Need advice

[Kats66Pny]

I'm seriously considering selling my 66 and getting something else. I blame AzPete because I got the idea from him.  :craz

I saw this ad http://dallas.craigslist.org/ndf/cto/1848794800.html and called the guy. Curiousity got the best of me. Its got a 289. Fuel tank was replaced (and is larger), has interior, trans was rebuilt a few years ago. The dash was redone. The carpet is stained and needs replaced and headliner needs replaced. No AC, PS, or disc brakes. I think he said he replaced the floor pans. The heater core was leaking but he replaced/fixed it. Oh its an automatic. Has a seat belt for the driver but no seat belts in the back. He said the cowl doesn't leak, and so he never redid the cowls. He's suppose to email me some more pictures of the stang, inside and out.

Sounds really tempting. I wouldn't have to mess with much at all. The interior is a honey-gold (I assume he meant parchment?). I could live with that. Not my favorite color or what I would have picked, but interior kits from M+ aren't all that so that could be changed and if it needs new carpet and headliner, change the interior color.

I bought my coupe for $5,000. I don't know if that was too much for it, but was told that with all the work that had been done it already (the engine upgrade to the 302 roller, gt 40 heads, nitrous, flowmaster dual exhaust, blah blah blah) it was a good price even with the interior missing. Was 5K a decent price or was it too much? I keep finding other classic stangs for sale for 5-7k that look way better than what I have. Granted they all seem to have the 289 engine and they have interior. I don't NEED a stang setup for racing with a 302, nitrous crap, and ratchet shifter and junk.

I admit I think I got in a little over my head buying my 66 coupe.  :shy Not fully realizing how much time and money is involved in fixing up old cars. I do love the idea of being able to make it my own, but on the hand I wish I had waited and got something else that needed less work. I just want a nice little daily driver. Now I'm stuck on what to do. Try and sell my mustang and see if I can get the $5k back I paid and get something else (maybe the white 68 or keep looking), or just keep the 66 coupe and deal with it.

[midpack]

What's left to do on the 66?

[AzPete]

Hey now......don't blame me for this problem........ :lol

As far as your position, it really depends on where you are at in the money department. I was able to buy one I liked as it came on the market....then sell the one I had and replace the money. If you have to sell first, it will only disappoint you to look now and see what you could get if..... Also, try not to go into debt for a car.

Put yours out there for the money you need and maybe add for a trade and upgrade to what you want. Your car and some cash may turn a head your way.

As far as what you paid....hard to say without seeing it in person.....you bought what you wanted at the time.....it is a done deal.....move on with the best you can do and just learn from it all. I don't think there is a person out there that has not paid the wrong price on a deal and we all have managed to live thru it. No matter what the prices are now, they were different then and will be different in the future. If I look at sales to much, I can have real sad 20/20 hind site. I like what I bought.....will make it mine.....and drive the heck out of it. Is it the perfect one for me, who knows....in the past, I have changed cars every couple of years.....I hope to stop that trend now but...who knows.

[ko67]

Sounds like you are financially closer to a reliable, comfortable driver with the 68 than the 66, although the lack of pS ac make it tougher. I really cant say where you are value-wise on the 66, as the value of cars with substantial modifications really depends on the nature of the mods, workmanship, etc.   Let me know if you want someone in DFW area to run by and look at the 68 for you.

[Kats66Pny]

This is what I can think of that my 66 coupe still needs. There could be more than I'm not aware of or know about.

Cowl replaced, it leaks and floods the floor.
Rust repair - fender, around windows, in the trunk, and thats the visable spots I can see.
Apron in the engine where the battery is suppose to be. Its completely rusted. Looks like once upon a time a battery leaked and ate through the metal all the way down.
Front windshield
All the weather stripping
Interior - seats, carpet, headliner, insulation, dash, gauges. Everything.
New window regulator on drivers side. Window doesn't roll up.
New trunk lid or atleast dent fixed and a lock installed.
New suspension - only replaced the front coil springs and perches. Still need rest of front and rear suspension done (control arms, strut rods look like they could be replaced, etc) including new shocks.
Brakes need adjusting or something. See my other thread about steering problems.
Either keep the ratchet shifter where its at or take it out and put in a stock automatic shifter
Body work for dents and dings
Paint job
Heater Core. It was removed by PO.
Export brace
Fuel gauge is stuck on 1/4 tank so not sure if thats wiring or sending unit.
Wouldn't hurt to change from manual to disc brakes.
Power steering wouldn't hurt either but not at the top of the list of *must* do's.


This was the ad for my 66 coupe. I saved it so I know what the car has. The only thing I've done to the 66 is put new coil springs and perches on. Also replaced the trans cooler. Haven't touched anything else. Started messing with the brakes because of the pulling to the right when you stop.
 
