Watch out for rust... and just because you found it in the southwest
does not mean it's rust free. It may have set in a open air wrecking
yard for decades. Shock towers... look for cracks. cowl leaks *where
the fresh air enters right in front of the windshield. There are two
ports (one each side) which are prone to rust out because leaves and
such collect in there and the moisture stays and the rust forms. There
are repair kits, but if it's really bad, it's VERY expensive to
repair. Rust in rear fender wells. Leaks around the glass.

Check the vin numbers against what the car claims to be. Not to get an
original, but to see if it was modified from like a 6 cyl to an 8 cyl.
Nothing wrong with that as long as it was done right. Or if it's
claimed to be something like a California Special/High Country or
whatever. There are some darn good clones out there.

I looked at a very sharp 66 in Las Vegas. But a magnet wouldn't stick
to the majority of the body below the belt line.

You're looking for a coupe, and there are plenty of those available
and in good shape. Don't get so hot for one that you jump at it
without checking it out. There might be a better one right down the
road (well, maybe not that close) that has what you want, which is in
better shape, and costs the same or less.

Much depends upon how much you know, how much your're willing to
learn. Like are you willing to learn the skills to weld, rebuild,
patch, etc, or do you just want to slap a megawatt stereo in it and
go.

This time around, I opted for a restoration by a third party, and the
refinements (like stereo) I can do myself, or someone in one of the
car clubs I belong to can help.

Speaking of which... check your local club(s). I was looking for a
fastback (which I got), but one of the old timers in the local club
offered me an original GT convertible for 15K because his knees can't
handle the clutch anymore. Another member offered me a beautifully
done R model clone for $14,000.

Good luck to ya.  

Hey! Spikey Likes IT!
1965 Ford Mustang fastback 2+2 A Code 289 C4 Trac-Lok
Vintage Burgundy w/Black Standard Interior
Vintage 40 Wheels 16X8"
w/BF Goodrich Comp T/A Radial 225/50ZR16

An excellent choice.  I have owned a 66 coupe since 1978.   For many years
it was my daily driver.

The number one thing to look out for is rust. If you are in Ca or Az it is
not as big a risk but you still need to check very closely.
If you see a car that has a clear plastic cover over the grill just in front
of the windshield RUN AWAY!!!!!!!  Cowl rust is a huge nasty expensive job
to fix.   Pour water into the same air vents and if it pours onto the carpet
on either front floor, RUN AWAY!!!!!!!!!!
Crawl under the car and poke the floor pans with a screwdriver, they should
be solid.
The other place to check is the drop off areas in the corners of the trunk.
The left side is under a panel that must be unscrewed. The right side can be
checked by removing the spare.
My car has spent its life in CA and the only rust is some bubbles in the
lower front corner of each door.
My advice is to buy a Ca or Az car.  You could spend 5 grand on rust repair,
or you could spend a grand on a trip to Ca to inspect a car. Then another
$1500 to ship it enclosed anywhere in the Continental US.  You will be money
ahead and have a better more original car.

Avoid the rust and everything else on a Mustang is a piece of cake.

Erich

My first car was a '66 with a four speed and the 140 mph speedo. These cars
(like most Mustangs) are real headturners. Unless you want to spend a lot of
money getting the fenders and quarter panels replaced, I would advise you to
make sure that the car is rust-free before purchasing it. The early Mustangs
had a tendency to rust really bad.