Jerry Heasley
October 29, 2012

Perkins describes this drop as due to classic Mustangs selling for $100,000 (prior to 2009) when they were $50,000 cars. Now, these “average cars are bringing what they should bring.”

When the market jumps up, prices for top cars do tend to bring up the prices on average cars. How much have prices dropped since Waydo’s time frame of 2009?

That’s what our price guide is for. Right away, Waydo clarified that the ’65 through ’68 Mustangs have seen little change in price over the last 3-4 years. He says these models, in all body styles, have dropped about 15 percent. The one exception is the big-block Mustangs from ’67-’68, which have suffered more of a drop in value.

The Mustang market is down from the hey-days of the mid-2000s when Ed Meyer sold a ’69 Boss 429 for $605,000 at Barrett-Jackson.

Looking at our guide, a #1 condition Boss 351 is $65,000 range

In my research, I’ve noticed prices go up on collector cars over the long term, meaning decades. However, in the short term, say 3-4 years, prices move up and down. When they move back up, collectors are more educated and pick better cars, leaving lesser cars to flounder and the better cars to soar even higher.

Since late 2009, classic (1964½ to 1973) Mustang prices on the majority type cars have dropped, more or less, while select Thoroughbred Mustangs have gone up and set world records. If history repeats, prices will eventually recover and go up and above the tops we have seen so far. Time will tell when. Until then, collectors who want a specific first generation Mustang should consider taking advantage of today’s market.

Condition ratings

1: Fully restored, which describes a Best of Show at a large Mustang car show. The undercarriage and engine compartment have been restored and detailed to like-new. Some original cars fit in this category, but they are merely detailed and have not been restored.

2: Fully restored or a detailed original, as #1 above, but there is evidence of wear. The undercarriage and engine compartment have been detailed but have flaws.

3: Partially restored or an excellent original. The body, paint, and interior look sharp. The engine is cleaned up. The casual observer will see no fault with these Mustangs.

4: Unrestored or an older restoration showing a lot of wear. The seats will show obvious wear, such as rips. The casual observer will readily find fault with these Mustangs but the car is presentable.

5: Unrestored and showing major wear. These cars are still drivable but need major work.

Appraisal Suggestions

Notice that no matter the rated condition of a vehicle, this guide cannot price Mustangs that are either incomplete or rusty. Incomplete cars, then, are worth the charted value minus the cost of parts and labor to replace what is missing. Likewise, rusty cars are worth the charted value minus the cost of parts and labor to repair the rust, if that is possible. Often this cost can run more than the value of the car.

Also notice that restored cars have both undercarriage and engine compartment detailing. Therefore, partially restored cars that have been fixed up, such as with new interior and paint, cannot therefore rate either a #1 or #2 condition code. The value of these Mustangs begins with #3.

Photo Gallery

View Photo Gallery

Photo Gallery

View Photo Gallery
1973 Mustang Value Table
As you’d expect, the mid-year ’681⁄2 Cobra Jet Mustang GTs are valued higher than their 390 counterparts. A fastback in #1 condition is valued at $75,000. Rarer convertible models are valued up to $200,000.