Has a 1990 Mustang GT 302 roller motor in it. Engine was fully built. Has Steel crank, GT40 Heads, Air Gap intake, Holley Carb, Headers, Mallory Ignition, Aluminum Radiator, Setup with serpentine belt, flowmaster dual exhaust. Setup for nitrous, has the plate, and solenoids. This engine is very powerful and runs great. Transmission was rebuilt at the same time. Has a trans cooler. Body is in good condition with some dings and scrapes in the paint. Floors are all solid, and has a new Gas tank. New Brakes, master cylinder, lines and hoses. Interior still needs some work. Needs drivers side window mechanism & door panel, dash pad and headliner. Have new carpet with padding needs to be installed. and has new front and rear bumpers that need to be installed,all new in box. Has aftermarket gauges and B&M shifter, as well as high back bucket seats.
 

As for the money department... what money.  :lol Honestly, fixing up my 66 would probably put me in debt.

[AzPete]

Sometimes one can make more by parting one out than sell it whole. You do have more of your labor that way. You could sell the drive train first since being in the car, one could hear it run/drive. Then price out the good stuff and see where it goes by doing some comparison searching on line for prices. Just an option.

I would also price out as best you can, what is needed on the '66. Then look at what you want to buy and see what money is needed there. No matter how well a car is, done, if it is of driver quality, there are things needed to be done. I will have a couple thousand into the car I have now, including A/C, a minor warm idle issue, window leakage, and a few "look nice" things. When buying again, look for a car with things needed which you can do the labor on to save.

Once priced out both options, then you will know where you really stand....and remember, prices on paper are always a bit short.....

[Kats66Pny]

I thought about parting it out. So was the person I bought it from. I was told I could probably get 10k or more if I parted it out. Wowzers. But I don't know if I could bring myself to tear up and part out a Mustang that runs good and still looks somewhat decent. Not to mention I don't have the tools and equipment to do so or the garage space.

I did it. I posted my 66 on craigslist. I put it for $6k OBO. I doubt I'll get 6k but if it doesn't get any offers, won't kill me any and it gives me extra time to think it over.

[AzPete]

Hopefully you put good pics of it. Don't be afraid to show the problem areas and mention what it needs. I always ask a bit more than I will take just to have some room to haggle a bit. Also, don't jump on the first close price but don'e pass a sale that looks ok either.....as the old song goes....know when to hold 'em, know when to fold 'em.......

Good luck.

Just checked your add....put in pics of the interior and engine for sure!!!!!!!!!!!!!!!!!!!!!!

[Kats66Pny]

I don't have any 'good' pics of it unfortunately.  I did put one picture and said folks more than welcome to come look it over and test drive it.

No chance anyone here wants to buy my 66 is there? For $5k, you can have it and part it out and make like what.. 8-10k?  :lol :lol :lol

[AzPete]

Even cell phone pics are better than noting. Have to grab their attention from the add, then sell them when they come to look.


Post it in the classifieds here....one never knows.

[daveSanborn]

I was told I could probably get 10k or more if I parted it out.

10,000 what?  Dollars or Pesos?  Either way, you were told wrong.  What could you possibly sell to make $10,000?  It sounds as if the engine and transmission are the only parts with any real value.  I'm not going to beat around the bush with you.... you're a big girl and you're here asking for advice....you got taken by paying $5k.  The missing parts combined with the labor to repair the body and get it painted will only put you that much further upside down.

My advice is to use this as a learning experience.  Cut your losses by selling the '66 as is.  If you were dumb enough to buy it, guess what?  Someone dumber than you is looking for a classic Mustang, just be patient.  Once the '66 is sold.... THEN start looking for an easier replacement, but don't be in a hurry as a better deal is usually just another day away.

Lastly, understand that just about any classic Mustang you buy in your price range is going to need things fixed/replaced.  This is going to cost money.  Money spent maintaining a classic Mustang is "disposable" income.  Find some, the more the better.

[Kats66Pny]

I knew Dave would be honest.  :vic :lol  Maybe I'll get lucky and some college kid will want a 'race car' mustang.

[Fast68back]

Try this approach....

http://www.cnn.com/2010/LIVING/07/22/teen.barter.cell.porsche/index.html?hpt=T2

[Kats66Pny]

I saw that article. I thought about it too!

[buening]

If you need an old cell phone to start with let me know   :lol :lol

[Kats66Pny]

pfft. I have a few old cell phones including an iphone 3G!

Hrmm I wonder what I could get if I traded my mustang + my sebring + iphone.  :lol

[d_ford]

Trading isn't easy. They have to have what you want and you have to have what they want. It's like finding the proverbial needle in a haystack. I've been trying to trade my fastback for a Shelby for a long time...I guess if I ever want to get it done I'll have to sell my car first and then start shopping for what I want.
Good luck on the sale of your car. Have a bottom dollar price in mind and if you are offered that, jump on it.

