I looked at a '73 Mustang Grande today. Price was $1200.

The good:
The engine is a 302. It has a big cam, 4v intake and Holley carb. Looks and
sounds like it is in reasonably good mechanical condition. Will need the
basics, a tune-up, but appears to be healthy. Most of what it needs comes
with the car.

The bad:
It was rear-ended and the bumper and part that holds the gas filler across
the whole back of the car is bent in along with the trunk floor being bent
up. Comes with replacement rear panel and trunk floor. Car has incorrect
steering column (no clue what it's from) but comes with a correct steering
column from another '73 Mustang. The front sway bar is freakin' huge, much
bigger than the ones on my Galaxies. It broke the front sway bar mount on
the driver's side where the front bolt goes through. Dash is all there and
in decent condition, though is just set together, needs to be properly
reassembled. The interior is severely worn, some small tears in seats and
overall dirty, faded, and not together, but all appears to be there.
Originally had AC (brackets still there), but AC equipment is missing.

Is this a reasonable price? If I decide to go back and look at it some more
waht should I specifically look for? What areas are prone to rust and rott?
I don't want to get into too extensive body work, I made that mistake with
my '67. The guy says the frame is solid and he's already repaired most of
the rust (welded in patch panels on the rear quarters).

Mustang's never appealed to me, but I think because the '73 is so different
and you don't see many of them, let alone Grande's, I like it. After all,
that's why I like the full-size Fords, you don't see a whole lot of them,
but everyone has a Mustang. Also, the '73 was the biggest Mustang ever
made... Since I love the full-size cars the size of this Mustang has
probably caught my attention too.

I was originally looking at it for my girlfriend (who is mildly
interested... She wants a big old Lincoln, she likes the sharp lines), but
now I'm liking the idea of it as a toy. I'm thinking if I sell my '67
Galaxie I could get this Mustang, which would be a better investment, as my
Galaxie is quite rusty. Pretty solid mechanicals and a reliable car, but
body and frame are rusty. Makes a good driver, but I don't see myself ever
restoring it. I guess I'm just toying with ideas since my '68 will be out of
action until next summer at the earliest. The more I think about it the more
I like thinking of myself behind the wheel of this car.

It would be a good amount of work, but if it's a good deal it may be
worthwhile. Let me know what you guys think about the condition of the car
and if the price seems reasonable, or if you think I should make a lower
offer if I decide to go for it.

   Cory