Advice on buying 65-68 Mustang?

[WarrenC]

Hi there,
I'm new here but would like to ask some advice on buying a classic Mustang. I've always wanted one, and now I'm able to afford one (finally!)
I can afford to spend $15 to 17K for one, and I want one that's pristine or close to it.
I'd like to have a fastback or a convertible, but it seems they are hard to find and when I do find them they are going for $20 to 25K. I have a chance to buy one from the lawyer my girlfriend works for, which is PERFECT. However it is a 66 GT coupe and he wants $17K for it. Has every option from what I know including Rally Pac and A/C with a 4 speed.
I know the history of this car, which I probably wouldn't know with other cars.

My question is; Is a 66 GT coupe worth that much and will it appreciate? Or should I hold out for a fastback? Should I buy a lesser fastback for the same money and work out it's problems?

 

[zookeeper]

I think you've answered your own question. You want a fastback, so don't buy a coupe just to own a Mustang, you'll be sorry everytime you see a fastback for sale. Instead, be patient, check the local and regional autotraders regularly and keep adding to your car funds when you can. For the money, I think the '65-'66 fastbacks are underpriced due to the current craze for the '67-'68 fastbacks. I've owned both and although I looked specifically for a '67-'68 this time around, I'd take an earlier one in a heartbeat. Also, paint and bodywork is by far the most expensive part of any quality restoration, so buying an unfinished car with a nice paint job can be a bargain. Never, ever, ever buy a rusty car, it will haunt you until the day you sell the car, and the next buyer may not be as anxious to overlook the same rust you did. Also, don't be afraid to look at the '69-'70 fastbacks. They are much better cars for drivers, and are cheaper to boot. Their price will go up, so find a nice one and at least try to picture yourself in one. Good luck!

 

[WarrenC]

Actually, it isn't that I don't want a coupe. It's more a matter of the investment. I do like the fastbacks better, but not that much. I'm more concerned about the resale value after a few years. I had a so called "expert" tell me the other day that no coupe would ever be worth much. They made too many of them. He said the money was in the fastbacks and convertibles.
Actually, I really like this GT coupe. It's the nicest I've seen, and it's a real cream puff of a car. It's turqouise with a white vinyl top, which you don't see that much in a GT.
I have to look at this as an investment as well as something to play with. I could let the money sit in a savings account or the stock market, or...I could drive it on nice days! And when the time comes and I need the money (like when my daughter goes to college) I should be able to sell it and at least get my money back, if not make a bit of a profit. I'm sure I could probably do better in the stock market, but this IS something I've wanted for about 35 years!

 

[Ronstang]

I just can't see paying $17K for a coupe, but that is just me. I don't think their "true" values are near that point yet. I understand all the money it takes to get a car really nice but they are never worth what you have in them. Sounds to me like the lawyer is trying to get every penny out of the car he has in it.

 

[68GEETEE]

you might try an ebay search, last week it seemed the fastback prices were lower than they were 2 mos ago, very few even hit 10 grand. Another source would be www.hemmings.com and www.collectorcartraderonline.com

 

[Ronstang]

68GEETEE,

Maybe fastback prices seem lower because with the craze lately the really good ones are gone so even though the average prices for the ones available on E-Bay might be lower these lower grade cars could actually be selling higher and thus prices are still rising......but that is just pure speculation on my part, but food for thought.

 

[zookeeper]

I gotta agree with Ron and your friend, coupes are just a little too common to ever bring enough money to be considered an investment. A few years ago, fastbacks were bringing about twice what comparable coupes were. Now it's closer to 3 or 4 times what coupes are going for. Before anyone rips me a new one over this, I don't in ANY way mean that coupes are not great cars, they are. But the facts don't lie and when modified coupes start fetching six figures, I'll be the first to admit I was wrong, but until then my money would be on fastbacks being a better return on your money.

 

[Ronstang]

There are still a lot of fantastic bargains out there on coupes. I missed out on one about a month ago. It was a 65 6 cyl Black/Red interior all there with no rust and running....I could have drove it home for $1500. Unfortunately my friend told someone else first and he bought the car. I really didn't need it so no biggie. This car would have needed a complete going through but at least when done I or someone would have exactly the car THEY want.

I am fortunate to have 2 fastbacks but believe me I am now wanting a coupe to build up for a daily driver....just like the one that was my first car and was daily driven for 4 years. I will find another sweet deal like the one I missed but for now I have a whole lot of fastback on my hands out in the garage.

I realize you may want a fastback but if you find a coupe at a decent price (one you think you can get your money back out of) then I see no reason not to buy one to enjoy. Fastback good deals are almost a thing of the past but they do happen. My resotmod FB is just such a case....but the rare one. A trend I see today is people paying top dollar (and inflated in many cases) for decent but not fantastic FBs and then having to pump a lot of $$$ into them until they have too much in them to sell them. I realize that FBs keep going up in value but there is always a limit and I think it is much easier to stay sane with the budget on a coupe.....which is still a FANTASTIC car!!!!!!!

 

[WarrenC]

I appreciate all the feedback. I haven't made any firm decisions yet, but there is a 66 fastback at a place that restores Mustangs for $14500. It's not a GT, and it has a 3sp. manual, and not near as nice as the coupe. I might look at that again.