Replacing this trunk lid requires...
Replacing this trunk lid requires the removal of only four bolts, and that would be the way to go here. We'd replace the taillight panel also, although this is a considerable amount of work. A genuine GT 2+2 is worth fixing in any but the worst situations.
Almost all of us have to confront the bodywork question at some time during the restoration of our vintage Ford cars and trucks. Whether it's a crunch job or rust deterioration, the repair or replace judgment call almost always depends on each individual case. It doesn't matter if your car is a garden-variety '65 hardtop or a priceless 428 CJ convertible; sometimes it's a tough call. We know from experience. We replaced a moderately damaged fender on our vintage Mustang and later wished that we'd repaired the fender that was originally on the car. We ended up unhappy with the new fender and did more work to make the replacement fit than a proper repair would have entailed. Conversely, we've seen repairs that didn't turn out well, where a complete panel replacement would have been the best solution. With other vintage Ford cars, your course of action may be dictated strictly by what's available. Let's look at some individual situations and see what different measures might be required.

This first-generation hardtop...

This first-generation hardtop could be a good starter car. Although there is some spooky looking bodywork on this rear quarter-panel, a good body repair person could have this panel repaired and looking straight in no time. Replacement of this panel isn't a simple bolt-on affair like it is for a front fender-panel. The new part would need to be welded into position after the old sheetmetal was removed. A new panel, along with its installation, would be more costly than a repair and might not be justified for this car.

The rear quarter on this fastback...

The rear quarter on this fastback Mustang is worse than on the hardtop. Here we would have to say that complete replacement is the only way to go. With all else being equal and given the same amount of work, the fastback has almost twice the potential value of the hardtop and, for this reason alone, the complete replacement is warranted. Repair of the existing panel would require undesirable patches and could cost more than new sheetmetal in this case.

The front fender-panel on...

The front fender-panel on this car is rusted clear through, and although it could be repaired, replacement is easy and simply a bolt-on proposition. New front fenders aren't too expensive, and paintwork should be about equal for either repair. For this early car, reproduction fenders are easy to find. you may also wish to consider an original Ford fender, either new or used from the boneyard.

The back end of this '68 hardtop...

The back end of this '68 hardtop seems straight enough, but there is rust repair in the trunk lid, the bumpers need replacement, and the molding around the rear window is gone. These little details can drive you crazy. Even without bodywork, you'd spend a considerable amount of money getting this back end to look right. If you've inherited this car from your grandmother, go forward. If it's for sale, take a pass and look for a car in better overall condition.

Moving onto the door area,...

Moving onto the door area, even nice Mustangs often have rust in this forward corner of the door. Installing new doorskins is one option, but this is a lot of labor to repair a small and isolated area. If this were our car, we'd repair the door properly, making sure to remove all rusted material, and then replace the front fender with a genuine Ford part.

In this view of the fender...

In this view of the fender top we see that the gap between the fender and hood closes up as it nears the front of the car. It's difficult to tell whether the hood is out of alignment or if the fender is pushed in toward the hood. What is of more concern is the small pinhole of rust. It's been our experience that rust of this type is usually pervasive and makes a fender a sure bet for replacement.