GB1 said:
what makes you think that you will finish the stang?
Good question, but there's an easy answer: Money. But also convenience, time and passion.
First the money. I had not touched the engine or tranny on my Midget. To build a mild engine was going to cost me at least $3000. A stock tranny rebuild is going for around $1000. And I'd end up with a 75hp car with a transmission that I couldn't cruise done Interstate 5 (California) at more than 65 mph without spinning the engine at 3800 rpm.
Before I decided to take on the 1968 Mustang I did some research. You can get a great set of forged pistons for $300-500. Or a more than adequate cast pistons for $200. A new set of high performance forged rods with ARP hardware costs $265 from Eagle. A set of NEW Ford GT40 alloy heads complete are $1100, or you can get a complete set of high performance cast iron heads from World for a little over $800.
You can get an excellent high performance short block from the best engine houses for about $1600. A cam and lifters from Edelbrock or Crane will set you back about $200. Roller timing chain from Cloyes cost $80.
So you can put together a complete short block with new heads and high performance everything for under $3000. I decided I'm going to rebuild the exising short block since it's original and I can probably get it all done with the same level of quality for $2200 (w/World heads). And this engine should be good for 300 hp at the flywheel.
And speaking of flywheels, I wanted to put the Datsun Rivergate 5 speed in my car but after looking into it, I figured that it would cost me between $2200-2500.
The '68 Mustang I'm getting has an automatic (Ford C4). I preferred a manual and it turns out that there are kits out there to put the newer Tremac T5 five speed into the old Mustangs. You can buy a brand new T5 for $1400! All of the other pieces to complete the conversion will set you back another $1500, but that includes a new flywheel and all new parts. And there is virtually no cutting or fiddling.
However, I decided that I'm going to keep the C4 auto since they now make high performance C4s that can take 450 HP easily and are vastly improved over the original C4. A rebuilt C4 and matching torque converter costs about $1000.
In comparison, a set of rods from Hal Waldrop at Acme costs $450 which is about the same price as what APT wants. Moss wants $154 for the ARP rod bolts, $210 for the head studs and $100 for the main caps. ARP bolts for the Ford are $60 (rods), $65 (main caps), and $90 (head studs).
I called up APT to ask about refinishing my stock 1275 crank. I told him I didn't need a wedge crank etc, but asked about tuftriding since it is priced in his catalog. He said that I should just buy one of his prepared cranks. APT 1275 cranks are $855 and I told myself right then and there, that I wasn't going to put a $900 crankshaft in a $1500 car!
You can buy a brand new cast crank for the 302 for $250 or a forged unit for about $650.
I priced out the machine work for my 1275 at APT and some other places, and it was very expensive compared to what I could get the corresponding work done on a Ford 302. A fully blueprinted block from a top notch builder is about $650 or $800 delivered to L.A. from across the country.
In terms of the rest of the car, everything else is also cheaper and plentiful. You can order virtually everything from the internet. The owner of the Mustang that I'm getting already started restoring it. He cleaned and painted the entire underbody including the differential case. There is no rust on the car with the exception of 2 small holes in the roof (it had a vinyl top) which are easily fixed. So the car is clean to start.
I had a 1966 GT Fastback Mustang 30 years ago when I was going to school (that's university for our British viewers!). It was just a used car and not very reliable. I broke clutch linkages and the clutch and all kinds of stuff. I replaced the cast iron T-10 transmission lying on my back on top of the exhaust pipes. I used by feet and hands as the transmission jack--it was not fun, but I needed to get to school.
I grew up down the street from the original Carroll Shelby showroom on Imperial Highway next to LAX. My dad would go up there to look at the Cobras and Shelby Mustangs but we didn't have any money in those days. When I had my Mustang it took all that I had just to keep it running--I couldn't even think about modifying it. My older brother "Shelbyized" his '66 fastback so I've been through this before.
So fast fowards 28 years and now I have the time and money to make the Mustang that I dreamed about when I was a kid. However, this time I don't have to economize by visiting junkyards and scrimping on every nut and bolt. But it's still going to be cheapter than restoring my '74 Midget.
I originally bought the Midget because it was cheap and relatively inexpensive compared to everything else at the time. Even unrestored Mustangs at the time were expensive. This Mustang that I'm getting literally fell out of the sky into my lap. However, if I was to do this all over again, I would not have chosen a Midget. It would have been cheaper in the long-run and easier to spend more at the beginning on a car like a Mustang, a car that I was very passionate about.
BTW, I went all over Southern California looking for my Midget. The car I bought had the least rust and was the most dent free of any car that I looked at, so it was a very good car for my intentions.
Thanks for all of the kind words. I'll be selling off everything over the next few months. It's a shame but I really need to get the car out of my garage. I let Tom Colby (Speedwell) that my car is available, but I'm not confident that I'll find a buyer and I probably get more money by selling it off piece by piece on Ebay. Just the chrome bits like the tail light housings and other things seem to be worth something. This car was not a rusted hulk or abused so it's got lots of nice pieces.
Hey there Guest!
Hey - did you know if you click on the title of a thread it will take you to the first unread post since you last visited that thread?
but were afraid to ask: 
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smilie in place of the real @
Pretty Please - add it to our Events forum(s) and add to the calendar! >> 
and I have to get back at it!
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