Man Buys 1967 Ford Mustang Parked for 40 Years, Finds Out It's a Super Rare Gem

Once a glorious pony with a fastback roof, this Mustang spent most of its life sitting in someone's back year. Found parked for decades next to other first-generation Mustangs, the fastback was most likely kept outside all this time, so it became a derelict and seemingly hopeless piece of automotive history.

Discovered by John of "Lost and Found Classics," who bought it from the 85-year-old owner, the pony turned out to be a relatively rare big-block car. A factory S-code vehicle, this Mustang left the assembly line with the 390-cubic-inch (6.4-liter) FE-series V8, which was brand-new at the time. The four-barrel unit delivered 320 horsepower and 427 pound-feet (579 Nm) of torque when new, which placed it right under the mighty 428-cubic-inch (7.0-liter) Cobra Jet.

Like most yard finds, the Mustang had a rough life. It sat for decades under full exposure to the elements, so the original Acapulco Blue paint morphed into surface rust. The car is also missing the front fenders and has quite a few rust issues. The once gorgeous Parchment interior is also rough shape and missing key components, including the rear bench.

Moreover, the original 390-cubic-inch V8 is no longer under the hood, having been replaced by what our host describes as a "truck motor." All told, it's the kind of classic many enthusiasts wouldn't touch with a pole. Simply because these types of projects typically cost more than $100,000 to restore to factory specifications.

But this Mustang might just be worth it. John ordered a Marti Report as soon as he got home, and the documents revealed that his Mustang is significantly rarer than its overall production numbers suggest. Ordered with the Deluxe woodgrain steering wheel, factory A/C, and radio, this pony is one of only nine units that hit showrooms with this drivetrain, color, and trim package combo.

The even better news is that John is planning to restore it. It won't happen right away. Sourcing the necessary parts and a period-correct engine is a long-term task, but this Mustang will return to public roads in factory-correct specs sooner rather than later.

The 1967 fastback wasn't the only rare Mustang parked on the property. Our host also discovered a 1969 Q-Code Cobra Jet Mach 1 and a red-on-red 1970 H-Code. A seemingly mundane 1967 coupe parked in the bushes also turned out to be a true-blue S-Code 390 car. You can check them all out in the video below.