Depending upon your attitude, a glass can be half-full or half-empty. Similarly, what appears to be a minor restoration project to some may be a major undertaking for others. Therefore, I must say a big thank you to Barn Finder Mitchell G. for spotting this 1966 Ford Mustang. The seller describes it as a “small” restoration, and it will be fascinating to gauge your feelings on that matter. One thing that is beyond question is that it is one of the most affordable V8-equipped First Generation Mustang project candidates that you will currently find in the classic market. The seller has listed the car here on eBay in Sacramento, California. They set their BIN at $9,500 with the option to make an offer.

The 1966 model year marked a high point in the Mustang’s production life, with an incredible 607,568 buyers handing over their hard-earned cash to take one home. This is understandable because the impressive range of mechanical options provided something to suit all tastes and budgets. The story of this ’66 is unclear, but it undoubtedly requires a full cosmetic restoration to return to its best. The badly deteriorated Silver Frost paint is loosening its grip on the steel, suggesting that a bare metal approach is required to achieve a respectable result. However, the panels are straight, and the trim and glass look okay. The vehicle rolls on a set of American Racing Torq Thrust wheels that suit the car’s character, although the buyer may choose to swap on something more period correct for authenticity’s sake. The biggest question hanging over this classic is the potential presence of rust. The Mustang’s geographic location should have protected it, although that isn’t guaranteed. The lower extremities only exhibit minor problems, and the seller makes no mention of underside issues in their listing. That sounds promising, but the engine bay raises a question on that front that it would be impossible to answer without an in-person inspection.

Lifting this Mustang’s hood reveals a 289ci V8 that the first owner teamed with a three-speed automatic transmission and power steering. With the seller confirming that this is a C Code, it will deliver 200hp and 282 ft/lbs of torque, providing fairly respectable performance. The Mustang has sat for a long period and will require a major service before the new owner can consider it roadworthy. The drivetrain holds no great mysteries, and many of the required tasks could potentially be tackled by a competent person in a home workshop. However, there is one aspect of the engine bay that rings alarm bells for me, and that is the finish that someone has applied to the steel. It looks like some form of anti-chip product, and my worry is what it might be hiding below the surface. There is also mold visible on the driver’s side inner fender, suggesting that the storage environment might have been less than ideal. Casting a set of eyes across this area would be wise to ensure there are no nasty surprises awaiting the buyer.

The interior could be this Mustang’s high point. Both front seatcovers are split, meaning that an investment of around $450 is required to address what is the only significant shortcoming. The remaining Black vinyl surfaces are free from problems, the dash and pad look good, as does the carpet. Someone has fitted a retro-style stereo with speakers mounted in the kick panels, but reversing that change would be easy. With those few tasks complete, the presentation would be comfortably acceptable for a driver-grade build.

While it initially shows promise, a few question marks are hanging over this 1966 Ford Mustang. Its location should have protected it from the major rust issues that often plague these classics, but the engine bay finish raises questions regarding what may be hiding beneath. Only an in-person inspection would reveal the truth, and with time remaining on the seller’s listing, negotiating one may be possible. Is that something you might consider to assess whether it is worth the effort and price, or will you pass on this occasion?