What to Pay for a Classic Ford Mustang

The Ford Mustang is one of the most iconic classic cars in the automotive world. Its debut in the mid-1960s was intertwined with arguably the golden age of American muscle cars, with manufacturers building ever-more powerful and aggressive models to beat the competition.

While many 1960s American performance heroes are instantly recognisable to enthusiasts, the Mustang is the only one to gain a high degree of ‘household name’ familiarity – and that’s no surprise given that the Mustang currently remains Ford’s longest-produced nameplate. A large proportion of this worldwide renown also comes down to the Mustang's place in the world of popular culture, with its image becoming synonymous with the coolest sides of American culture, thanks to its appearance in countless movies and TV series.

The first generation of Ford Mustang production lasted from 1964 until 1973, and over the course of these nine years it underwent a number of changes, both mechanically and cosmetically. Notably, the Mustang grew physically larger with more aggressive styling, as the ‘pony car’ evolved from its more compact ‘sporty’ beginnings into a more imposing muscle car aesthetic. Similarly, engine sizes increased throughout the first-generation production run, with both the inline-six and V8 engine options seeing increased displacements, and the choice of either two- or four-barrel carburettors.

Body styles remained the same throughout the first generation, with buyers able to choose from either a Convertible, a Hardtop (Notchback), or Fastback variant. Transmission choices included a three- or four-speed manual gearbox, or a three-speed ‘Cruise-O-Matic’ automatic gearbox, though more heavy-duty variants would be introduced for the most high-performance engine options.

For this guide our team have scoured the ‘Sold’ section to illustrate some typical prices that you can expect to pay for a range of variants of the classic Ford Mustang. Of course, bidding on any given car will reflect nuances of the individual car, including service history, condition, and mileage.

Hardtop & Convertible

We start this exploration with the two more common variants of the Ford Mustang, in the form of the Hardtop (or Notchback as it is known in the US) and the Convertible. Although the Hardtop model doesn’t offer the famous silhouette of the Fastback, it remains a desirable option for many enthusiasts, including those looking at track-ready conversions due to their lower bodyweight. The Convertible model remains a firm favourite for enthusiasts looking to soak up the sun with the musical theatre of a vocal V8.

In the UK, this 1967 model-year Mustang 289 Hardtop featuring a timeless colour scheme, various choice upgrades, and an indicated 47,400 miles sold for ￡17,000. In May 2024, this 1966 Mustang with a replacement 5.0-litre V8, plus modernising modifications sold in Sweden for €20,500. In Australia, this bold 1965 Convertible with around 98,100 miles sold for A$43,250, and an equally vibrant 1965 Hardtop model with a few discerning upgrades sold for A$42,640.

This 1965 289 Convertible with an appealing colour scheme and a few upgrades sold for ￡25,750 in the UK, and this reportedly highly original 1966 289 Convertible showing around 68,800 miles sold in Australia for A$56,000. Finally, a desirable right-hand-drive 1968 Mustang 302 ‘J-Code’ Convertible showing around 87,900 Kms and benefitting from an extensive restoration achieved a hammer price of ￡35,250.

Fastback

The Ford Mustang Fastback was introduced slightly later than its Hardtop and Convertible counterparts, with the first models becoming available in August 1964. The Fastback model featured a sweeping roofline and larger rear window, and the now iconic side louvres that were not only styling additions but also provided ventilation for the rear cabin. While being the rarest option, the Fastback quickly became the definitive Mustang silhouette, and as such it is generally the most sought-after today.

In Australia in late 2023, this 1965 Mustang Fastback with a 289-cubic inch V8 and some discerning performance and cosmetic upgrades sold for A$74,620. In Europe. this sought-after 1969 428 Cobra Jet with a striking colour scheme and its potent 7.0-litre ‘Cobra Jet Ram Air’ V8 sold for €38,250. A 1966 Fastback with an appealing colour scheme and benefitting from a high-quality restoration achieved a hammer price of €47,250.

