There is a mustang that i was looking at it has a little rust on it. but has the parts to replaces the spots with rust. could use a good paint job. has about 400k miles on it. which is alot on a car. engine looks good. car runs. owner wants 1500 or best offer. i think thats too much for a car that i will put 500 in easy probably.
If the frame work isn't rusted beyond repair it'd definatley worth at least $1,000. If you really want the car and it runs I'd pay 1200. When a mustang is 73 or older, it's a classic style. I wouldn't let it get away.
If you bring it back to show condition you can sell them for $$$$$.
you never know what is under the paint. I have redone 4 cars that i thought were going to be simple and then as I dug into them it just was a mystery how I missed all the stuff. when thinking about fixing a car up. remember it will always be more then what you think it is and cost you more then what was expected.
My 69 camaro cost me almost 70K to get it where I wanted it.
plus a 72 mustang has to do emissions. get something older.