will 05-07 16'' wheels fit a 65

they will with wheel adapters. these bolt on the hub, and then the wheels bolt to the adapters. the adapters need to be at least 1" thick, and probably 1.25" thick.
 
Yes, they can be made to fit. However, they do not just bolt on directly. You will need to run wheel spacers (depending on your exact application, ~1.5" spacer will be needed). These wheels have WAY too much BS for your application, hence the need for spacers.

Additionally, the stock tires for the 05 will not fit. They are too tall. You will need to swap them out for something smaller, say a 215x55x16. I believe stock size has a 65 aspect ratio.

There are multiple members here running them, maybe they can help you out with specifics and pictures!
 
i'm not sure iwant to use wheel spacers. i'll have to think on that.. does anyone know about how much they cost.. i saw several ads for 15x7-8'' and 16x7-8'' wheels that supposedly fit right on the back spacing was from 3 3/4'' to 4 1/2'' but i can't find the back spacing on the fact. 05-07
 
depends on if you wanna go steel or billet and make it look nice. I got the billet ones 1" pair for like $75 i think. its been a few years since i bought them. It was from a company called texas mustang. i can find a website if you want it. or just google it im sure itl pop up. I know they carried both kinds and you can use it for a price reference if nothing else.
 
I would like to use the new v6 16s myself(I dont want any 17s because I think they are just too big and dont offer any advantage) where do the 16s rub on the ball joint? I would think that with 1 1/2" spacers the spokes at least would clear...is it the lip? I would actually only have to use spacers on the front on mine(I use a 84 lincoln 8.8" out back which just happens to be 1 1/2" wider on each side(or damn close to it anyway) anyway I guess my real question is whether there is anything I could do to solve the wheel rub problem because I have been wanting to use those wheels for awhile now and I'm sure they dont make any with the correct backspacing in 16" sizes
 
What I think you will find with the 16" rims is that they will want to rub at the ball joint area on the upper control arms. This is why most people use the 17" rims it affords more room for the upper control arm. Here's a picture of 17x8's on the front of a 70.

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would a shelby drop help this? its a modification i was planning on doing anyway...and if it dropped the UCA....presumably it should also drop the ball joint area slightly correct? or would it just tip the ball joint area upward more? not being a suspension expert here I dont know....I have another question though...obviously wheels smaller than 17s fit classic mustangs...how do the stock wheels(and aftermarket wheels in the range of 15-16" avoid this issue?
 
I'm not sure of the answers to all your questions. The picture I posted has the shelby 1" drop done to the car. The upper ball joint will stay in the same place, remember you are not changing the spindle assembly any which is where the ball joint is. Your just lowering the inner mounting point of the upper control arm.