I am looking at buying a '65 Mustang Convertable and I was wondering if anyone knows how much they are worth. Its got a 289 but beyond that i dont know much about it. Its in non-running conditon, ripped seats, small amount of rust, the roof would need to be replaced and the last time it was out of the garage was 1989.

 

My guess is around $8,000

 

The easiest way to figure out the value is to look at the price of nice running, good looking examples to get a starting point. Subtract from that number the amount of money and/or sweat that it'll take you to bring yours up to snuff and you have a value.

 

Make sure you check the cowl and more importantly for convertibles, the inner rockers. The inner rockers go on most convertibles and it is a big job to replace them. Even if the car looks decent on the outside, I would have bet alot of money mine were fine and they weren't.

 

The convertibles aren't cheap. But if you have the money to restore they can be a lot of fun.
I've seen them go anywhere from 2k to 10k in bad condition.