The following vehicle description is based on a qualified independent appraisal performed August 12, 2020. The appraiser personally inspected and evaluated the vehicle described below for the purpose of providing an estimation of the vehicle’s cash value today. He inspected this vehicle’s exterior, interior, chassis, and engine compartment. A mechanical evaluation was conducted where possible. The evaluation is based upon authenticity, preservation/restoration, maintenance and/or replacement costs.
Vehicle Make: Ford Mustang Convertible
Exterior: Bright Red with Black vinyl convertible top
Interior: Black Vinyl (OE)
Mileage: 62,122 (Exempt from mileage requirements due to age).
SUMMARY: This Mustang Convertible has been in possession of the current owners for nine years. They have performed many structural repairs to the underbody components recently. In addition, the interior has also received many updates using exact reproduction components that are sold by various licensed suppliers. Some mechanical upgrades were required but not to the engine or transmission. The interior received new door panels, floor carpet, instrument panel, new trim plates and stereo radio. The floor carpet was replaced in the cockpit and also the trunk. The exterior has an enamel repaint that is 20+ years old. It would require refinishing to be perfect. However, if someone wanted a vintage Mustang that could be driven and enjoyed, this would be a good candidate. From 10 feet away, this car looks fantastic. Close inspection will reveal minor cosmetic imperfections. The folding top has two minor imperfections and is in good usable condition. This car has a condition grade of #3, Average Condition. The recent underbody structural repairs will support the #3 average condition value.
ENGINE AND ENGINE COMPARTMENT: While the original engine was a V-6 (T), it's been upgraded to a 289 cubic inch V8 with a four barrel carburetor. The engine has been recently tuned and the owner stated that it runs very strong. A new radiator and lower hose have been installed recently. The engine and engine compartment are not clean, painted and detailed but do not appear to be leaking fluids. There are no creature comforts such as power steering, power brakes or air conditioning on this vehicle. The left upper frame rail has been replaced and the right upper frame rail has been repaired. With a little effort, the engine and engine compartment could be cleaned, painted and detailed which would add value.
CHASSIS: The chassis components all appear to be original to the car. The brakes are four wheel drum brakes. The rear brake line over the differential housing is new. The vehicle has a “new” true dual exhaust system that is fabricated from 2” aluminized pipe with oval type original style mufflers. The tailpipes exit under the rear portion of the quarter panels. The torque boxes, frame rails and rockers have been replaced according to the owner’s documentation. In addition, the seat platforms and toe boards have been replaced. (These structural uni-body/frame repairs exceeded $6,500.00 according to the owner’s documentation). The transmission is a C4 automatic. The rear differential is an 8” Ford with air shocks. The air shock “air-fill” port is located inside the trunk floor. The wheels are cast aluminum aftermarket 14” wheels by Western. All four tires are Doral SDL 70A 185/70Rx14” radials with black sidewalls and are “new”. The spare tire is also mounted on a similar aluminum wheel with a used 185/SRx14” radial tire.
INTERIOR: The interior has many new and refinished components. The entire padded dash has been recently replaced. The instrument panel below the padded portion has been refinished in satin black paint. A new gauge cluster was installed and a new Custom Auto Sound AM-FM- MP3 stereo radio was installed in the original radio location. The stereo communicates with two speakers that are mounted in the door. The gauges are all analog including the speedometer which monitors speed up to 140 MPH. The floor shifter has been replaced with a new reproduction assembly. The entire floor carpet including the floor in the truck is all new. The door panels are new, and the seat covers have been replaced within the past few years. Overall, the interior is in good condition. The steering wheel is also a new reproduction assembly.
EXTERIOR: The exterior body panels do not show any rust of damage. There are a few panels that do not fit perfectly but these cars were not built with state of the art technology as cars are today. The Ford Mustang has always been a very popular car among consumers. The convertible top is power operated and has recently been refurbished in the hydraulic system so the top does up & down with the flip of a switch. The black vinyl top has a couple of small imperfections but remains in good usable condition. The rear window is plastic and is slightly faded from the sun and age. All the emblems and nameplates are present. The chrome front bumper has a couple of spots where the chrome is loose; mainly around the bumper bolts. The headlight moldings are fabricated from soft aluminum and have slight imperfections from use. This Mustang will require new exterior weather stripping and rubber seals if driven daily or in inclement weather. Overall, this Mustang in Average condition appears to be usable as-is with room to increase the value as other improvements are made while enjoying the car as it is. These Mustang Convertibles are investment quality collector cars.
SUMMARY/COMMENTS: The current NADA collector car value guide for May through August 2020 values a 1966 Ford Mustang in #3 average conditions at $42,000.00. The 2020 Collector Car value guide values a 1966 Ford Mustang in #3 average conditions @ $23,180.00. Hi-Bid auction results documents 62 1966 Mustangs in #3 conditions, that sold at auction in the past two years for an average value of $34,951.00. This average value contains the 10% buyer’s premium of $3,495.00 and must be deducted from the average selling price. Revised average value = $31,456.00. The average of these three values = $32,212.00 and will round up to $32,250.00 as the appraised value, based on the facts. After careful evaluation of this vehicle, based on the independent appraisers expertise and experience (and after consulting Old Cars Price Guide, NADA, Kruse International Auction Results, The Production Figure Book for U.S. Cars, the Internet, reviewing the International Vehicle Appraisers Network database, etc.), and after consulting with other Professional Appraisers, museums, and automotive experts, etc., when necessary, this vehicle is apparased (estimate) as having a cash value of $32,250.00.
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