What should I do?

When I bought my 67 about 3 years ago, it had what appeared to be just some bubbling around the back window, but once I got into it, I found that there was quite a bit more rust than I had initially thought (but still not unreasonable considering I'm in the rust belt). It ran, but had some issues and I ultimately replaced the whole engine. The tranny slips needs to be rebuilt but it's not bad enough that I can't drive it. The interior was okay, but not fantastic, and the paint job was on it's way out (dull, and some chips and scratches here and there). I paid $6000 and felt I got an okay deal (not fantastic, but I don't think I got ripped off either).

-Chelle

without pictures 5k seams like it would be a great price.

+1 on that. I paid $7K for my car when i first got it. sound motor, but it wasn't running. Rust free and no dents. so i think the 5-7 range would be adequate.

good luck!

The early cars are notorious for rust in the floorboards. I had it in my '65.
Crawl under the car and look for rust spots/holes where your feet rest on the floorboard. Check both front and rear seat passenger areas!

Secondly, check to see if the front floor is dry. Then run some water over the cowl cover and check if the floorboard is wet. This can be an expensive fix if it's leaking!!

Does the charging system have a generator or alternator? The 64.5 would have the generator.

I think $9k is overpriced if it's not restored. Without pics and the VIN & data plate info. it's really hard to tell.

Good luck!

If you really want to get some solid advice see if you can go snap some pictures of the car. (underbody, engine bay, interior, exterior)

+1 with what Chelle mentioned.

Always remember this; Engines/trannies are cheap when compared to rust issues! I have a 3rd gen Cougar (see sig) that has a 351 Cleveland. Despite all the "tales of woe" regarding the availability of Cleveland engine parts (which is not all that bad); I'd give my firstborne (if she wasn't already betrothed to SVTCobra306 from right here on StangNet) for some reasonably sound and reasonably priced sheetmetal for a '73 Cougar!!!

Unless you are prepared to repair major rust issues on the car (and '65-66's are the models with the most plentiful "re-pro-parts train"); know that your $5000 steal can be an incredible money-pit. When you are planning your total budget for the restore; factor in an L-head grinder and about 50-100 cutoff wheels, a wire-feed welder (better if you go for one with the gas pack), and lots of "spare time" on nights and weekends and such.

I'm not saying you're not prepared for this (you may be well prepared and I just don't realize that fact); but I'm saying that the work and time can become all-consuming.
But, once it's done; IT WILL BE WORTH IT!

I don't know if you will or won't - it all depends upon the condition of the car; which only you have seen.

Here's the best idea I can think of:
Cruise over to the lady's house with a floor jack and a couple of jackstands and a screwdriver. Get the front of the car up on the stands, as high as you can get it.

1.)Slide underneath the front seat area and start knocking on the floor; from from in front of the seats to "up behind the foot pedals" - on both sides. If it gives off a nice metallic thunk; poke at it with the screw driver. If nothing other than dirt or maybe undercoating (if they ever undercoated it) falls off; so far so good!
Slide up to the frame stubs (where the lower control arm is mounted); same test. Ditto the lower core support (looks like a front crossmember) under the radiator.

2.)If things are good so far, move the jackstands to the rear of the car; and doall the same stuff. Pay particular attention to the "trunk drop-offs", where the trunk floor (around the gas tank) joins up with the wheelhouses; and the rear frame stubs.
Just for me ('cause this is where I'm finding rust on my Coog) check very carefully "down low" in the front and rear of the wheel houses and where they join up to the quarter panel front and rear.

3.) All good? then laugh maniacally under your breath as you grab your wallet!

3a.)Get a trailer and haul that car out of there before she changes her mind.

That's the best-case scenario! Anything less than near-perfect will take more time/money. From what I've read/heard/experienced floor; repair is probably the easiest to do - a bunch of the guys (and 'Chelle) around here have done floors. It takes time and patience more than anything else. You were previously told to dump some water into the cowl vents and check if it appears on the front seat footwells. Fixing that takes a lot of time.... but I found out Dynacorn now makes re-pro cowls
Frame rail stubs are something that I personally would leave for a competant frame shop (I know my limitations).
This quarter panel that I need to fix on my Cougar? Big project (for me) - especially since there aren't any re-pro parts made for my car. The project will begin with "Find a good quarter-panel at a junkyard and cut it off"

Look under the vinyl top.
Mine was full of rust and holes now I'm replacing the whole roof which is a 2500 dollar job at the lowest.