NEW! Award 57: 1969 Ford Mustang Mach I – $25,000 OBO
“…Needs a little love, but that is why the price is what it is. After a little TLC, this is the type of vehicle that will bring big money…” We cringe every time we run into an ad for a project car sitting for decades and now that the owner has lost interest, they try to cash in for more than what their project car is currently worth. Our latest example is this 1969 Ford Mustang Mach I just listed yesterday here on Craigslist in Weehawken, New Jersey where the third owner is currently asking $25,000 or best offer.
While the red-over white vinyl color combination of this Mach I is highly desirable, what many non-Ford fanatics may not know is the Mach I’s base motor was a 250 horsepower, 351 cubic inch Cleveland V8 topped with a two-barrel carburetor. Offsetting that is the fact (based on the Marti Report provided) is this Mach I originally came equipped with a wide-ratio four-speed manual. Unfortunately, that was swapped out long ago for a “built” C6 automatic. Unfortunately, we get the sense those once-less-than-desirable parts needed in the restoration “to get big money” are long gone. Just a quick scan of the engine bay, interior, and description give off a former street-racer vibe that will take a lot of time and money to source the parts to bring back to the original condition. Then on top of that, you can easily budget $10,000 for decent bodywork finishing and paint job. Depending on your own skills versus how much you have to farm out, this car will easily need at least $30,000 to bring it back to a #2 “Excellent” condition-level that will get around $50,000.
Consequently, this is a lot of money for what is still a rough, incomplete project car. First, the Collector Car Market Review Online Tool confirms the seller’s ask is too optimistic as it’s $1,200 below this guide’s current #3 “Good” appraisal of $26,200. As a second data point, the Hagerty Insurance Online Valuation Tool proves the asking price is $3,200 below this guide’s #4 “Fair” (Daily Driver) value of $28,200. With such optimism asked for in the pricing of this Mach I versus what it’s really worth currently as a project car, we have to award the seller our latest “NEW! (short for “No Effin Way!) Award. That said, the ’69 Mustang fastback in Mach I form is one of the better looking first-generation cars produced. So if you’ve always had your heart set on restoring a ’69 Mach I and are not concerned about likely being in the red after completing it, then this may be Mustang for you. If you feel you have the negotiation skills to get this project under $20,000, then you can start the conversation by emailing the seller. When you connect, please remember to mention you saw their Mach I project featured here on GuysWithRides.com. Good luck with the purchase!
Here’s the seller’s description:
“This 3rd owner 69 Mach 1 needs a little love, but that is why the price is what it is. After a little TLC, this is the type of vehicle that will bring big money. This has an excellent color combination, it is maroon in color with a white vinyl interior and the Ford Mach 1 deluxe interior package. The vehicle does read 83k miles.
Have Marti report proving it’s Mach 1
As for the power-train this is equipped with a Cleveland 351cu v8 and
C-6 pro built automatic trans with an A1 torque converter.
The Ford has been gone through and is coming with a Holley 750 double pumper 4bbl carb,
new exhaust system,
front disk brakes,
a completely new front suspension with frame rails,
new 4 core radiator,
and 3 engine fans, which also include an electric fan.
New harness from American Autowire
There are several items that are included with this sale that just need to be installed such as new marker lights,
gold Mach 1 tape, 2 hoods with different style hood scoops, etc.
The car runs but needs some engine work (has been sitting in the garage for 34 years).
Overall, you are looking at a vehicle that has been garage kept however it does need some time spent on it, but everything is there that you will need which is the most important including the potential. Finished 69 Mach 1’s are fetching north of $50,000. This is the perfect candidate for a restoration. The seller is motivated to sell so don’t be afraid to make offers, but keep in mind he is not desperate.”
What do you think of our pricing assessment of this very non-stock, base Mach I? Comment below and let us know!