The phrase “low miles” is like red meat to a car collector.  The term conjures up visions of perfect cars with little wear because they were only driven to church and the market on Sunday.  This time I think we have found a rather depressing version of low miles.  This 1965 Ford Mustang coupe, for sale on eBay out of San Diego, California, is being touted as a low mileage vehicle in the ad.  The 39,900 miles on the odometer may actually be legitimate.  What is also legitimate is how poor storage has made this once pretty Mustang an example on what not to do with a collectible car.  With just two days left to bid, this pony car has managed to collect four bids.  Is the current high bid of $2,050 the high water mark?  Is it worth even that?

The seller tells us that this car was a one owner car.  The car spent its whole life in San Diego as well.  Looking at the VIN number, we can also tell that this Mustang was built in Ford’s San Jose factory.  It was truly a California car through and through.  The car comes with the original ID card to prove this fact, and it still has the original owner’s manual.

Despite what you see in these pictures, the seller claims that the rust problems with this car aren’t as bad as they look.  We are told that the unibody supports and the rocker panels are solid.  Additionally, we are told that there is some surface rust and some holes in the rear quarter panels.  Yes, you are seeing the same pictures I am.

Inside, the situation is a little better.  The dash pad, often warped in Mustangs of this era, looks fairly good.  The rest of the dash may clean up as well, and the steering wheel and horn assembly isn’t that bad either.  The carpet has obviously seen better days.  The door panels and seat covers look to be somewhat compromised from moisture trapped in the car.  Mustangs are notorious for cowl leaks.  Of course, the holes around the back glass probably didn’t help very much.

There isn’t a clear picture of the engine.  We do know that this car was equipped with a 289 cubic inch V-8 and a three speed transmission.  Once again, the VIN number helps us figure out that this was the low horsepower V-8.  It used a two barrel carburetor to produce just 200 horsepower.  Considering that many Mustangs were equipped with an inline six cylinder engine, the V-8 is a nice surprise.  No information was given in the ad as to the engine’s condition.

With prices for well restored first generation Mustangs hovering just north of the $10,000 range, it is difficult to see this Mustang selling for much more than the current high bid.  It is a low mileage car.  Maybe.  However, that low mileage claim doesn’t seem to be worth much in this situation.

Will this Mustang ever make it back on the road?  What is a fair price for this pony car?