This 1973 Mustang Mach 1 had been sitting for several years before the owner kicked the vehicle back into life. It runs and drives, but it is in need of restoration. It appears to be an essentially complete and solid vehicle, but it has lost some of its originality. That provides the next owner with the opportunity to transform the Mustang into the car of their dreams without the stress and anguish that can sometimes accompany the destruction of a numbers-matching classic. The Mach 1 is located in Denver, Colorado, and has been listed for sale here on Craigslist. Taking on a Mustang project is as simple as handing the owner of this one $7,950. A big thank you must go to Barn Finder Ikey H for referring the Mustang through to us.

When you look at just how faded the paint is on this Mustang, it is hard to believe that it started life as Bright Red. It is now badly faded and is well beyond a simple polish treatment to return it to its best. I think that the thing that I find most surprising is the lack of major visible rust. Oh, don’t get me wrong, because it a 1st Generation Mustang in need of restoration, so that makes rust a virtual certainty. Having said that, the rockers look pretty clean, and while there is rust in both lower quarter panels, these should be able to be fixed with the use of patch panels rather than complete panel replacement. It is possible that there are a few spots present in the lower front fenders, but if there are, they are pretty minor. The biggest worry for me is the Bondo in the front fender on the driver’s side. It appears that the surface preparation wasn’t that great when this was applied, because some big pieces have now fallen out. The reason that it worries me is that if this work was completed to such a low standard, it makes me wonder what other repairs are currently hidden from view.

The owner states that the Mustang’s black interior needs a freshen up, and I have to rate the owner as the master of the understatement. The dash and door trims look like they are in reasonable condition, but from there we go downhill pretty quickly. With the headliner, seat covers, carpet, and the dash pad all in need of replacement, the most logical approach would be to purchase a complete trim kit for the Mach 1. The fact that high-quality kits that would address all of this car’s interior issues can be sourced for around $1,150 means that this could be one of the least expensive aspects of the restoration process.

If this Mustang was a numbers-matching vehicle, then what you would find under the hood would be a 302ci V8. It isn’t numbers-matching, so the owner states that what we can see is a 351ci Windsor engine. This is backed by a 3-speed manual transmission, while life is made more pleasant by the inclusion of power steering. The owner revived the Mustang recently, and it now drives and stops at car park speeds. It sounds like it might need a bit of work to return it to a roadworthy state, but the vehicle has received a new fuel tank and a new carburetor as part of the revival process. This is where the next owner could potentially make some interesting decisions. With the original motor now consigned to history, this would be a chance to upgrade things a bit. These early emission V8s were not renowned for their smoothness, refinement, performance, or their good manners. Maybe the answer is to slot in a fuel-injected 5.0-liter V8 from a later Mustang. This would potentially address the smoothness and reliability of the car while arming it with more horsepower. It’s certainly something to think about.

This Mustang raises plenty of questions in my mind, but the big one surrounds its potential value if restored. The reality is that if this was a numbers-matching car with the 302 under the hood, then its ultimate value would struggle to reach beyond $30,000. With the original engine now history, that means that it could potentially be worth whatever someone is willing to pay for it. Given those factors, that makes me think that the asking price might be a bit high unless the next owner is keen to produce a restomod. Then it might make some sense.