I found a 1968 R Code Fastback. Whats the ballpark value?

Here's the deal, I found a 1968 R code 428ci 4 speed Mustang Fastback. Woohoo!

I'll describe the car in it's current condition and I'd like to get some thoughts as to what it might be worth both in its current condition and once it's done.

I'll tell what is being offered and I would like to hear from others on this list what their opinion is regarding the offer. Is the offer too high, too low, is it fair etc?

First the bad, unfortunately, the car was back halved and tubbed by some friggin idiot some years ago and now it's wasting away in a barn. The back half was done fairly well but the wheel tubs look pretty crappy. The back interior is of course gone, so no rear seat, no rear interior panels etc. The front dash and seats are still there and are in decent enough shape. Steering wheel and column are there, the glass is all there, the doors are there and in good shape. There is no rust to speak of, some minor stuff but the floors and tork boxes are pretty solid as are the front frame rails.

There is no tranny. The floor where the shifter used to be has been cut up to accomodate some other shifter which is no longer there. There is a 6 point roll cage in it and a fuel cell. Batteries are in the trunk.

The biggest thing in my mind is the fact that the back half of the car has been butchered and tubbed. It needs new quarters, new trunk floor, floor over the axle, new wheel wells and factory frame rails to get it back to stock. Thats just from eye balling it, I'm sure there is more once you get into it.

The up shot is that there is not much rust in the car, all the glass is there, wiring etc. The differential and shortened axle housing look like a pro job and could probably be sold as well as the back half, springs and frame rails.

The guy says he has the 428 motor but no crank and no pistons.
He says he has the heads. I havent seen them though so it might not be the original motor or even a 428 that he has.

I am wondering what the REAL WORLD value of something like this is. Both as it sits and in restored condition. Probably restored to a number 2 (real nice driver) or a restomod condition.

The offer to him is 4k as it sits with the motor and all parts that he has for the car.

I am trying to take into account what will have to be done in order to get the car back to stock or at least restomoded to a point where it's a better drive but stuff can be changed back if desired.

So, give me your opinions, is this a fair offer? Is this a steal? What is the real world value of an R code fastback like this in its current condition and what would it be worth put back to stock? Has anyone on the forum bought or sold one of these cars recently? A rough approximation is all I'm looking for. I've seen a couple on eBay listed from anywhere from 50 to 65 K but these are cherry, original, numbers matching etc. The real question is, did they get what they were asking for or were they just smoking Carlisle drugs?

I think the value really hinges on that 428 engine! An R code without the 428 isn't worth nearly as much! If I were you, I would want to see that engine, get the serial # off of it , and do a little homework to see if it is original or at least "period correct". If this car was raced, it's pretty likely that the original block is long gone.
The other factor is what you want to do with it and just how much you want an R code. And, of course, how much are you willing (and can afford$$$) to take on. Obviously, restoring it back to original is a totally different task than making a restomod. And a car like this would be far more valuable in nice, original condition (I'm guessing in the $50K range). The reality is that their is really no "book value" for a car like this in this condition, just what you are willing to pay for it.
All that being said, it sounds like you are pretty stoked about finding such a cool, old rare car and are prepared to take on a big project. If the seller really does have the original 428, then $4K is probably a deal and even up to around $10K may still be reasonable. Even if you put $30K into it, you would still be in it right and it would never be worth less (unless you wreck it!). However, without the original or at least a period correct 428, I don't think I would offer much more than what is on the table since you could kill off a lot of your budget finding and building a period correct 428. Especially since you already have to replace the toploader!
Good luck with it and let us know what happens! I sure hope that someone will bring that great, old car back!

Restoring a mustang usually requires some replacing of the floors and sheetmetal..I would look at it as a car that needs the rear floors and 1/4s...It's a bonus that the front half of the car has no rust. Even though the back half will be lots of work it's not as bad as having to do the whole car......I have seen unbelievably rusted out hulks for sale for $3-4000 that litterally would be worthless other than the VIN number stamped on the inner fender....$4000 is a total steal in my opinion...If you don't scoop it PM me the info on where the car is

Thanks for the replies and opinions. I woke up this morning not expecting to go check out an R code Mustang but through a twist of fate it fell into my lap. Gotta love it when that happens.

