What R U Missing? 1969 Ford Mustang Mach I

That’s a mean-looking thing, isn’t it? Like a shark, just lurking there, staring at you with those eyes (ok, they’re headlights, but).. This 1969 Ford Mustang Mach I is on Craigslist with an asking price of $18,000. Did I mention that this is an R-Code car? Can you say, 428 Cobra Jet? Thanks to Eric B. for sending in this one! It’s somewhere in the Northeast/Northcentral Massachusetts area.

Ford offered the first-generation Mach I from 1969 to 1971 and they were only available on the SportsRoof, or fastback, cars. I expected to see a flat back hood on this one, but they didn’t all come that way. In decoding the VIN, this car is indeed a 1969, made in Metuchen, New Jersey, it’s a fastback Mach I (there were and are a LOT of clones out there), and it is an R-Code with the optional Cobra Jet 335hp 428ci V8! More on that in a bit, you may want to grab a Kleenex.

I also expected to see a spoiler on the back, but they came in different configurations, it wasn’t an all-or-nothing option package. I can’t believe that the car for sale here actually looked similar to this at one time. It’s amazing what time will do to age cars, and people.. Speaking or age, there will be a bit (bit = lot) of rust work to do on this Mach I. The trunk will need repairs as will the passenger door and there will be lots of work on the underside. Surprisingly, the rear wheel arches are both rock solid, but every square inch will need something, as with any full restoration.

The work doesn’t stop once you open the doors, the interior will also need a full restoration. And, this one has an automatic, which may or may not be more desirable to you personally, but top-dollar-wise, there is no question that a manual transmission would have made this car more monetarily valuable. Speaking of monetary value…

Here’s where this one falls down a bit, at least monetarily. The original Cobra Jet 335hp 428ci V8 isn’t here, this isn’t it, it’s not coming with the car, it’s just not there! (too dramatic?) The original transmission is missing, too. The seller says that although the original 31-spline rear end is there, there is no shaker setup with the car. Which brings us back to the asking price, and the fact that this car is still for sale after being posted on Craigslist for almost three weeks. A fully-restored R-Code Mach I in this configuration would probably be between $75,000-$85,000, or thereabouts. The automatic transmission holds it back a bit, but without the original Cobra Jet engine and original transmission this one won’t approach those numbers. We all know that a full restoration of this car would be $50,000+ if not much more. From what I’ve seen on Mach I internet forums, the asking price for an original car in this condition would be right at the seller’s asking price for this car. But, without the original engine and transmission, I would think it would be closer to $8,000-$10,000? Would the Mustang experts out there have any thoughts as to a value for this car as it sits now, and also in restored condition sans original Cobra Jet engine?

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Comments

  1. Gene

    I if remember right, nice 69 Mach’s with 428CJ/auto were going for about 50g’s this weekend at BJ.

  2. michael streuly

    The guy is dreaming if he thinks that rusty hulk is worth 18k.

  3. Alan (Michigan)

    Maybe there should be a site for listers like this one, called “Barn Dream$”?

  4. Tracy

    I agree with Gene. Watched most of B-J this weekend and there were plenty to choose from if you are in the market for any of the iconic muscle cars. It seemed that everybody liked the same cars at the same time. Shelbys were down 33% in value. What was selling for $150 last year or two was under $100 this year. Something felt off about the auction this year. Every vehicle sold when I was watching. I didn’t see a single no sale.

    • Dick

      Thee were only 12 cars with a reserve on them this year.

    • Car Guy

      i watched too this week, thank goodness for PVR. Hate all the commercials
      Yes i would agree the pricing was a little lower than in past years, but I did see some cars, not meeting reserve. Then being sold after the cameras, had passed on to another car,
      I was also watching the direct action floor feed on online.
      As always Tues to Thursday always the best, and lower prices, Friday night and Saturday all the celebrities and Uber rich NOB’s ego drive the pricing up to stupid levels. To get on TV.

      But I did see some good rides go earlier, at prices that almost made sense.

    • Kenny

      Tracy, the reason you didn’t see any “No Sale” cars is that is the premise of Barrett Jackson, they pretty much force consigners to let Barrett Jackson sell their car at NO RESERVE …

  5. Rocko

    A has been thats begging to be a wannabee! Sounds like the rust has finally convince someone to cash in.

  6. Adam T45 Staff

    Sorry, but it is about $10,000 over priced. The car needs stripping down to the last nut and bolt, it isn’t a matching numbers car, and it’s an auto. At $6000-$8000 it would make a nice project car for someone who wanted to build a daily driver, but it will never be worth big dollars (unfortunately).

    • dennis

      Totally agree with you. Best day and the right person and all the stars in alignment $6500-$8000 tops.

  7. rmward194 Member

    Link to one, with a manual, that sold for $61,600 at Barrett-Jackson. The Craigslist seller is way over-priced

    https://www.barrett-jackson.com/Events/Event/Details/1969-FORD-MUSTANG-MACH-1-428-CJR-FASTBACK-201964

    • James

      Yes, but with the 10% buyers premium the buyer really paid $68,000 for that car. At that price, that would leave about $50k to restore this one and still not be upside down. Most guys that do these for themselves can knock it out for about $30k or less.

  8. JW

    I agree with all the others, as someone who loves to modify my vehicles to my personal taste this is not one of them I would want it original. But this guy is dreaming.

  9. Mike

    Dreamer, without the engine a tranny auto or man this guy is dreaming. Wonder what they are smoking up there!!!!!

  10. Tony Tabacchi

    Seeing what’s there and knowing what someone would be getting into to do this car right…

    That’s a lot of money for a VIN.

