So I'm thinking about buying a 1968 mustang. It will be my first mustang and I'm hoping you guys can help me out with a few questions.
As far as the engine is concerned, there's no problems. Completely rebuilt and in pristine condition.
The body however has minor rust and needs a nice paint job. It's also got a few letters missing on the trunk and the gas cap is cracked.
Besides the seats, the interior needs to be redone.
How much do you guys think I would be looking?

 

Edit: looking at*

 

Depends actually.

Is it a coupe, convertible, or fastback? Also what size engine does it have and what transmission?

 

coupe, 302 v8, c4 automatic transmission

 

I'd say it's a $5k car. The rust on the body spells trouble, especially if it's rusted through in places. The interior shouldn't cost you too much, it's the rust and body work that will cost you an arm and a leg.

 

A "little" rust might be hiding a "LOT" of rust, or not... Get you a pocket magnet and test for body filler in these areas and everywhere else, for that matter. Pour water down the cowl vents (in front of the windshield) and see if it shows up inside the car. To get a feel for the magnet test if you're new to this, stick it to your car. Feel how it jumps to the metal? Now put a washcloth/rag on the fender and stick the magnet to the same spot through the cloth. That difference is what you're looking for - that means body filler and the rust you're seeing is a result of poor work meaning $$. Main rust areas: Floor under carpet - rear quarter panel in front of and behind rear tires (look inside the trunk here as well) - bottom of doors near the front - cowl mentioned above = $$.

 

Pull the seats and carpet out, then you can see what you got, then you can also figure what it will cost.