Rest easy though, for Mustang’s 60 years of production has generated millions of opportunities to reconsider and purchase a vintage example, including one of those that virtually singlehandedly created an entire automotive market segment while becoming a pop culture icon: the 1965-’66 models.
Photo courtesy of Jim Smart
Following the August 1964 updates, Ford introduced the GT Equipment Group option that featured racy fog lamps, a heavy-duty front suspension with front disc brakes, five-dial instrumentation, Rally Pac, a dual exhaust system, lower accent stripes, and GT emblems.
When introduced on April 17, 1964, as early ’65s (none received a 1964 VIN tag), the Mustang was met by some backlash from the motoring press, referring to it as an underpowered,rebodied Falcon. That has since been debunked by the car’s design–save for the shock towers, it shares no structural metal–and the ample option list that accompanied the car’s unveiling. The styling, initial $2,368 price, and aforementioned optionslist produced rabid public enthusiasm.As Ford promised, the Mustang was “The car designed to be designed by you!”
Ford projected it would sell 100,000 the first model year. It sold over a half million in hardtop, convertible and fastback guise. At the time of this writing 378 first-gen Mustangs were listed for sale on Hemmings.com. Whether the original Mustang is catching your attention for the first time, or you’re finally answering years of ownership yearning, here’s a few things to keep in mind while shopping…
1965-1966 Ford Mustang Engine & Transmission
Photo courtesy of Jim Smart
The Mustang's initial base price included a 105-hp, 170-cu.in. straight-six engine. The economy engine sipped fuel through a one-barrel carburetor. Many buyers stepped up to one of the available V-8 options.
The Mustang may have received some criticism for being underpowered when introduced to the automotive media; however, it’s important not to lose sight of whatthe car was intended to be: an adaptable platform for the masses. To that point, economical to purchase and operate was one of its stylish hallmarks, and thus the Mustang’sinitial base engine was the hardy 170-cu.in. inline six that was rated for a fuel-sipping 105 hp.Of course, a vast sect of the buying population wanted more, so Ford made the 164-hp 260-cu.in. V-8 available as an option. So, too, was a 210-hp 289-cu.in. V-8 that, unlike the 260, was equipped with four-barrel carburetion.
Savvy buyers might have noticed another V-8 on the Mustang’s option sheet in June 1964: the 289 High-Performance variant. Known by its K-Code designation and highly coveted today, its mechanical tappets, a hot cam, cast-iron exhaust headers, and dual-exhaust system all contributed to the engine’s then-noteworthy rating of 271 hp. Keep in mind that the “Hi-Po” 289 mandated the installation of Ford’s near-bulletproof 9-inch differential.
Running changes that help differentiate early 1965 models from later examples were the August ’64 shift to a larger-yet-economical 200-cu.in. straight-six (standard), and a two-barrel carbureted 289-cu.in. V-8 (optional) that was rated for 200 hp. In addition, the base four-barrel 289 received mild tweaks that boosted output to 225 hp, while the K-code 289 remained unchanged (see the engine chart for more output details).
Transmission selection through the 1966 model year was much simpler. The six-cylinder engines were paired with an unsynchronized 2.77 three-speed manual as standard equipment; however, it could have been upgraded to an optional all-synchronized “Synchro-Smooth Drive” 3.03 three-speed manual, British-built Dagenham four-speed manual, or C4 Cruise-O-Matic automatic.
Mustangs powered by either V-8 received the “Synchro-Smooth Drive” three-speed manual as standard equipment, or the optional Cruise-O-Matic automatic. A heavier-duty four-speed manual (initially the Borg-Warner T-10, later the Ford Toploader) was also optional on 289 cars. Selecting the Hi-Po 289 mandated the four-speed manual through the end of 1965 production, after which it could have been optioned with the Cruise-O-Matic.
Early Ford Mustang Desirable Options
Photo courtesy of Jim Smart
The optional Interior Décor Group was also introduced in the Spring of 1965. It offered molded door panels with integral door handles, pony embossed upholstery, courtesy lamps in the lower door panels, and five-dial full instrumentation.
At first blush, the Mustang looked like basic, utilitarian transportation, albeit one with visual pizzazz. However, Ford had a proverbial ace up its sleeve by allowing customers to personalize a new pony car with more than 40 options available at or shortly after the car’s introduction. By the time later-1965 examples began rolling from assembly lines, that list had grown to 70. Aside from the previously discussed engine/transmission choices, two option packages provided instant sporty flair, both of which rank high in collectability among enthusiasts.
In the spirit of “Ford’s GT racing car,” the “GT Equipment Group” was introduced in the spring, though the first production units with the option came off the assembly line in February. The package included lower body GT stripes, GT emblems, five-dial instrumentation (later standard on all 1966 Mustangs), the 225-hp 289, fog lamps in a blacked-out grille, a true dual exhaust system with trumpets protruding through the rear valance, front disc brakes, special handling package (heavy-duty suspension) with a 22:1 quick-ratio steering, bright hood leading edge accent molding, and the new low-profile Rally-Pac tachometer and clock.
Another package introduced for 1965 was the “Interior Décor Group,” also known as the Pony Interior or Deluxe Interior. It started with a three-spoke woodgrain deluxe steering wheel and simulated walnut surrounding a five-dial instrument panel and glovebox door. Front bucket seats were finished in “leather-soft” vinyl with pony-embossed seat backs, while door panels featured integrated door handles and dual-lens courtesy lamps. A final touch was the inclusion of chrome-trimmed floor pedals.
