It is no secret that the individuals occupying the lavish offices at Ford World Headquarters in the 1960s weren’t keen on the idea of Mercury adding a pony car to its model range. The Mustang was to face worthy opposition as the decade unrolled, and there was a genuine fear that competition from within might dilute sales. However, the green light was eventually given, and the Cougar badge would become a staple of the company’s model range for most of the marque’s remaining days. I must say a big thank you to Barn Finder Mitchell G. for spotting this 1968 example. It is a surprisingly solid project candidate that might be a strong contender for anyone considering a first build. The seller has listed the Mercury here on eBay in Gig Harbor, Washington. They set their BIN at $11,500 with the option to make an offer.

Mercury introduced the Cougar for the 1967 model year. It based the First Generation on Ford’s Mustang, with styling and equipment updates to provide a more luxurious feel. The listing suggests that this 1968 example may have spent an extended period in its current location, hidden under a cover to protect it from the worst that Mother Nature could throw at it. The first thing to note is the tired paint, which has succumbed to age and UV exposure. However, decoding the Trim Tag reveals that someone performed a color change from the factory Code F Madras Blue. The seller is sparing in their history, but since the buyer will probably strip the panels for a high-end result, that would be an ideal opportunity to reinstate the original shade. That brings us to the subject of rust, which isn’t as bad as many readers may fear. The seller states that there is a small hole above the windshield from where the cover leaked, although the remaining exterior steel is solid. There is also a small area in the floor that might be a candidate for a patch. Otherwise, it seems that this Cougar is structurally sound. Most of the trim might respond to attention with appropriate cleaners and polish, and the listing confirms that the headlamp doors work as they should.

Although Mercury introduced a range of minor changes to the Cougar for the 1968 model year, the most profound of these was found under the hood. The company initially dropped the 289ci V8 at the start of the year, substituting the 302ci unit to meet new emission standards. The 289 reappeared later in the year before disappearing entirely when the 1969 changeover occurred. Buyers could choose from two versions of the 302, with this car’s first owner selecting the J-Code version that delivered 230hp and 310 ft/lbs of torque, according to the Sales Brochure. They teamed the engine with a three-speed Merc-O-Matic transmission, power steering, and power front disc brakes. Outright performance was not quite as good as owners received from a similarly equipped Mustang, but this was due to the Cougar’s higher curb weight as the company focused more on luxury. The seller indicates that this Mercury retains its original drivetrain, but it appears the car hasn’t seen active service for a year. They suggest that budgeting for a mechanical refresh would be wise, stating that the V8 would be a sound foundation for that approach.

This Cougar’s interior is a surprise, because its condition is far better than the weathered exterior might suggest. The wheel is cracked, the carpet looks tired, the passenger seatcover has gone a slightly odd color, and some small items exhibit deterioration. However, the remaining Aqua vinyl upholstered surfaces look comfortably acceptable for a driver-grade build, with the back seat looking particularly good. There are no headliner tears, the pad hasn’t deteriorated badly, and a radio/cassette player with speakers in the rear parcel tray appears to be the only aftermarket addition. The company’s focus on luxury is reflected by this car’s air conditioning and full-length console.

The First Generation Cougar spent years in the shadow of the Mustang in the classic market, although that situation has changed dramatically. They are still typically cheaper than their Ford cousins, although climbing values suggest that a good Cougar could represent an excellent investment option. This 1968 example needs work, but there are no obvious issues that would be beyond the abilities of a competent person to tackle in a home workshop. Doing so would eliminate labor costs from the budget, allowing the project to remain financially viable. The seller’s listing has generated considerable interest during the past day, but are you tempted to beat these enthusiastic individuals to the punch by hitting the button? If you do, I hope that you will provide us with progress updates, because I would love to see this Cougar once it returns to its former glory.