Thinking about a classic mustang, any suggestions?

[Dannyboy]

Since the Explorer is still down and out with the Dana 44 swap and my Excursion sold I'm stuck without a car. I've had 2+ cars at a time for the past 2 years. The explorer doesn't totally count but it is reliable transport when I'm in between the diesels I've been buying.

I've always like classic mustangs and there happens to be several in the Phoenix area. Anyone have tips on certain things to look for? I'll only buy 65-69 since I don't care for the looks of the 70s models. This one is a good example of what I think is a decent deal, but I might be missing something. The motor and tranny are NOT the originals. Is that a huge loss in value? Could I really lose my shirt if I only owned this for 6 months and was in no hurry to sell?
http://www.geocities.com/v8mustang67/photopage

Thanks in advance
Dan

 

[4.6Runner]

The 69 and 70 are the same body but for headlights and some trim.

 

[mrboyle]

What to look for? Rust! Bondo! Butchered wireing! Poor installation of any non-stock items. You will most likely spend way more money than you origonally intended on repairs and maintainence, unless you buy a fully documented restoration. I'm not trying to discurage you from buying one, just be sure you are prepared for what you are getting into.