Time and the elements can exact a heavy toll on classic cars, and this 1964½ Mustang Convertible is no exception. It was located as part of an estate cleanout, and to say it has rust issues would be understating the case. Its new owner will face the mammoth task of returning it to its former glory, but it is probably among the cheapest Mustang projects of this era that you will find. It is listed here on Craigslist in Pacific, Missouri. It could be yours for $1,750, and I must say a big thank you to Barn Finder Gunter K for spotting it.

The history of this Mustang is unclear, but the deterioration makes it hard to spot its original Sunlight Yellow paint. Combined with its Black power top and factory chrome styled wheels, it must have drawn attention when new. Those days are far behind it, and returning it to that form requires equal amounts of commitment and cash. It is an early Mustang that has been neglected, so the dings, dents, and Bondo are the least of its problems. This classic is riddled with rust, and finding structurally sound steel is challenging. It has impacted the typical areas like the floors, rails, and torque box region. What hasn’t been consumed by rust wears a heavy coating of corrosion, meaning any restoration will entail dismantling the car to the last nut and bolt. The top is shredded, but the frame and mechanism are intact. Very few trim pieces are salvageable, and the windshield is gone.

This Mustang’s saving grace could be its drivetrain. It is original and essentially complete, with the 260ci V8 turning freely. This motor produced 164hp in its prime, reaching the road via a three-speed automatic transmission. The ¼-mile ET of 17.9 seconds was nothing to write home about, but at least it completed the journey with a beautiful V8 burble ringing in the driver’s ears. Everything under the hood is crusty and rusty, with new seals and meticulous detailing being the least that is required to have the engine presenting well and in good health. However, it retains defining parts like its original generator. Ford only fitted these to early cars, and finding a vehicle of this type mechanically unmolested is a bonus for potential restorers. Even if considered purely as a parts car, the date-correct mechanical components, some of which can be hard to locate, make the seller’s price look enticing.

Considering the condition of the rest of this Mustang, its interior state is unsurprising. With the top offering no protection, the Black vinyl upholstered surfaces have deteriorated beyond the point of no return. However, the interior is complete, with no evidence of aftermarket additions. Items like the seat frames could be reconditioned, while trim kits to recapture the car’s former glory are readily available. When you assess this Mustang’s other shortcomings, addressing the interior ills could be the least expensive part of its potential restoration.

I would usually look at cars like this 1964½ Mustang Convertible and question their viability as restoration projects. The sheer quantity of cutting and welding required to return it to a structurally sound state won’t be for the faint-hearted, and since the car has been on the market at this price for nearly three weeks, that suggests the seller hasn’t been inundated with serious inquiries. However, these early Mustangs are desirable, and a flawless restoration would leave the new owner with an appreciating asset worth over $50,000 in the current market. Whether the project is financially viable is questionable, but do you believe it deserves a second chance at life?