how much is it worth?

Umm, we have a 66’ K-code that we just insured for 30k. It's not a show car and it's not stock but the coupes are a lot harder to come by. Ask anyone which you see more of...3k you can't even get an engine for that much I'd be sure all the bits and pieces are there though just to be sure you're not being ripped off.

if you pass on the car please let me know where it is.

A decent K coupe with minimal rust and intact right and left fender Vin's (original door tag is nice to have too - does it have a title?) is worth a lot more than 3K. Even if it does not have the original engine, look to see if the original toploader (if it is a 4 speed) and the 9" rear are still present. A decent minimal rust body structure, even if missing the engine but with the right tranny and rear is easily worth between 6 to 10K+ on todays market. Complete K motors, when you can find them, routinely sell for 5 to 9K. And while the value of a K coupe is below that of a comparable K fastback or vert they are certainly quite valuable these days as the K code market has really exploded over the past couple of years. I have a 65 K coupe with all numbers matching and like Pirateinastang's K, I would not classify it as a true show car. I have it insured for 26K and have a standing offer from a local Mustang collector for 25K anytime that I am ready to sell, but that's not likely to happen in the forseeable future.