Yesterday, I completed the purchase of a new project. I’m not ready to divulge the details just yet, but I will soon! It’s always a bit nerve-wracking, especially when you tend to buy cars like I do from sunny and dry California with nothing more than photos, a video or two, and the seller’s good word. But you can keep some anxiety at bay by buying a rust-free example with a clean title, as it can help preserve value even if the car is worse than advertised. That’s why this recent barn find ’71 Mustang Mach 1 is a bit of an experiment to see how many gamblers are currently out there, as the rust is impressive and there’s much work to be done. Find it here on eBay out of Colorado Springs, Colorado for $2,500 or best offer. Thanks goes to Jim S. for this find!

The Mach 1 is such an iconic car that its shape, no matter how beaten and battered, is instantly recognizable. For some buyers, that alone is worth the price of admission, regardless of the condition of the floors. Just knowing that they own one of the most loved sports cars in America’s history could be all the encouragement they need to take the plunge on a massive project like this one. Of course, the buy-it-now price of $2,500 seems like a pretty nominal roll of the dice for someone good with metalwork and a torch. However, if you’re not a body specialist or at least related to one, this undertaking could quickly swallow any bank account whole.

Personally, I’ve tried to rationalize rust in the past on cars that caught my eye. “Ahh, you can buy replacement panels”, or “My bodyshop owes me a favor, maybe they’ll cut me a deal.” Of course, one of the key lessons we should all learn about rust is that there’s often more of it that you can’t see beyond what’s plainly obvious on the outside. I looked at a car a few weeks ago that appeared to have some modest fender rust and a trunk floor that needed a patch. When we got the car in the air, however, the rust was everywhere – floors, rear valence, throughout the trunk, encroaching on the footwells – needless to say, the car’s days were likely numbered due to not being valuable enough to justify the amount of rust remedying it needed.

When looking at this Mustang, I wonder how many people are considering buying some floor pans to weld in and put this Mach 1 back on the path to cruiser status. If you’re looking for a quick flip, I don’t see how it would be possible given the fact that this project will require expert metal work to set right. But perhaps for the patient project car owner, a person with a vision and a knack for bodywork (and an optimistic attitude!), there’s a way to get this car back on the road without taking out a second mortgage. We’d love to hear your thoughts below on whether this Mach 1 deserves a second chance or if it’s destined for donor status.