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1972 Ford Mustang

$44,997

1972 Ford Mustang

Vehicle Details

Make

Ford

Model

Mustang

Year

1972

Mileage

7,644 miles

VIN

2F03F107248

Body Type

Convertible

Transmission

Automatic

Engine

302ci V8

Description

1972 Ford Mustang Convertible — Bright Lime, 302 V8, Power Top, Clean Undercarriage Why This Car Is Special The 1972 Ford Mustang convertible occupies a specific and increasingly recognized place in Mustang history. By 1972, Ford had been building the larger 'SportsRoof' Mustang body — introduced in 1971 — for two full model years. This generation is often overshadowed by the original 1964-1970 cars in collector circles, but that perception is shifting.

The 1971-1973 Mustang was the last of the true long-hood, short-deck pony car designs before the Mustang II arrived in 1974, and the convertible version is by far the rarest body style of the bunch. Ford produced only 6,401 Mustang convertibles for the 1972 model year, making this body style significantly rarer than the hardtop or SportsRoof fastback versions built that same year. Total 1972 Mustang production across all body styles came in at just over 125,000 units — already a dramatic drop from the peak years of the mid-1960s — and the convertible represented less than 5 percent of that figure.

Survivors in this color combination are rarer still. This particular car is finished in Bright Lime, a high-visibility factory color that Ford offered on the Mustang during the early 1970s. It is paired with a black convertible top and a black vinyl interior, a combination that gives the car a sharp, high-contrast look that photographs well and reads clearly in person.

The car is equipped with a front air dam, a rear deck spoiler, and hood and body stripes, all of which add visual purpose without modifying the sheetmetal. These were period-correct appearance upgrades that Ford and its dealers promoted heavily during the sport compact era. The VIN on this car confirms it is a genuine Dearborn-built 1972 convertible with the 302 cubic inch V8, consistent with all of the listed specifications.

The body code indicates the open convertible body style, and the engine code confirms the 2-barrel 302 as the factory unit — not a later swap. This kind of documentation matters when you are buying a convertible, which is exactly the body style that saw the most engine substitutions and modification over the decades. Features List - 302ci 2-Barrel V8 - 3-Speed Automatic Transmission - Power Steering - Front Disc Brakes - Power Convertible Top - Black Convertible Top - Bucket Seats - Center Console - Rear Deck Spoiler - Front Air Dam - Dual Exhaust - Mustang Rally Wheels - Cooper Cobra Radial G/T Tires - Hood and Body Stripes - Wood-Grain Door Panels - AM Radio - Clean Undercarriage - Bright Lime Exterior - Black Vinyl Interior Mechanical The engine under the hood is the 302 cubic inch V8 fitted with a 2-barrel carburetor, which Ford designated internally as the 302-2V.

In 1972, Ford switched from gross horsepower ratings to the more conservative SAE net ratings, and the 302-2V was rated at 140 net horsepower in that configuration. The engine itself is a well-proven small-block Ford unit with a long production history and excellent parts availability today. The air cleaner lid in the photos clearly shows the '302-2V' designation, confirming the original carburetor setup is intact.

Backing the 302 is a 3-speed automatic transmission, which on 1972 Mustangs was Ford's SelectShift Cruise-O-Matic. The shifter sits in the center console, which is the correct configuration for a bucket seat car of this spec. Power steering is fitted, which makes the car considerably easier to maneuver than the manual-steering base cars, particularly given the 1971-1973 body's wider and heavier front end compared to earlier Mustangs.

Braking is handled by front disc brakes, a meaningful upgrade over the four-wheel drum setup found on base 1972 Mustangs. Front discs improve stopping distances and are far more resistant to fade under repeated use. The undercarriage photos confirm a clean, solid bottom — no visible rust through or significant corrosion on the floor pans, frame rails, or suspension components.

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Classic Ford Mustang Buyer's Guide

Full guide
M
Mike Sullivan
Muscle Cars
1964–1973
~5 min read
Updated Apr 2026
The definitive buyer's guide for classic Ford Mustang 1964½-1973. Generation breakdown, rust hotspots, engine code identification, Marti Report essentials, and current market pricing.
This guide covers
✓ 10-point inspection checklist
✓ Common issues & what to avoid
✓ In-person inspection guide
✓ Market pricing by year & condition
✓ 6 FAQs answered
✓ History & fun facts

Ford Mustang Market Overview

Based on 453 Ford Mustang listings currently on ClassicCarsArena.com

453
Listed Now
$36,906
Avg. Asking Price
1964–2012
Year Range
Price Position on Our Site — Average Range
This car: $44,997
Low: $3,000 High: $284,995
Transmission Distribution
Automatic 55% ◄
Manual 31%
Condition Distribution
Excellent 6%
Good 6%
Fair 2%
Poor 0%
Project 0%
Data from ClassicCarsArena.com listings Browse all 453 listings →
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Classic Ford Mustang Buyer's Guide

The Ford Mustang launched on April 17, 1964 and sold a million units faster than any car in American history. Sixty years later, the first-generation Mustang (1964½-1973) remains the cornerstone of the classic car hobby — the gateway car for new collectors, the trophy car for veteran enthusiasts, and the most cloned, faked, and re-stamped muscle car on the market. Whether you're hunting a base inline-six coupe or a documented Boss 429, knowing what separates the real cars from the tribute builds is the difference between an investment and a money pit.

