We’ve seen some sad and sorry 1st Generation Mustang project cars over the years here at Barn Finds, and a surprising number of them have been dragged back from the brink by passionate enthusiasts. That is the sort of person this 1970 Mustang Fastback needs because there is not one aspect of the car that won’t require their care and attention. If you feel that you could be up for this challenge, you will find the Mustang located in Pearcy, Arkansas, and listed for sale here on eBay. It seems that there are a few people out there who like what they see because this car has already attracted an impressive twenty-nine bids. This has pushed the price beyond the reserve to $4,795.

The Mustang rolled off the line wearing Competition Yellow paint, and while it looks sad and tired, that is the least of this car’s problems. As you can see in the supplied photos, it’s copped a hit in both the front and back. Neither of these looks like they were particularly hard, but I suspect that the buyer will need to add a trunk pan and radiator support to what is going to be a long list of parts if the vehicle is to be returned to its former glory. It isn’t clear whether it has spent an extended period in the great outdoors, but if it has, that helps explain a few things. There is no back window, and the windshield has a large hole in it. That would allow water to flow into the car easily, but the rusty floors mean that at least it can find its way back out! This could be one of those “chicken or the egg” propositions. It is possible that the floors were okay when the Mustang was parked and that years of incoming moisture have taken their toll. If that’s the case, it rates as a tragedy. So, a complete set of floors needs to go onto that shopping list. With rust in the frame below the battery tray, that’s still more steel, while we can add one rear quarter panel, a taillight panel, and a hood to the list. That’s the body taken care of, so now we need to turn our attention to the trim. There will be a grille, a couple of bumpers, and at least one taillight. Rounding out the list are a windshield and a back window. At this rate, the buyer looks like they might be putting the parts supplier’s kids through college! However, I don’t believe that this is beyond the point of no return in the right circumstances.

I’d put money on the interior not smelling like a rose if I were a betting man. With water having ready access to the interior, it means that the upholstery and carpet will have been wet for extended periods. That’s not a recipe for any classic retaining that new car smell. Apart from the radio, it appears to be complete. There’s no doubt that a trim kit would be the best answer to fixing most of the woes, but the issues may go deeper than that. The hole in the windshield is on the driver’s side, meaning that water will have flowed behind the dash. That has the potential to start severe corrosion issues with wiring, connectors, and relays. Then there’s the damage that moisture will have inflicted on the gauges. I think that the buyer will need to budget for new wiring and some replacement gauges. If they are willing to be patient, these items appear on online auction sites, so the buyer might save some money by securing good secondhand parts.

While the owner doesn’t state it categorically, I believe that the Mustang might be numbers-matching. It features a 302ci V8 and a three-speed automatic transmission. In its prime, that little V8 would’ve pumped out 220hp, which was sufficient to fire the car through the ¼ mile in 16.4 seconds. However, those days are well behind this classic. The owner admits that not only doesn’t that V8 run but that it’s locked. The buyer may have some luck pulling the plugs and squeezing in some Mystery Oil. Another alternative is to pour diesel down the holes instead of oil. It still possesses lubricating properties, and its less viscous nature means that it can easily find its way into locations where regular oils may struggle. I have seen some surprising results using this method, so it’s an option worth considering. If the new owner can free the engine, it may be a strong candidate or a rebuild.

There’s no denying that returning this 1970 Mustang to a roadworthy condition will represent a significant undertaking. Returning it to a pristine state merely serves to add to the workload. First Generation Mustangs continue to perform well in the classics market, but I admit that I have some doubts about this car’s financial viability. However, if the buyer can perform many of the tasks themselves, that paints a better picture. That doesn’t mean that they need to be an expert with a welder, but if they can do some of the more mundane chores like disassembly, cleaning, and reassembly, that will wipe a significant sum out of the restoration bill. The bidding history to date suggests that a few people have spotted the potential here, so I’ll be interested to know if any of our readers are willing to join in the fun on this auction.