Early Ford Mustang Problem Areas
Photo courtesy of Jim Smart
Despite the Mustang’s immediate popularity, the wayit was engineered and built, over time, lent itself to allowing problem areas to develop.The bodies were acid washed before the seams were sealed, and primer and enamel paint were applied. However, not every area received sufficient corrosion protection, specifically the cowl vent assemblies where dust, leaves, and other debris can get trapped.That debris, in turn, trapped moistureand in time it would rot through the metal, permitting moisture to migrate to cabin floorboards and kick panel risers, unbeknownst to owners.
The front suspension was initially not excluded from the potential problem list, either. Factory upper control arms didn’t feature grease fittings, which caused them to seize up and “oil can” the shock towers, which eventually could crack and fail. And while it wasn’t a problem mechanically, early Mustangs were equipped with a generator charging system. In August of 1964, another of Ford’s running changes was the switch to alternator charging.
Conversely, Ford did address other potential problem areas. For instance, sound deadening (little more than tar) was sprayed inside doors and on the backside of each quarter panel to help ward off corrosion and achieve a quieter ride. Also, as was the case with the Falcon, galvanized rocker panels were used; a preventative anti-corrosion step that helped maintain structural integrity.
Mechanical serviceability of Mustang’s varied engines has never been a concern over the decades, either. Much of that has to do with the simple fact that each straight-six and V-8 saw prolonged use in various Ford and Mercury models from the early 1960s to the 1980s. Case in point is the 289, which can easily be rebuilt to stock specifications, or upgraded with an array of aftermarket internal or bolt-on external components to help boost output. Similarly, each of the transmission options were known for reliable durability, provided they were not thrashed unmercifully. Do note that the 260 and early production 289s use a different, five-bolt bellhousing attachment from later 289s and other post-1964 Windsor small blocks.
Further, the continued popularity of first-gen Mustangs has resulted in a vast network of OE-style and aftermarket parts suppliers for enthusiasts who are looking to perform concours restorations, revive a driver-condition example, or administer road-ready upgrades, whether it be mild brake upgrades, or wild suspension mods. This is where the true adaptability of the Mustang’s original design shines; a be-all car for the masses six decades on.
1965-1966 Ford Mustangs in the Marketplace
Photo courtesy of Jim Smart
The solid side scoop ornament of 1965 gave way to this three-finger ornament, which blended with the Mustang's three-element taillamp assemblies.
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What Should You Expect To Pay For A1965-1966 Ford Mustang?
Resources available online state that over the last five years 1,609 first-generation Mustangs, comprised of 670 hardtops, 609 convertibles, and 330 fastbacks, have been sold at public auction. Lumping all three body styles into a single round figure would provide an unrealistic answer, so let’s break things down by body type.
The current average sale price of hardtop Mustangs (often called “notchbacks” by enthusiasts) is roughly $23,400, although some examples have sold for as little as $3,850 and as high as $87,000. The causes behind high and low outliers vary: Presentation, type of engine installed, and trim options all play pivotal roles. For instance, desirable concours-condition, factory-stock K-Code examples and exquisitely-executed restomods will attain the highest prices. What’s interesting here is that over the last five years, the average value at auction for notchbacks has been relatively steady, increasing from $19,000 to the $23,400 figure stated above; however, factoring inflation, that $19,000 now has the same power as $23,300. The net gain here is virtually nil, which bodes well for those new to Mustang who are seeking a fun ride without breaking the bank.
The same parameters are at play while calculating the average sale price/value of convertibles and fastbacks. Beginning with the former, the average sale price has risen a scant 12.25 percent, from $33,563 to $37,676. Outliers are more dramatic: as low as $11,000 and as high as $175,000. Factoring inflation, however, the $33,563 average from five years ago has the same buying power as $41,123, making convertibles another good buy at the time of this writing. Fastbacks, meanwhile, have witnessed sale/value growth; from $34,000 to $51,000 (a 50 percent jump). Factoring inflation ($34,000 now has the same power as $41,659) the increase becomes a modest 22.4 percent. An aside, low and high sale outliers were $16,750 and $115,500, respectively.
1965-1966 Ford Mustang Engine Options
170 Inline Six (before 8/1964);1-barrel; 105hp @ 4,400 rpm;156 lb-ft @ 2,400 rpm
200 Inline Six (8/1964 to 8/1966); 1-barrel; 120hp @ 4,400 rpm; 190 lb-ft @ 2,400 rpm
260 V-8 (starting 8/1964); 2-barrel; 164hp @ 4,400 rpm; 258 lb-ft @ 2,200 rpm
289 V-8 (8/1964 to 8/1966); 2-barrel; 200hp @ 4,400 rpm; 282 lb-ft @ 2,400 rpm
289 V-8 (before 8/1964); 4-barrel; 210hp @ 4,400 rpm; 300 lb-ft @ 2,800 rpm
289 V-8 (8/1964 to 8/1966); 4-barrel; 225hp @ 4,800 rpm; 305 lb-ft @ 3,200 rpm
289 Hi-Po V-8 (6/1964 to 8/1966); 4-barrel; 271hp @ 6,000 rpm; 312 lb-ft @ 3,400 rpm
1965-1966 Ford Mustang Parts Pricing
Full Quarter Panel: $195.65
Windshield: $165.00
Lower Door Hinge: $44.67
Stripe Kit: $17.17
Power Brake Booster: $366.54
Lower Control Arm: $82.35
Front Seat Upholstery: $242.75
Sun Visors: $86.96
Center Console: $757.66
Woodgrain Steering Wheel: $255.57
Power Steering Control Valve: $500.43
Fuel Tank: $198.42
1965-1966 Ford Mustang Restoration Resources
National Parts Depot; npdlink.com; 800-874-8795
CJ Pony Parts; cjponyparts.com; 800-888-6473
Dennis Carpenter Reproductions; dennis-carpenter.com; 800-476-8139
Summit Racing Equipment; summitracing.com; 800-230-3030
Virginia Classic Mustang; virginiaclassicmustang.com; 540-896-2695