Wow, lots of rust to deal with.  Question is are you doing the rust repair yourself, and have you dealt with major repairs like this before?
To pay some shop to make these repairs, I believe, will be quite costly and time consuming.  You'll want a shop that does this kind of work, or quality and cost can be questionable.
IMO, rebuilding the engine, and transmission, is the least costly items you're dealing with.  These "mechanical" rebuilds are a known quantity and cost.  Rust repairs can go on and on.
I would pay much for this car, maybe $500 -$1,000.  This is based on the quantity of repairs you've indicated.
Hope this helps.

Never buy rust.  You can quote me on that.

Agreed, mechanical stuff is easy and (comparatively) inexpensive.

I would like to do the rust repairs myself, but if I am being honest, my welding skills are not yet up to the task yet.   But I am practicing!

I do have an excellent local shop that did the work on my 64.5 vert and I am guessing that the cost to have all of the rust repaired would probably be in the $15-$20k range, not including body work and paint.

Get out your handy-dandy Mustang catalogue and start looking up the parts you would need.  Include all the badges, trim, dash board, etc stuff too.  Add up the cost and double it because you will need more than you think.  How much to rebuild the engine/trans/rear end.  I bet you will be surprised at how much that alone will cost.  Remember the MS law of restoration - Costs twice as much and takes twice as long as you estimate.

You say your welding skills are not great.  I don't think you should develop your welding skills on it as the bad ones will rise up and bite you later.

How many years are you willing to spend doing this work by yourself?  Can you retain your focus that long?  What about your home life?  What does your wife have to say about it?

Rather, spend $20k-$30k on a good one.  Maybe come out here to Calif and find a rust free one.  Your savings in parts alone will cover the cost.  then you and your wife can spend some time in the most beautiful area in the country.

We all checked our sanity at the door with the purchase of a second Mustang!!!! So, you can’t be considered crazy-er for considering it.
Short answers. Yes, I would consider buying it and take the time to get a look. All that will cost is some time. I would want it closer to $5k, which makes it doubtful that it would ever come home to me. Plus, I swore up and down that the next car would come in with body work complete, running and driving. Check the brands on the sheet metal to know if he bought good parts. If they put any miles on this car, you should find a crack on the front side of in the driver’s side shock tower where it starts to get narrow heading for the shock plate. I could see where it would need about $3500 in sheet metal from your description alone.
 
What makes you want the car??  Would it be more original or more restomod? If you are looking for more original, take the plunge. More restomod, start with a better body.
 
There is a nice looking Fastback on Ebay with a $67,500 buy it now price.

Hey you can join me with the Plasma torch cutting insanity.

Nope. To old for that crap. If your welding skills aren't too good, they'll be outstanding by the time you're done replacing every part on that thing.

All good points. I also said my next one will be assembled and driving, but my next one will probably be the '69 coupe I have. That has been sitting since the mid '70s so it needs to be gone through top to bottom and it also needs quarters, but the rest of it is solid. I have been toying with the idea of doing a coupe to fastback conversion on that since I already own it and it is solid but for the quarters. But If I am going do that much work I'd probably be better off putting that money and work into something like this '67 and selling the coupe to fund a (very) small piece of the build costs of the 67.

The fact that it is a GTA is a plus and minus. It makes it a more "valuable" car, but I would not do a concours resto on it and would probably "lightly" modify it, so as was said above, I'd probably be better off finding a base model.

$5k was the number I had I my head. If I could pick it up for that and spend another $15k getting the metal work done, you'd be into it for about Dynacorn money but you'd have a "real" 67 GTA and never have to worry registration issues and, when finished, it would probably be worth more than a Dynacorn finished to the same level.

If I got the metal work done and got it into primer I could pick away at the rest  of it over a few years when time allows.   I joined this site when I started working on my 64.5 vert and I just checked when my first post was and, I am embarrassed to say, that it was almost 6 years ago. But I have been slowly picking away at it the whole time and it is just about done, so I guess it is safe to say I don't mind a long term project. LOL!

Plus, it is also a lot easier- both from a financial perspective and an explaining to the wife perspective- to space a build cost out over a couple of years than it is to write a big check for a completed car.

But, weighing everything, I think I am going to pass and look for something that is not quite so far gone.

I think your collective advice to not buy rust is good advice. If it were a Shelby, it would be in my garage already.

Texas! wrote:

You will easily have $50,000 or more invested in that car by the time it is finished. What are your plans- keep it or sell it?
Here's a similar car for comparison.
https://www.vintage-mustang.com/threads/1968-mustang-fastback-gt-390-four-speed.1185873/#post-10430477

 
I was looking at that car the other day. Looks like a nice car but I don't know what they did to the exhaust.

Let me get this straight...........you have a 64 1/2 .......a  69 coupe....both under construction and repair
       and now you're looking at a 67 GTA rust-pile?!!! WOW!!
You must have a huge garage/wallet/a wonderful wife!!!  What is your daily driver?! (just curious!)
6sal6

Last edited by 6sally6 (1/08/2021 8:27 PM)

You all rite in my book!!

Just got a lot of balls in the air......where you live?
Hope to get my detached started soon!!!
6sal6

one other thing to consider is your age, your over all health, and you wife's? do you have enough time to actually see it finished? I understand there were only a few GTA built, but at 15K, and another 50 to 80K total in the car, what would it's worth be when finished? understanding wife sounds like you've got a good one. 40 years ago one of my wifes friends told her that I sure spent a lot of time working on cars. my wifes was not happy about that comment and ended that friend ship with a reply, "at least my husband is home and not in the bars, and chasing women"