I would guess that at $7500 it's probably in okay condition, and probably un-restored.
I would look for rust on the entire underside, and check for hidden body damage all along the side panels.
I would not buy it if the engine was in too much need of repairs. 351 parts are not as readily availabe in my area, as the 289 or 302.
Just my 2 cents.
Fat mustangs my favorite!!!!!
1st, Make sure it a real Mach1 and not just a sports roof with stickers. 3rd and 4th charaters in VIN should be 05 for Mach1 vice a 02 for sports roof.
2nd, Check the engine code 5th charater in the VIN will be a letter. F is for 302, H is for 351C 2bbl, M is for 351c 4bbl, Q is for 351C cobra jet, H is for 351C HO (Boss engine with lower compression) and is very rare.
3rd, options make the ride and there is a bunch for the FAT mustangs, heres some; NASA hood, Ram Air, A/C, P/S, P/B, frt disks, spoilers, stripes, deluxe interior, mach1 seats, comp supension, pwr windows, rear defroster, AM 8 track, factory Tack and gauges
problems; rust around tail light assmenblies, trunk floor, and rear quarter pnl wheel housings.
Old old Car Price Guide says a 1972 MACH1 #1 conidition is worth $22,000, a #3 car is worth $8,800 and a #6 car is worth $960
So depending on the conidition $7200 isn't bad. I've seen some pretty good cars for that price.
I have had two 72 Mach 1's I don't buy done cars. I have a 72 Mach for sale it still has not been painted. But it has every option but tilt wheel and ram air. I just completed the interior, and I have about $6000 into the car. It has power window, brakes, tach, auto ect... it is a 351 2v but there are better deals out there. $7500 would be a great deal on a car that was 99.9% done. You have to also think that 71-73 cars dont have as many aftermarket parts being repo as the early cars so finding one that is mostly done is the best bet because you wont get your money out of doing your own resto.
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