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S-Code 390 Project: 1967 Ford Mustang Fastback

Like everything in life, the values of classic cars are very much “demand driven”. It wasn’t that many years ago that a really rusty Mustang (or Camaro/Firebird) would be stripped of any salvageable parts, and the remains would head to the crusher. Today, the fact that there are companies that can supply everything from the smallest patch panel to an entire body-shell has changed the game entirely. Now a car that was once considered to be a hopeless basket case can be resurrected, and that has pushed values ever higher. I’m not saying that this 1967 Mustang Fastback is a basket case, but it is going to require a fair amount of dedication to bring it back to its best. Located in Fredericksburg, Virginia, it is listed for sale here on eBay. With bidding currently sitting at $15,900, the reserve has not been met. The owner also has set a BIN price of $22,500 for that individual who just must own the Mustang regardless.

At first glance, this Mustang really doesn’t look that bad. However, it seems that the owner doesn’t advise people to look too closely at the paint, because the quality is pretty poor. He says that it is quite blistered, and the whole lot will need to be stripped from the car. It’s also a 1st generation Mustang, which means that there is rust that will need to be dealt with. This includes repairs to the ends of the front frame rails, the left-hand torque box, and some repairs to both quarter panels. The front floors have previously been replaced, but the owner advises that this will need to be done again. The one item that he notes that is of concern is to do with front panel alignment. He says that the gap between the driver’s door and the front fender is wider than original, which is pretty obvious in the first photo. He isn’t sure if this is merely an alignment issue, whether it is due to a reproduction fender that might not fit properly, or whether there might be a deeper issue. It is certainly something that would stand to be investigated, especially given the fact that there are already previous rust repairs that will need to be redone. I hope that this isn’t a car that is also hiding badly repaired accident damage.

What is present inside the Mustang doesn’t look to be too bad, and the majority of the upholstery could certainly be reused if the next owner is aiming at building a daily driver. There is no information on the presence of the door trims, but the rear trims have been cut to fit aftermarket speakers, and the original radio has made way for a radio/cassette player. The seats look to be pretty good, as does the dash and pad. So, there’s plenty inside the Mustang that could be utilized in a restoration.

When this Mustang rolled off the line in September of 1966, what resided under the hood was a 390ci S-Code V8 and a C6 automatic transmission. With 320hp on tap, this was the gun engine in the Mustang range. Since that day, things have changed for this car. At some point, that engine and transmission combination was removed, and the Mustang ran a smaller engine and 4-speed manual transmission. These are now gone, and in their place is a 1966-vintage 390, but it isn’t an S-Code. It does wear the correct intake but has come from some other vehicle in the Ford range from 1966. The owner also states that the engine does not turn over, so it is probably going to at least require a rebuild, provided it can be made to turn freely. Likewise, there is now a C6 back in the car, but it also isn’t original. What is original is the rear end, and while the Mustang was also originally fitted with power steering, it looks like the majority of the hardware for that is now also gone. I guess that this leaves the next owner with the choice of trying to restore the Mustang as close to as original as possible, or treating the car as a blank canvas, and building it to whatever specifications they choose.

As project-grade Mustangs go, this one isn’t the worst that we’ve seen by a very long way. Don’t be mistaken though, because it is still going to consume a lot of time, effort, and dollars before it is ready to hit the road again. Judging by the bidding to date, it seems that there are a few people out there who are willing to take it on. Do we have any readers who are willing to join the fun?


  1. Nevada1/2rack Nevadahalfrack Member

    No matching #’s? Insofar as its need for a new drivetrain regardless, it looks to be a good candidate for a 5.0 Coyote crate w/ 6speed hand mixer & 4wheel disc as a good start-IF it were reasonably priced, which it’s not.

    However, it is a far cry from the Mopar💩 we saw earlier this week, which is disheartening as my preference has always tilted slightly more towards Mopar!
    At least here we find a seller with some appearance of integrity, and that’s encouraging.

    Like 6
    • Steve R

      Even though the original 390 is gone a buyer will still wind up paying a premium for the S in the VIN. It makes more sense to search for a factory six cylinder or small block fastback project to come along. With some persistence a buyer could find a nicer shell for the same or less money rather than unnecessarily wasting money on a big block shell. People complain about the cost of projects, which is valid, but thorough planning and wise purchasing decisions can go a long way towards building an affordable car.

      Steve R

      Like 9
      • Nevada1/2rack Nevadahalfrack Member

        You’re absolutely right, Steve R., and that was the gist of my rant-this thing could be a decent SHELL to begin a project, but unless someone is committed to somewhat replicating it’s original form, asking this much money for something that isn’t there has unfortunately skewed the fun factor in rebuilding a machine like this IMO. Smart shopping is the key but too way many sellers out there are sneakthieves.
        But as with everything in the universe, it all eventually balances out..

        Like 4
  2. Gaspumpchas

    If the underbelly is as rotten as he says, in reality it is probably worse than that once you get under there with a grinder. Look real close at this rustang, doesn’t look bad in the pics, but the ironworms never sleep..Good luck!

    Like 2
  3. Ken

    More interested in the pre-‘51 Chevy truck, tbh.

    Like 2
  4. Sam

    I know that some guys can’t believe others will pay this kind of money for a rusty Mustang, but the 67 big block is a car that I don’t see dropping in value for a long time like a lot of the other muscle cars are. Take a look at how few restored 67 big blocks come up for sale compared to 68-70’s, especially at the collector car auctions. If it were a GT 4 speed, bidding would be twice as high as current bid. These 67 S codes are getting close to what small block Shelbys are selling for and harder to find. And really, does it get any better than cruising in a mild built 390?

    Like 1
  5. thegoingthing

    I noticed the plexiglass cover over the cowl vents by the windshield wipers. That’s to keep the water or rain from leaking onto the carpet because of a rusted out front cowl area. I’ve had a couple of Mustangs that had this issue. There is no cheap fix. Requires major surgery from a skilled body man. Pretty common with the early Mustangs.

    Like 5
  6. Fran

    Ah. The hidden phone number, almost as dumb as the finger hiding the light plate number!

    Like 1
  7. Gaspumpchas

    Thegoingthing- I didn’t see the cowl vent cover. you are 1000% correct,fixable but for the skilled only. To a good body man, this is a cash cow. No way around it, and the cover is only shouting Lookee here…. Hourly rate times hours work on the car. ouch. This is often over looked–ask me how I know– I did a resto on a 62 falcon 2 dr wagon–came out great- was working under the dash- looked up and saw daylight. wound up welding the vent holes shut. Still got h20 on my feet. Caveat Friggin Emptor….

    Like 3
  8. Watne

    If the price was right ( which it is not) gut it, sell the nice interior stuff and everything else of value. Cage it ( being very careful to tie into all suspension pick up points) and race it. After your fun, someone would want to buy a Mustang race car. (Vintage ?)
    It would be a shame to do this to a nice car, but a rot bucket? No problem for me.

    Like 0
  9. Mikey8

    I was into s lot of mustangs including a 67 fastback.
    Not original motor and it doesn’t even turn over? Did I read that right?
    This guy is smoking something.

    Like 1
  10. George mattar

    Way too much money. These cars are total rust buckets. People have gone mad. Too many good cars to consider this heap of trash.

    Like 1

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