Did I get a good deal on this 70 coupe?

I've posted a few questions here and there but I've mostly been a lurker. I bought my first classic Mustang a few months back -- a 1970 mustang coupe.

Anyway, I've always been a bit afraid to ask, but did I get a good deal on the car? This is my first classic and I'm continually learning (thanks to you guys). I know I should have probably asked this BEFORE buying the car...live and learn.

Specs below, according to the seller:


1970 Ford Mustang

New (not rebuilt) 380HP 302 motor. All Ford Racing.
Rebuilt transmission.
New brakes.
New tires.
Body straight, never been hit and no rust.
Interior immaculate and all original.
Fully detailed engine bay.
Many upgrades and add-ons.

Interior all original and in A condition. Includes 300 watt Sony CD player and Clarion 3 way 6x9's A/C and Autometer Phantom Tach. Fire system and electrical kill switch.

Engine Bay: New (not rebuilt) Ford Racing 302 Sportsman block (Bored 30 over) with crank, conn rods and pistons all Ford Racing. Flycut treated pistons, shot-peened conn rods and brand new crank. Milodon windage tray and high volume oil pump. Ford GT-40 heads with Manley valves and Comp. Cam. Mild. Comp cams double roller and Comp cams lifters. Edelbrock performer intake with Edelbrock 650 CFM carb. Milodon Air cleaner. Monte Carlo bar. Exhaust is custom tri-y headers (3"collectors)to 3" pipes all the way back to twin Hooker mufflers. This engine was 10K when all was said and done. Engine dyno showed 380 horsepower.

Engine bay spotless. You could literally eat off of this engine.

Transmission: Rebuilt (2000 miles ago) C-4 with B&M shift kit and valving. 3 speed cruise-o-matic.

Body is essentially perfect. Never been hit, panels all straight but it does need some minor ding and chip repair. Paint is OK (I give it a B+) but not perfect. Ideally this car should be repainted. No bondo, no rust.

Tires are very new BF Goodrich white letter TA's on stock 14" ford rims. All stock gearing. Power Disk brakes and power steering.

And here's a photo:




Since I've had the car I've noticed:
-a small rust bubble on the driver side door
-rust on the gas tank and in the trunk area
-brakes were very thin (i replaced the rotors, drums, pads, shoes)
-windshield washer doesn't work, although you can hear the pump
-horn doesnt work
-A/C and heater is not installed, but he included all the parts
-he also included the original 302, heads, air cleaner, oil pan, etc.
-the paint is chipping and you can see the original grabber blue underneath

What would you guys have paid for this car?

Whoops...that info would probably help, huh? I paid $5500 for the car. I'm in Los Angeles, too, if that means anything.

I was checking out the NADA values and are they way jacked up or what? Seems like every value I pulled up was way above market value...

You're absolutely right...i've found a rust bubble on the door, rust on the package tray and rust in the trunk.

How much should I expect to pay to have the car painted, the rust bubble fixed, etc.? I definitely can't afford it now, but sometime...

I've gone over the car with a magnet and the only problem spot I found is on the passenger side rear quarter...about a 2" slightly indented circle where the magnet doesnt hold. I have a feeling I'm not gonna like seeing what's under the paint...

The floorboards and the cowl look great. It's a california car so that had something to do with it.

Do you guys think the original 302 is worth anything? Should I just keep it in case I sell the car and the buyer wants it? It looks like I have all the parts for it except for a cam. I have the crankshaft, pistons, heads, oil pan, air cleaner, original intake, original carb.