When a buyer ordered a new 1966 Mustang, the gun engine was undoubtedly the K-Code version of the sweet 289ci V8. It provided excellent performance and produced a car that could hold its own in elite company when teamed with a four-speed manual transmission. This ’66 Mustang GT features that drivetrain combination, and the V8 is freshly rebuilt. It needs love to regain its youthful good looks, but its solid bones mean the new owner can commence the project from a sound foundation. I must say a big thank you to Barn Finder Matt H. for spotting this promising project candidate.

The seller purchased this Mustang in 2016, indicating it spent most of its life in San Jose, California. They haven’t attempted rust repairs or restoration beyond treating the Magnum 500 wheels to a refresh. However, as we will see, they haven’t been sitting around doing nothing during the past eight years. They are candid about its overall condition, admitting the tired Candy Apple Red paint is only the tip of the iceberg for those planning a refresh. Rust is present in the lower rear quarter panels, door corners, and floors. The underside shots suggest the latter problem isn’t extensive, and complete floor pan replacement may not be required. Every cloud has a silver lining, and this GT’s story is no exception. The seller sourced a set of good doors with glass, a pair of front fenders, a reproduction hood, and a reproduction deck lid. They include these in the deal and an extensive collection of other parts to assist the buyer on their restoration journey. This Ford retains its correct trim and badges, including the distinctive grille and spotlights. Some items require refurbishing or replacement, but the glass looks pretty good.

If the Mustang’s exterior needs work, the buyer faces no such challenges below the surface. This GT is a numbers-matching classic, and its mechanical configuration is the most desirable a buyer could choose in 1966. The engine bay houses the K-Code 289ci V8 that should send 271hp and 312 ft/lbs of torque to the 9″ Traction-Lok rear end via a four-speed Top Loader manual transmission. The ¼-mile journey will take around 14.7 seconds, and keeping the pedal to the metal will push the needle to 130mph. The seller treated the engine, including the original carburetor, to a professional rebuild. They replaced the fuel tank, fuel lines, and most of the braking system. Add a factory-spec exhaust and a new clutch assembly to the list, and potential buyers can consider this GT a turnkey proposition.

The first owner continued their trend of selecting desirable features when ordering this Mustang, and the interior demonstrates that. They selected Code 65B Red deluxe interior trim, adding a console and the ultra-cool Rally-Pac gauges. I believe it originally featured a factory radio, which has vacated the premises in favor of an aftermarket unit. The interior is serviceable, but it does show its age. However, that isn’t the end of the world because the seller’s parts collection includes what I believe is a trim kit. If correct, returning the interior to its former glory is a rewarding task the buyer could complete in a home workshop without spending a dime.

The seller listed this 1966 Mustang GT here on Craigslist in Portland, Oregon. Their asking price of $46,000 means it isn’t a cheap vehicle, and with values softening slightly during the past year, the figure might be optimistic. However, history shows that these cars remain popular, and this GT offers one of the most desirable packages sought by enthusiasts contemplating a long-term investment. Its restoration will probably push the total outlay beyond what someone might reasonably expect to get for a pristine example in the current market. Still, the included parts inventory will help the bottom line considerably. It is worth considering that the restoration costs could be offset by climbing future values. Is that a chance you would take, or are the stakes too high?