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I wouldn't spend more than $2,000 on the car itself. Any more and you're just digging yourself into a financial hole.

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โˆ™ 2012-02-01 00:18:58
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Q: How much should you pay for a 1968 Ford Mustang that needs a lot of work for a restoration project?
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What is the value of a 1966 Mustang 2 door sedan 6 cylinder that runs but needs a total restoration?

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there are to many equations in a restoration project to answer this question. First is what condition is the mustang in? What kind of restoration do you want to do, such as completely stock like it came from the factory or a custom build like you see on the Hot Rod channels? Is there going to be a lot of sheet metal to replace, or just some minor body work and paint, and what quality of a paint job. paint jobs can range from $1,000 to $10,000. Does the engine, transmission, rear end need to be replaced, rebuilt or restored? Without seeing your mustang, a restoration for what needs to be done and what your desires and end result are can very from $5,000 (you already own it, it's in great shape and only needs minor repairs and parts) to $75,000 all out mean machine. I would say that currently these cars for a good full restoration with some sheet metal repair, engine, transmission , rear end, suspension interior and paint will cost on average $15, 000 - $30,000. You can put 30k into a restoration and have the cars value much lower than what you put into it. So you have to ask what it is you want out of it. I would suggest that you take the mustang to a few restoration shops in your area who specialize in classic cars and/or mustangs and speak with the people there. Look for well known shops who have been in business for awhile. usually they will be very helpful and if they cost more than what you want to spend they can refer you to someone trusted. also look on-line and do a lot of research too when looking into restoring cars and what shops are recommended. Be careful as there are many stories of people getting poor restoration, incomplete restorations and charged way to much for a poor product. And there are many out there who will work with you to give you what you are looking for and provide a top notch service for you at a reasonable price for your project. And if you can, it's always nice to learn how to do some of the minor work too.

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