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Well if you decide to negotiate point out these things. The 289 emblem is in wrong spot, corral isn't complete, ford letters on hood aren't in correct location, exhaust pipes too far out, wrong stripe on the side, an scoops on hood aren't same color as car.
It's hard to say what it's worth right now because we don't know what the rust situation is. Keep in mind that those vinyl covers can hide a big part of a rusty story as well.
Oftentimes it's real hard to tell what a classic mustang is worth because they vary so much by region, condition, body type, sentimental value and so on. They're tough to price. If he dropped it that much go see it and find out what it's like. $5500 if the rust situation isn't too bad seems decent to me.
Hey guys. Still havent bought anything, but found another car on eBay which isnt far from my house. Worth checking out? I spoke to the guy and he said if I came buy and we made a deal off eBay, he would take $5800 for it.