I have been spending the evening researching the 428's including average asking prices and parts costs. It definitely looks good even though it will be a bunch of work. If I didn't have my own shop and the resources to do the work myself I wouldn't be so sure if it would be worth it. I could see the costs escalating out of sight if this was farmed out.

I might wind up having to sell my 67 Coupe to help finance the purchase and resto but I've always wanted a fastback and a big block is an added bonus.

Thanks guys
Dave

I am new here and was looking around . I have 3 r code cars and the price is well worth it tubbed or not . The tag 4th letter r in ser number makes it a good rare car to have . As for the motor it should be raised numbers on the block right above to oil pan saying (c8) . A 428 will have stamped 428 inside the water jacket drivers side inside behind the freeze plug second from back I beleive on drivers side . A 428 will have on crank stamped on the counter weight u1 , a cj will have ub and scj will have u1 or u-a as well ua1 . The heads on a cobra jet right beside the spark plug raised letter 6090-N . If not N then either someone removed the heads or not a scj . Many ways to tell what it is but I agree with all post it is WELL worth it .

Rcode427,
It's nice to hear from someone who really knows these cars! Wow! Three of them! Are your R codes fastbacks or coupes? Got one to spare???

Just curious, what do you think this car is worth if the 428 is missing or is not original?

Originally Posted by kgordonl

Rcode427,
It's nice to hear from someone who really knows these cars! Wow! Three of them! Are your R codes fastbacks or coupes? Got one to spare???

Just curious, what do you think this car is worth if the 428 is missing or is not original?

The way he described it even tubbed without the motor or even without a title it is worth more than 4 grand because its a R code . I own 69s but I would think a 68 r code is about as one stated below , some I have seen pay 10 grand these days and going higher . My friend has a 69 r code in rough shape . I saw him turn down 11 grand . But the thing is one has to have a buyer to get that . Place to sell a r code would be ebay for high there , all ya have to do is keep an eye there to see as I do . But then again the public is funny , can find cars cheeper . I know where a 68 r code fairlane is for 8 grand in very nice shape for sale . The owner will rebuild the 428 and trans new for that price . Great deal as well considering his car holds many records in nhra with a R code 66 fairlane factory race car . I can post a pic here of it . He is my running buddy in nhra . I know where alot of nice cars are . As for motors well I have all kinds 406 3 duce , 427s , bose 302s , a fe lovers heaven . I think at shop there is over 42 427 motors in lines , well we stopped counting after 42 anyway . Whatever in fe department we probably have . But thats another story . He can make money off the car at that price to resell .

This is an r code 69 I race but has a 427 side oiler in it at this time . I have been offered 70,000 for this car and turned it down . Thing is it is hard to find one as mine . Not been tagged or seen water in 30 years and has been all over usa at dif tracks , a racing history but mine is very clean . As for his 68 I got a matching motor for that car and I know it is a 428 cj . It will cost a arm and le to put it back but in the end I am sure its worth it , besides its a convo piece as well a man needs a car to fix up in the end what ya put into you can get back in a r code .

DAMN! You got a LOT of GREAT STUFF!

Wish I was you! 42 427's in one damn building? That's gotta be $100K+ in engines alone!

I've never been a racer but I'm getting into it slowly...

Originally Posted by FEandGoingBroke

DAMN! You got a LOT of GREAT STUFF!

Wish I was you! 42 427's in one damn building? That's gotta be $100K+ in engines alone!

I've never been a racer but I'm getting into it slowly...

We have a 505 stroker sleeved 427 we got over 50,000 in but we take it in trailer with race car for a spare . It will run around a low 8 in a quarter . We keep it to keep the dogs back that sometimes wants to run , you know the type people . We send 427 motors in crates at times to japan in cobra cars . We buy and rebuild to sell . I have just back into racing from raising my family . I watched 2 r code mustangs I had to sell go out the driveway 25 years ago and finally got some back . This site helps to gain my fe love for a 427 as well swap meets and race friends . My name is Ronnie , good to meet ya friend .