Well, I bought a "rust free, ready for paint" 1970 convertible from a guy in California about 5 years ago for $4,000. It looked great in gray primer. After running a magnet over it and probing with a pick, I ended up replacing both rear quarters, outer rear wheel wells, door skins, front fenders, inner and outer fender liners, the core support and cross member. I also patched several holes in the floor. I am a bit **** about rust, but it needed to have these replaced. On a 69/70, the rockers are galvanized and the cowl vent top is removable which makes cowl repair a breeze.

It is hard for me to believe in this day and age with all the info available on the Internet and people needing money, that the owner doesn't know what they have. Be afraid, be very afraid, but go for it if it turns out to be a deal.

 

IMHO, if all else is as you observed, even the cowl having a leak, it wouldn't scare me away from this car at that price.

What's the VIN? The drivers Door Data Plate has info to find out the original engine, transmission, axle gears, original colors, type interior etc.. (The Warranty Number and VIN are the same.)

Check that the VIN on the Dash (visible through the windshield) matches the Door Data Plate Warranty Number and also the VIN stamped in the drivers side inner fender in the engine bay. You can plug the numbers and codes into the decoder here:

http://www.mustangdecoder.com/plates.html#1969

 

Since your uncle is a pro then see what he says,
This may sound funny but don't tell him what you are buying it for(price wise) and ask him what would be a good price to buy it at.
This will give you a good starting point to see if it is worth it to you.


When I was younger I came across a SMOKING HOT deal on an older Ford truck, So I took it to a friend's house to have him check it out,At the time he knew much more about Ford trucks then I did so I trusted his opinion.He told me it was junk and I need not waste my money on it.
About 3 weeks later I seen it for sale on his front lawn!
When I asked him how he got it he said he fixed a bunch of stuff and was re-selling it now for 4 times what he paid for it.His wife told me the truth.(he went a got it 10 minutes after I took it back and it was on her lawn forsale that day!)
Lesson learned on my part.Broken bones earned on his part!

 

I'd have punched that idiot right in the head! I guess you meant ex-friend!

 

WildMustang351, I would have done a "Commando Raid" on that guys truck - dumping liquid roofing asphalt all over it that night. He'd have to really earn that profit!

 

Having just purchased a 68 convertible (3 months ago), and done some research on pricing, I can tell you 3K for a 69 is too good to be true. I cant believe there is not some serious issues with this car for 3K. But those great deals do happen occasionally.

 

I don't want to be accused of thread stealing,But sometimes examples of real life events help out alot.

I have not talked to the guy in about 10 years,I did leave him a scar on his cheek and a broken arm over the whole deal.
I believe in Karma,From what I have heard, After about 2 years of being married his wife was sleeping with his best man the day before the wedding even,declared bankruptcy,divorced, lost his house.found out his 15 year old daughter was pregnant ,ETC...
Good things happen to good people right?

My point is to make sure there are no false or hidden expenses at that price