Possible New Owner

[natcon]

Hello there folks,

Newbie from Canada. I have been trying to do some research the last few days on a possible buy . Looking at puchasing a 1978 Mustang II. Needs a lot of work. Has all glass, c4 tranny, tbar, might be able to salvage seats. Has a v6 in it will turn over but battery was to weak to try to start. (-30c out) will need floorpans, little body work, paint, have a professionally rebuilt 302 lined up. Will need to get a carb with i was referred to a 600 cfm. Myself and my father are roughly estimating total cost to restore this car would be around 6000 to get it looking good, running good but not 100 percent complete. I guess i am asking if it is worth the purchase. There isnt many around here where i live. just would hate to start a project that can not be finished. I am truly up for the challenge my father is hesitant. He had rebuilt a 1977 Cobra II in 81 so he knows the challenges ahead as I dont. Any input would be greatly appreciated. Thank you for your time and nice to meet you all.

 

[MustangIIMatt]

Well, she's rough. I've parted out a nicer II before (not that I didn't try to sell it whole first, just didn't get any takers).

If you're able to get the car for a good price (less than $1000 US dollars, preferably, I can, and have bought running and driving V8 IIs in Texas for that), are willing to put in a ton of work finding parts, making things fit, and making things from scratch, and are going to be 100% okay with practically no return on investment monetarily, then go for it.

If you can't accept all of those things, find either a 64-70 or a 79-93 and build it up first. You can practically build either out of a catalog, they're more accepted by the Mustang and car-guy crowds, they'll give you a better resale value, and they're fun.

I've got over $8000 tied up in my '75 right now that still needs a right rear quarter panel, 80% of the interior repaired, a new wiring harness, conversion to non-vinyl-roof trim, and minor body work and paint done. Granted, it's a 12-second car with an impressive dyno sheet for a "stock" headed 302, and has a damned expensive EFI system on it, but in the end, it's worth about $3000-4000 on a good day... and I'm okay with that. I like my little red bastard that everyone hates on until it kicks their ass.

 

[jozsefsz]

Welcome! ^ What he said. If the base price is low, you can probably do a decent non-concurs resto for the price you've figured. There are some challenges for sure, 74stang2togo points them out quite well. For example, for the v8 swap, you'll need II-specific motor mounts, headers / manifolds, and the transmission will need to be dealt with. Parts-finding is tough (not impossible), and many things are no longer made. If you love the car and intend to keep it, then it can be worth it. It doesn't appear the poor old II is ever going to be truly valuable as the first-gens have become.

With that said, a T-top II can be pretty desirable when fixed up nicely. If the interior condition is very good (the seats are the easy part), it might be worth it, if it's messed up or mostly gone, I'd personally pass. My other concern is that you mention floor pans -- if she's a rust-bucket or a bondo-buggy, you'll spend a ton of time and money getting it decent. You'd be better off passing and finding a somewhat rust-free already-v8 car even if you have to look a little farther away.

 

[LILCBRA]

I give another vote for what was already pointed out. If you're looking for a labor of love, then by all means dive right in! You most definitely won't run into many others any more and are guaranteed to turn heads most places. But if you're looking for something to retain the monetary input of your restoration, then you might be farther ahead looking elsewhere. If you do opt to get it, most II owners are more than happy to help you out, we're here to help when you need it!!

 

[king combo]

Welcome aboard, hope the price is right, but it doesn't look too terrible actually. Myself, I never thought I would get into Mustang II's, until I came across my King. But it was in a field for 8 years,$200 bucks, and I never heard of a King Cobra at the time, so I had a feeling it was rare. What part of the country are you in? I'm smack dab in the middle, Manitoba

 

[innocentfool]

i have parts kicking around too, fellow Canadian as well, and also in central Canada (MB). Welcome and let us know if you buy it!