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Need advice 1972 Q-code/4 speed project
Hi Everyone
I'm new to the site but not to Mustangs.  My first car was a 1971 fastback with a 2V 351C I bought when I was 15.  In the next few years I bought a 1971 Mach 1 drag car and a 73 fastback.  The Mach was originally an M-code but when I got it it had a Boss 351 with a tunnel ram and a C6.  Those cars got sold while trying to pay for college. 

Currently I have a 06 GT vert, 91 5.0 LX vert, and a 86 Cobra GT(Canadian GT's were called Cobra's but no difference other than a Cobra sticker).

I'm looking for some advice and opinions on a car I can buy.  It's a one owner 1972 Q-code/4speed/3.50L Bright Blue Metallic fastback for $2000 Canadian(about $1600US) that's been sitting for 20+ years.  It has the original drivetrain but I wasn't able to see if it's seized yet. It appears to have an aftermarket aluminum intake, Holley 750DP and side exhaust. The original owner said he didn't want the spoiler and stripes so he didn't get the Mach 1 package.  The body is rough and would likely need fenders, inner aprons, floors, quarters, maybe rails and torque boxes, etc.  So full resto.  It has a Ram Air hood with the hood scoops open but none of the ram air parts.

Would it be worth taking it on as a project or would I likely be upside down money wise trying to restore it?  I can do all the work myself and have a buddy who does nice paint.  I figure about $10K in new metal.  But what quality is the repo stuff like dearborn?  What would the drivetrain be worth parted out if I decided it was too much work?  $1600US isn't alot but I'm thinking about how much I'll have in it versus what it's worth.

My rational side says it's too far gone to take on but the 15 year old in me would love to have another 71-73 to bring back the memories of my first car.
you'd be wholly upside down in everything but love my man, sorry. That being said that's a nice low number if a lot of the mechanical is there and just needs to be taken apart cleaned and wear parts replaced. If you want one and have the cash and time to spend and don't care if you spend more than you can sell it for it sounds ok. If you don't do concourse, just get it put together and driveable, and can do almost all the work yourself you might get by with 25-30k.
The car sadly would need most of the body done. Fenders, doors, quarters, etc. so I'll have to pass on it I guess. Too bad seeing as it's a one owner Q-code. I'm up in northern Canada so most of the stuff around here that old has rust issues. Even finding 71-73's in any shape here is difficult.

Out of curiosity, what was the difference between the two 4 speeds offered in 72? Was one a close ratio and the other wide? The data sticker had a 5 for the tranny code.
Only code 5 was available in 1972: wide ratio 4 speed. In 1971 only, the C and J code 429's came in the close-ratio 4 speeds.

Let me check your shorts!

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Welcome from Australia Pheadrus
If I saw a rusty old one owner for $1600 where I'm from I would probably buy it just for a parts car if not viable to restore
I suppose though it depends what parts are salvageable though
Hope you eventually find a decent vehicle and start a build thread
I am late comer on this one. I would say pick it up for parts only. If it is not a Mach 1 the parts still fit one if you locate a great body that needs a drive line. They made 2,596 fastbacks Mach 1 with that engine transmission combo in 72.
I turned down a 73 Mach 1 Q with automatic for $1,000, total rust bucket. There are too many good solid bodies to fool with spending all that time and money replacing most of the car. You will still have rusty rockers. I know they were zinc coated but I have one that also Ziebart inside the rocker and it was nearly rusted thru.
Get it for parts tear it down and sell the rust for scrap before it evaporates?

When a man is in the woods and talks and no women are there is he still wrong??
If that car wasn't at the other end of the country I certainly would consider it. cant have too many parts cars. Shipping would be the big factor for me.
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