Introduced in the spring of 1964 as an early 1965 model, Ford's Mustang created the pony car category. Its popularity was so overwhelming that after only 2½ years of production, a new body was introduced in 1967, giving Ford greater flexibility in equipment, particularly powertrains. This greater flexibility helped Ford counter increasing competition from Chrysler's established Dodge Charger and Plymouth Barracuda, as well as from GM's new-for-'67 Chevrolet Camaro and Pontiac Firebird. While the first-generation Mustangs were derived from the Falcon and were limited by their layout only to Ford's remarkable 260-289ci small-block V8 engines, the 1967 Mustang would accept larger powerplants derived from the Thunderbird Special engines, known for their great low-end torque. The combination of the big-block 390 V8 and 4-speed produced 0-60mph times in the low seven seconds, very competitive performance for a comfortable and well-equipped street car. A long option list allowed Mustang owners to tailor their cars to individual tastes and pocketbooks.
The Mustang GT package on the convertible offered is top-of-the-line for 1967, including grille-mounted foglights, powered front disc brakes, dual exhausts with chrome quad tips, larger tires, GT pop-open gas cap and a handling package with stiffer suspension and a larger front anti-roll bar.
This GT 390 was fully restored around six years ago by a Mustang enthusiast in Georgia. The restoration seems very authentic. When Mike Malamut acquired the car, he was not entirely happy with its performance.
During 1995, more than $5,000 was spent rebuilding the motor and transmission. The air conditioning system was also overhauled. The combination of air conditioning with the convertible body, GT package and 4-speed 390 V8 big block is among the myriad option combinations produced for the Mustang in 1967. This is very rare and represents a satisfying combination of style, comfort and performance.
SCM Analysis
Detailing
| Vehicle: | 1967 Ford Mustang GT 390 |
| Years Produced: | 1967 |
| Number Produced: | 44,808 convertibles |
| Original List Price: | $4,281 |
| SCM Valuation: | $14,000-$18,000 |
| Tune Up Cost: | $240 |
| Distributor Caps: | $18.95 |
| Chassis Number Location: | Top of left front fender wall |
| Engine Number Location: | Under coil attachment bolt |
| Club Info: | Mustang Club of America, 3588 Hwy. 138, Suite 365, Stockbridge, GA 30281, (770) 477-1965 |
| Alternatives: | 1967 Camaro SS 396, 1967 Plymouth Barracuda 383 |
This Mustang sold at Christie’s auction in Pebble Beach, California, on August 16, 1998, for $29,900, including buyer’s commission. This is almost double our Price Guide range of $13-17,000. However, the 390 engine and 4-speed transmission are an attractive combination, especially in a convertible. Furthermore, this car has both the optional interior decor package and it and the GT package, which provided front disc brakes, dual exhaust, and exterior trim details such as stripes and driving lights. Air conditioning is another plus that contributes to value.
Although first-generation Mustangs were prized for their modest size, the redesign in ’67 gave more room for bigger engines like Ford’s 390 and lent the car an overall more muscular appearance.
Besides the appeal of this car, another factor that helps explain its large selling price is the auction’s location in Pebble Beach, which draws a well-heeled crowd. When two or more bidders compete on a desirable car such as this one, the sale price can easily surpass the estimates of any price guide.