  11. larry boring

    This guy needs to lay off the bong water or the psychedelic mushrooms he’s definitely hallucinating like so many who watch Barret Jackson and those ridiculously priced shows. I agree with the others saying 6-8000. With so much missing and the amount of metal/rust work to do including paint. What’s under the carpets??? Also the dash needs replacing. This would be a BIG NOPE ON HIS PRICE THAT IS FOR CERTAIN!

  12. Red'sResto

    I agree with you all. Great project for a resto mod if you can get it down to half or less of the asking price. Find a wrecked late model Mustang with a manual trans and do a trans and engine transplant. Yes it’s a Mach 1, but without the original parts you might as well have some modern performance to go along with the looks.

  13. Nova Scotian

    I think it’s a parts car. You?

    • Rocco

      Maybe, just the 31 spline “N” rear end.

  14. Nova Scotian

    Step one, buy a Dynacorn body for $20 grand…

  15. James

    Sorry, but you guys (some of you) are a bit off on your pricing. I just recently sold this car, a Q code, non-ram air, (no shaker) 1970 Mach 1 with similar body issues and a 70’s SMALL BLOCK in the engine bay. Magnum 500’s NOT included. NONE of the big block stuff was with the car. This was also an original dark Jade car (ugly). Car brought $8,500 easily. I could have gotten $9,500 if I wanted to work it for a few weeks. The 69-70 fold down rear seats will bring a grand by themselves. IF (and it is a big “if”) that is a true 428 with real CJ heads, it alone is worth about $4,500 all day long. So while it may not be an $18k car, it is WAY more than a $6k-$10k car even in today’s market. There are still a TON of people that want fastback’s and sportsroofs no matter what the condition.

    • Joe

      If you read the article it has no motor or tranny just a rusty hull with a shot interior 5 k tops

    • Grunt0331

      James..I think you missed an important issue or two…The original motor and transmission are NOT INCLUDED with this car. Given the overall condition represented in the photos (and who knows “what we can’t see”), this car just “might be” a good project car at $6,000-$8,000, but you would need some super-restoration skills (interior/glass/welding/metal fit-up and finishing/surface-prep & paint/dashboard reconstruction/wiring),a wheelbarrow full of cash (DIY ~$30K…pay a Professional Shop ~$70-$90K)…and you still wouldn’t have a #’s matching Mach 1. Good Luck!

  16. Neil G.

    It always boils down to Supply and Demand.

  17. Squanto

    And like a shark it will leave you bleeding to death.

  18. dennis

    I’ve been restoring “old cars” since 1985 when these and ALL the others were just a used car people would say how much to paint my used Mustang, Cuda, Chevelle. Watching all this stuff get crazy to insane. We might start seeing values fall now that a lot of would be investors are turning back to the stock market to speculate on a revitalization of our economy or a damn good possibility of it. Back to papers in a file folder instead of 2 tons of metal and machinery requiring insurance and constant worry over so many things that could ruin your investment. Just my thoughts after watching this craziness for 32 years.

  19. the one

    tag line for this p.o.s.
    Fool and his money..
    Honey, If you want it here it is come and get it, but you better hurry cause it’s goin fast, you better hurry cause it’s goin fast!

  20. erikj

    I also think its way overpriced, and the add does say no engine,trans though its just a auto set-up and missing shaker stuff.
    As far as barrett-Jackson goes, The first days are the deals for us without deep pockets.
    I watched BJ a few years back and watched a very decent 64 gto conv. sell for $19k. If I would have known, I would have tried to buy that one.

  21. Rustytech Member

    I’d rather pay $25k for a sharp coupe than $18k on this hulk! It doesn’t matter if you are able to find a period correct 428, this is never going to be #’s matching, if you change the engine, you lose whatever value is in the VIN, either way at this price plus a full restore your at best going to break even. Not a good investment in my opinion, but then I don’t have money to burn.

    • dennis

      Yeah, a lot of these guys don’t seem to concern themselves with losing money. Maybe they just love that particular car or just want to join the insanity whether they lose money or not. Tough market, seems to lack sense or logic so many times. I bought my 71 Corvette and I knew I’d probably break even at best or maybe even make a very modest profit but I wanted a C3 chrome bumper car no matter what.

  22. Joseph Rapoza

    Another over priced car in Massachusetts. I live in Massachusetts, why does every Yankee think there car is worth so much. But when they want to buy it is only worth half of what your asking. Joe from Mass…

    • Keith

      It’s the same problem here in Jersey too my friend

  23. Grunt0331

    I agree with most of the posts, but I think JAMES missed an important issue or two…The original motor and transmission are NOT INCLUDED with this car. Given the overall condition represented in the photos (and who knows “what we can’t see”), this car just “might be” a good project car at $6,000-$8,000, but you would need some super-restoration skills (interior/glass/welding/metal fit-up and finishing/surface-prep & paint/dashboard reconstruction/wiring),a wheelbarrow full of cash (DIY ~$30K…pay a Professional Shop ~$70-$90K)…and you still wouldn’t have a #’s matching Mach 1. Good Luck!

  24. cudaman

    My recently acquired ’69 “r” code 4-speed 41k (almost) one owner Indian Fire/white “one of one” Mach one. Since purchasing this car I’ve found that the complete ram air/ air cleaner set up cost $5500.00. Date coded carb alone is $1500.00. The correct parts are crazy expensive. Prices have dropped but will climb again, just like the Mopars are again……….

  25. Scott L

    He is nuts and that’s putting it lightly. This one sold last year for 40k #s matching restored.

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