June 19th Update:  We could not believe we came across this 1965 Mustang Convertible on Bring a Trailer.  This rust bucket is a classic example of how you can never have enough pictures to make an informed decision when buying a collector car online!  To Bring A Trailer’s Credit, they left our candid comments on this listing and ultimately the car luckily never sold on that site.

We drove by this 1965 Mustang convertible heading north on Route 31 just outside of Pennington, New Jersey.  No price was listed on the “For Sale” sign, just the seller’s phone number. We’ve tried to call, but no answer as of this writing.  Overall, we would rate this example as a low #4 “Fair” condition car.  We were shocked to see the Hagerty Insurance Online Valuation Tool fair value at $18,900! That’s big money for a car in need of a lot of attention. Frankly, this example makes a compelling argument for buying a Dynacorn complete body shell for $18,500 and using this car as a donor.  Comment below on whether you agree and good luck with the purchase!

Decoding the body tag located on the driver’s side door confirmed this example is a Silver Blue over Blue Vinyl 1965 Mustang convertible produced in August of that year, a little over halfway through the manufacture of over 500,000 ‘Stangs.

One interesting quirk is that the Body Tag says this example originally came with the C4 Dual Range automatic transmission, however the shifter in this example is now connected a three-speed manual unit.  The cobbed-together wiring underneath the dashboard also has us concerned.

This car originally came equipped with a 289 cubic inch V8 topped with a two-barrel carburetor.  The current engine appears to be mildly upgraded.

Overall this Mustang is in need of a complete restoration. The vibe we get from this Mustang is that it received an amateur restoration many years ago as there are clearly signs of a bad repaint.  The rear quarter panels appear to heavily filled with bondo and the firewall has a hole near the manual brakes master cylinder.

The interior at a minimum will need a new carpet and the top of the door panels repainted. While the doors do not sag and both open and close easily, we did notice evidence of floor rust but did not climb underneath to see what extent.