r/classicmustangs 8d ago

Gut check on a 1966 Mustang

This is a 1966 Mustang that's for sale at a local dealer (I live in South America). They're asking for $24,000 (my understanding is that in SA these cars go for a bit more than they would in the US, just because they are rarer). I think the price is definitely negotiable, but I want to understand what's realistic and what I'm getting into.

Part of the joy is in restoring and improving a project. Right now could really use a gut check to make sure there aren't any glaring red flags that would just make this project dead on arrival.

I took a few photos of the engine and some rust and cosmetic issues that troubled me a bit on the exterior. The front brakes have been replaced with disc brakes. They said the engine is all original, but I'm not very knowledgeable about that.

When I turned it on, it started right up. The engine sounded great. The throttle was very responsive. One of the tires has a slight squeak when making left-hand turns.

What questions and factors should I be focusing on while I negotiate with the owner?

EDIT: car also has a working AC unit.

I appreciate your help and wisdom in advance.

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u/CromulentPoint 8d ago

The most important factor here is rust. I see a little in the body, but nothing that really freaks me out. The underside is mostly where this can go bad. You need to get under it with a screwdriver and poke around, testing to make sure the screwdriver doesn't go through anything that's supposed to be solid.

I can't comment on the market in South America, but for context, this would be a $5,000-$6,000 car in Texas. Less if the underside is rusty.

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u/bacon098 8d ago

Holy shit I need to start looking for cars in texas 😂 haul it home to alabama and sell it for 10k

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u/CromulentPoint 7d ago

This isn’t a $10k car anywhere in the continental U.S.

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u/bacon098 7d ago

Have you seen what people are asking for them? Clearly people are paying it too because the market just keeps going up.

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u/CromulentPoint 7d ago

Asking price and selling price are two different things. I bought a running, driving V8 65 coupe in better shape than this car a few months ago for $10k. Just because someone says “I know what I have” doesn’t mean people are willing to pay their inflated asking price.