In the UK, this 1965 example with a 5.7-litre V8, and benefitting from a ground-up bare-shell restoration alongside a few tasteful enhancements, sold for ￡41,000. An especially desirable variable, this 1967 390 Fastback GTA featuring the sought-after ‘S-code’ 390-cubic inch ‘GT’ V8, sold for €63,500 in Belgium.

Shelby Models

Carroll Shelby is one of the most legendary names in American racing and performance cars, from establishing himself as a proven racing driver, to the success of his iconic Shelby Cobra, the development of the GT40, and creating coveted versions of the Mustang.

Carrying on the successful partnership that had already spurned the GT40, Ford approached Shelby to produce high-performance Mustangs, with one particular aim being to beat the competition on track. The first such iteration was the 1965 Shelby Mustang GT350, which went on to prove itself on road race circuits across the US, becoming SCCA B-production champion in GT350R guise.

Due to the low numbers of true Shelby models produced, spanning the GT350 and later GT500 models, these cars have become some of the most sought-after among enthusiasts and collectors, and as a result they fetch considerable premiums.

In Sweden in September 2023, a 1969 Shelby GT500 Convertible sold for €105,000. This car featured a 7.0-litre ‘Cobra Jet’ V8 engine, had been treated to a thorough overhaul, and was one of only 245 such cars built in 1969. In Spain, a 1967 Shelby GT500 – one of just 2,048 from that model year, when it was the most powerful Mustang ever made – sold for €133,000. In Australia, another GT500 was an impressive example from the last year of production at the Shelby American facility in California, and with its handsome colour scheme and muscular styling, it achieved a hammer price of A$250,500.

In the UK, this 1966 GT350 finished in iconic Wimbledon White with blue stripes was believed to retain its factory paintwork, but had been mechanically overhauled. The odometer showed just 52,500 miles, and it sold for ￡136,500. The previous year, a fully restored GT500 from 1967 had been brought to market, with its numbers-matching ‘Police Interceptor’ V8 still fitted. The refurbishment had been completed to exacting detail with the Marti Report on file to guide the restorer, and it went on to sell for ￡182,000.

Tributes & Modified Cars

Due to the scarcity and value of original high-performance variants, it’s easy to see why so many enthusiasts choose to modify their Mustang – supported by a plentiful supply of upgrade components, remanufactured parts, and a global network of specialists.

This Pro-Touring custom 1966 Mustang Hardtop was offered for sale in the UK and featured extensive modifications giving it the characteristics and comfort of a modern muscle car, with all the classic charm. With a right-hand-drive conversion, a Roush-prepared 5.0-litre V8 engine, a five-speed manual gearbox, and a host of supporting performance and modernising upgrades it sold for ￡33,750.

In Australia, this 1965 Fastback ‘A Code’ was a faithful tribute to the Shelby GT350R model, and featured a fitting colour scheme and performance upgrades, which helped it achieve a hammer price of A$67,500. Back in the UK, this 1965 Mustang 289 Hardtop was rebuilt as an FIA-compliant historic touring car, and it boasted racing provenance alongside a raft of performance and track-focused upgrades, which saw it sell for ￡36,000.

Another impressive Shelby GT350R tribute that had recently been fully rebuilt was sold in the Netherlands for €55,650. This well-crafted and previously restored homage to the iconic 1967 ‘Bullitt’ Mustang was sold in the UK for ￡52,000, while an imposing and extensively modified 1967 Mustang Fastback with a 624bhp 7.0-litre 429 Super Cobra Jet V8 engine sold in the Netherlands for €68,000.

Summary

The classic Ford Mustang is a legendary American ‘pony car’, which remains the marque’s longest-produced model, now in its seventh generation. The first-generation Mustang was a remarkable success story for Ford, and over nine years it firmly established itself as a sought-after model. Today, the early Ford Mustang remains one of the most iconic and easily recognised classic cars in the world, with a dedicated enthusiast following drawn to its timeless blend of style and performance. So, if you’re in the market for your own piece of the American dream, then make sure to subscribe to Collecting Cars’ alerts to stay up-to-date with all the latest Coming Soon and Live auctions.