Expert: William Forster - 10/28/2008

Question
I am planning to purchase a '64.5 Mustang convert.  I has not been started in 15  
years.  It has been sitting in a garage for 18 years.  It has an new top that is now
15  years old.  The owner says that it will need to have the engine, transmission,
brakes and much more repaired.  About what would it cost me to have it
restored to show room quality?

Answer
I can't see it to give you an accurate estimate- but I know mustangs, and I know convertibles. They are inherent rust buckets and always require extensive repair of the unibody structure- as well as replacement of quarters and wheel houses. Now, assuming that it's a rare, pretty cherry car- which I don't believe it to be- you are looking at a minimum of 15000.00. Now, if it needs extensive repair of the unibody, as well as motor, transmission, full brakes and suspension restoration/replacement- onwards of 20,000.00. Could be higher. Might I personally suggest you do a resto-mod- that is putting in updated suspension components, as well as a modern EFI engine and transmission. I would only suggest this particular car for this if it's not a rare mustang- one that has a premium engine that is still in it, (numbers matching- Not an inline 6, either) air conditioning, or other rare valuable factory options, or the car has a low production number- such as it is one of the first 1 or 2 hundred built. You really need a professional appraisal of the car, and what it's true value is once restored to showroom condition. You may well be disappointed. On the flip side, cars like this are a hobby- most guys do it for the enjoyment of having, and tinkering with, a classic car, and making money is not an option. It's a toy. If you want to make money on this, and have someone else do all the work, you are in for a sore pocketbook. Bill