UPDATE 06/12/2022: We’ve seen a couple of recent examples where a seller has been brought undone by a non-paying buyer, and this 1965 Mustang Fastback could be another. The previous auction indicates that it sold for $26,400, although the owner has again listed it for sale here on eBay. Nothing appears to have changed, and while bidding sits at $18,800, that figure is short of the reserve.

FROM 05/15/2022: During its production run, Ford offered buyers an enormous choice of engines to slot under the hood of their First Generation Mustang. From the earliest 170ci six-cylinder unit to the firebreathing 429 Super Cobra Jet, the company seemed to have something for everyone. This 1965 Mustang Fastback features its original 289ci V8, but the owner includes a second motor that offers potential buyers some choices. If you want to pursue this classic further, you will find it located in Asheville, North Carolina, and listed for sale here on eBay.

Potential buyers will have a few issues to consider with this Rangoon Red Mustang project, and rust is one of them. They admit that the car needs floor pans and inner wheel wells and ask us to refer to the supplied photos to gain an insight. Unfortunately, the images don’t provide a clear view, with this shot proving as good as it gets. You can see some rust in the outer floor edges, but not how extensive it is. However, the fact that the rails, trunk pan, and shock towers are solid is encouraging. Externally, the usually prone lower body extremities like the lower rear quarters and rockers look remarkably clean. With paint that shines and no appreciable dings or bruises, driving the Mustang in its current state would seem feasible. The chrome sparkles nicely, the glass looks spotless, and the first impression seems to be pretty positive.

The Mustang’s interior would benefit from an owner willing to lavish it with TLC, but it has no urgent needs. The upholstery is serviceable if they wish to return the car to active service quickly and inexpensively. Although the seats exhibit fading and discoloring, there are no rips or tears. The carpet is in a similar state, the dash pad is cracked, and the horn ring is missing from the wheel. The most obvious course of action would seem to be an interior trim kit, but this may prove an unnecessary expense in the eyes of some enthusiasts. The buyer could spend $220 on a carpet set, $270 on a reproduction dash pad, and around $50 on a high-quality vinyl dye for the seats. I’m aware that such a modest outlay will not provide a factory-fresh result, but it would remain presentable. If the next owner seeks perfection, that would cost around $2,000 in the form of a trim kit. This is a case of the buyer getting what they pay for.

The seller has clarified a few facts between their last listing and this. I previously felt a thrill at the thought of its engine bay containing Ford’s sweet little K-Code 289ci V8. That motor rates as my favorite offered by the company, and my dream Mustang would feature one of those little 271hp dynamos. However, the truth is that it rolled off the line outfitted with the C-Code version that produced 200hp. The original owner selected the three-speed manual transmission, providing this classic with the ability to cover the ¼ mile in 16.2 seconds. The seller states that the Fastback is numbers-matching, although the drivetrain requires a refresh. Following that path would maximize the car’s potential value, although there is another option that some may consider. The seller includes a later 302ci unit that we see in this photo. It ran well when pulled from the donor car, so slotting that under the hood to get the Mustang back on the road quickly could prove a viable option.

This 1965 Mustang Fastback isn’t perfect, but it is a project that the buyer could potentially return to our roads pretty quickly by slotting in that 302 to maximize their summer fun. For me, it’s a no-brainer when it comes to the question of long-term ambitions. If I were to buy this classic, I would eventually rebuild the original drivetrain to retain the car’s numbers-matching status. The result won’t be the most potent combination Ford offered in that year, but it is still a V8 that promises an enjoyable driving experience. It would also maximize the vehicle’s potential value for those considering its future investment potential. Your thoughts may differ from mine, so it will be interesting to read the comments.