[napaguy]

I didnt read through all of the replies so this may have already been said.....whoever told you u could part it out for 10k was either smoking crack or was hoping to get in your pants. This is coming from somebody that has spent the last five years selling mustnag parts and parting wrecked cars. The only money makers in mustang parts are the hard to find parts ie: rally pac's, tach dashes, four speed stuff etc...the common stuff you may as well throw away..

My recomendation for you is to not put another dime into the car and sell as is. Clean it up the best you can first. Move on and this time before buying do a bunch of research and take somebody knowledgable with you.

Good luck

[Kats66Pny]

The guy who told me that was the guy I bought the stang from. He had a cuda sitting around and was a total rust bucket, and the stangs PO traded the stang for the cuda because he'd rather spend the money in fixing up the cuda instead of finishing the stang. Supposedly, the guy I bought the stang from finds old classic cars and no matter what condition they are in (from rusted piles of metal to restored) parts them out. He said he makes more money that way than selling as a whole, and the reason he didn't part out the mustang was because they were moving soon and he didn't have the time to take it all apart and sell everything. His wife didn't even want to sell the stang, she wanted to keep it for herself, but they wouldn't have been able to move up north with all the extra cars and parts he had. He had quite a bit out there too.  :ep

Oh well, lesson learned. If I can't sell this stang, maybe I'll just fix a few little things like the cracked windshield, fuel gauge issue, and small misc things like add a speedometer and keep her as-is with no major fixes like body work or paint. That way I can still drive and enjoy it. Then when the time & money is right, buy a fastback that's already been restored because by then I'll know tons more about mustangs and what to look for, etc... and then get a convertible...and then a new house with a larger garage to fit my ponies in.  :lol

[midpack]

there ya go... you might even take that beater to the track!! I have GT40P's (and the goodies that go with) on my Foxbody. that sure is a fun combination in a Mustang!  :)

[Kats66Pny]

there ya go... you might even take that beater to the track!!

Oh trust me, I've thought about it!! There's Navasota raceway not far from me, and the car club I joined does have several folks who take their cars down to the track. I was tempted to take mine down there one day just to see what she can do, but no seat belt, funky brakes... just not worth killing myself.

[midpack]

I was assuming that would be taken care of before you put it on the road  ;)

[sigtauenus]

One thing to remember here that cannot be emphasized enough is that a lot of the stuff you are talking about just to make the car drivable add no value to a car.  When somebody comes and looks at a car, its generally given that the brakes work.  If you spend $200 on brakes, that doesn't mean the car is worth $5200.  The value hasn't changed, you've just incurred an expense that is part of regular maintenance.  The same goes for tires, steering, etc, unless you make a real performance upgrade over stock.  In the case of a real performance upgrade over stock, you will see a marginal increase in value, but certainly not enough to justify the expense if your only intent in doing so is to increase the value of the car. 

If you want to sell the car, sell the car as-is.  You cannot upgrade the condition of the car to a point of higher value without ending up further upside down financially.  At this point in time, the only way to come out ahead is to cut your losses where you are today and not spend another dime on the car.

One option here is that hasn't been mentioned is that you can add parts to this car and then transfer them to your next car assuming you stick to a 66.  BUT, doing so incurs 3 times as much labor.  Say you add ORP roller perches.  The car drives great and you love them, but they're $200 for the set.  You buy a 66 fastback.  You take the roller perches off the coupe, install the original perches back on the coupe, then install the roller perches on the fastback.  You have effectively completed the process of removing and installing the spring perch 3 complete times rather than just once.  You end up with roller perches on your fastback, and have not lost any money for the time they were installed on the coupe.  You enjoyed a better ride while you were driving the coupe.  But to avoid losing money, you lose the time involved to transfer the parts.  Make sense?  If so, you can spend money on the coupe to make it more enjoyable while you have it with the intention of transferring the parts later to another car, but you also have to keep all the original parts from the coupe to put back on to sell later.  The downside here is that except for drivetrain parts, almost anything you buy locks you in to a 66 for the next car.

Since you asked for advice, mine is to dump the coupe right now as-is and look for what you really want or accept the coupe as the car you want to build and spend more money on it than it is worth to make it what you want it to be. 

FYI, most of us here are spending more money on our car than it is worth, some moreso than others.  Also, AzPete is a rare exception with the deal he got.

[Kats66Pny]

Good advice. Thanks!

Oh and someone wants to look at the 66. He's at work right now, but asked if I could drive it over so he could look at it. I explained the good and bad parts and still wants to look so we'll see.

[AzPete]

Remember.....cash talks...........and let the car sell itself.