Body rust is easily repaired. Watch for rust around suspension parts, especially in the front end. Make sure you do a good job on the brakes and suspension, then do the body (except for paint), then do the engine and transmission (if necessary). Redo the interior, then paint the car. Good luck!
Watch out for rust under the cowl area (the piece with the slots below the windshield wipers) as this collects leaves and other crap and can rust through to the interior leaving you with wet feet and possible electrical fires every time it rains. This project is best left to absolute experts. Even the die-hard DIYer should avoid this one. Talk to a body shop experienced with antique and classic cars, and get an estimate. This would be your best bet for pricing.
If it has 4 wheel drum brakes, I would update the fronts to disc. There are kits to do this for around $1000-1400
Rebuild the front suspension. Total cost about: $600
i own a shop,and i have re-done about ten of those things,the most important thing to look for is rust,look all on the bottom of the car real good ,those things would rust out real bad around the spring hangers on them,and while all of this stuff is replaceable ,it can get really expensive also,but rust will be your worst enemy on fixing these cars up,good luck i hope this helps.
Safety issues to consider on all classic mustangs include but are not limited to:
1. Front suspension and steering linkage
2. All suspension bushings
3. Shock tower cracks
4. Rust free frame rails
5. Rust free rear torque boxes
6.rust free floor pans
7.rust free cowl panels
one of the most important and weak link in these classics is the braking system.
If the car has drums all the way around, I recommend a disc swap kit on at least the front. kits are sold by Mustangs Plus, National Parts Depot, The paddock, SSBC and Wilwood. All are good products so shop around.....
Most of the above is avaliable at Mustangs Plus, National Parts Depot, Total Control Products, the Paddock
I wouldn't mess around with junkyard parts unless it was limited to rare parts like body panels, light buckets, etc...Get the core parts new and you will not be disappointed.
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