration (it may take a gallon of paint just to cover the long hood!). Located in Granada Hills, California, this one prior owner car is available here on eBay for the Buy It Now price of $12,500 but offers will be considered. Thanks, Larry D, for another Left Coast find for us!

Total Mustang production was 125,000 units in 1972, down from 150,000 in 1971 and a far cry from the 607,000 in 1966. The Mustang had grown in both size and strength since its creation and by the early 1970s, consumer tastes were changing. It would be two more years before the Mustang would leave its Falcon routes and become the Mustang II, based on the Ford Pinto. Whether or not that made everyone happy, at least sales went up and the timing was right with the OPEC oil embargo of 1973 that drove up gas prices. Convertible production accounted for only about five percent of the total, or just over 500 being built on average every month.

The seller’s ’72 droptop is typical in terms of mechanical specifications. It carries a 2-barrel 302 cubic inch V8 paired with an automatic transmission, which may be original to the car at greater than 111,000 miles (unless the listing has a placeholder number). This car was acquired from the original owner and he has the order sheet for when it was first purchased. We’re told it is original including paint and interior. The power top may no longer work, and certainly, new cloth is needed if you want to stay dry in wet weather. There is a bit of rust here and there and the seller doesn’t believe those will be difficult repairs.

This ‘Stang is said to run well but will leave a small trail wherever it goes as the transmission likely needs new seals. It has power steering and power front disc brakes as well as factory air conditioning, which may have been rare for a California car nearly 50 years ago. The car retains both of its original California blue license plates. Hagerty says the average value of a ’72 Mustang is $7,400 and under $17,000 for a prime example. Being a convertible, it should fetch more, but given the work this car will need and the general lack of collector interest in these later Mustangs, do you think the seller will get his asking price?


  1. Maestro1 Member

    Call the Seller and ask what they want for the car. You will be North of several thousand to bring it back but if you like Mustangs in general this may not be a bad buy.

    Like 3
  2. Charles Sawka

    The bad, it needs a lot of attention. He good, there is nothing that you can’t get parts wise. I can’t tell you when I last saw those rims !

    Like 0
  3. Motorcityman

    Big question on a car like this is SUSPENSION.
    Ive looked at lots of cars that say “running condition” and similar wording and when u test drive it u can barely stay straight on the road as you’re wallowing down the road……and its sputtering on 4 cylinders or banging into gear and the driveline feels so loose it feels like its falling apart as u drive……but it’s in running condition!! 😁
    If this is one of those I’d offer 5K for it.

    Like 2
    • Gary James Lehman

      I don’t think you are in danger of making a purchase!!

      Like 3
      • Motorcityman

        Ha! U dont know me! 😁

        Like 0
      • Miguel - Mexican Spec

        Motorcityman, are you a shrewd negotiator?

        Back in the ’90s I bought a 1972 Cougar convertible that was about in this condition in this same area.

        It had a 351C with a 3 speed on the floor.

        I think I paid $600 for it and drove it to Vegas.

        The prices on these abused cars astounds me.

        Like 0
  4. Ken

    I am guessing 135 HP at most. Please correct me if I an wrong.

    Like 0

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