What to Check Before Buying

✓
Verify VIN against data plate and engine casting — Fifth digit of VIN = engine code. Cross-reference with block casting number behind cylinder head.
✓
Order Marti Report for any 1967+ car over $30K — Ford's original production records via Marti Auto Works. $25 confirms what the car actually was when it left the factory.
✓
Inspect torque boxes from underneath — Front and rear, where the unibody meets floor pans. Rotted torque boxes = $3,000-$6,000 repair and chassis flex.
✓
Pull kick panels and check cowl seam — Where windshield base meets firewall. Cowl rust here drains into the cabin and rots floor pans.
✓
Magnet test rocker panels and quarters — Body filler is non-magnetic. If the magnet doesn't stick, the panel has been filled — meaning underlying rust.
✓
Check shock tower welds for cracks — Cracks radiating from upper shock mount = beaten chassis. Common on Big Block cars and 428 CJs.
✓
Verify original GT/Mach 1/Boss equipment — Without Marti docs and matching data plate, treat all performance trim claims as clone candidates.
✓
Test all electrical functions — Every gauge, every switch, every light. Brittle 60-year-old harnesses and worn switches are universal.
✓
Compression test all eight cylinders — Should read 145-175 PSI uniformly. Variance >15% between cylinders = head gasket or ring problem.
✓
Drive at least 30 minutes on highway — Listen for differential whine, transmission slip, brake pulsation, steering wander. Watch for overheating in stop-and-go traffic.

Common Issues

Mustang rust is everywhere and predictable. The torque boxes (front and rear, where the unibody meets the floor pans) are the structural killers — rotted torque boxes mean the car flexes under load and the doors won't close right. Cowl rust hides under the dashboard where the windshield base meets the firewall. Floor pans rust through from the underside in any car that lived north of the Mason-Dixon. Rear quarters, lower fenders behind the front wheels, and the trunk drop-offs are all standard rust zones. Mechanically, first-gen Mustangs are simple but the small details matter. The Toploader four-speed is bulletproof when synchronized properly; the C4 and C6 automatics are robust but commonly leak from front pump seals. The 9-inch rear is bombproof — but make sure the gear ratio matches what's claimed. Engine identification by casting numbers is essential: many cars wear the wrong block, and a 1968 GT 390 with a 1973 351W block is not what the seller is advertising. Electrical issues plague any 60-year-old car. The original wiring harnesses are brittle, the headlight switches fail, the gauges read inconsistently, and the turn signal switches die. Plan to replace the headlight switch, the ignition switch, and at least the engine-bay harness on any first-gen Mustang you buy. Budget $800-$1,500 for a complete electrical refresh.

What to Look For

Always start with the data plate (door tag) and the VIN. The fifth digit of the VIN is the engine code — A=289 4V, C=289 2V, D=289 standard, K=289 HiPo, F=302 2V, J=302 4V (Boss 302), M=351 4V, Q=428 CJ, R=428 SCJ Ram Air, S=390 4V, Z=Boss 429. Cross-reference the VIN engine code with the actual block casting number — they must agree. For any car claimed as a GT, Mach 1, Boss, Shelby, or Cobra Jet, demand a Marti Report. Marti Auto Works has Ford's original production records and can verify exactly what the car was when it left Dearborn or San Jose. A $25 Marti Report will save you $25,000 in mistakes. Cars without Marti documentation should be priced as clones, period. Unibody integrity is the other non-negotiable. Pop the hood, look at the shock towers — cracks radiating from the upper shock mount are common on Big Block cars and indicate the chassis has been beaten. Inspect the torque boxes from underneath. Lift the trunk mat and look at the trunk drop-offs. Pull the rear seat and check the floor where the seat bolts down. Fresh undercoating on a project car is a red flag — it's almost always hiding rust repairs.

Price Guide

Base 1965-1966 coupes with the inline-six or 289 2V remain the most accessible classic Mustang at $18,000-$32,000 for solid drivers. Convertibles add $8,000-$15,000 to equivalent coupe pricing. Fastbacks (1965-1968) are dramatically more valuable due to Bullitt and Eleanor pop-culture demand — a clean 1967-1968 fastback small-block runs $45,000-$75,000. 1967-1968 GT 390 cars (Bullitt-style) trade for $60,000-$110,000 with documentation. The 1968 GT 428 Cobra Jet is the holy grail of the small-bumper era at $120,000-$220,000 for documented numbers-matching cars. 1969-1970 Boss 302 and Mach 1 cars run $70,000-$140,000 depending on condition and equipment. The Boss 429 is six-figure-plus territory — $300,000-$600,000 for documented examples. 1971-1973 cars (the Big Body era) have historically been the bargain entry point but appreciation has accelerated since 2020. A clean 1973 Mach 1 with the 351 Cobra Jet now runs $45,000-$75,000 — up dramatically from the $25,000 territory of a decade ago. Project cars (running but rough) start around $15,000 for coupes and $22,000 for fastbacks.

Did You Know?

The Mustang was originally going to be called the Cougar — Lee Iacocca's team had "Cougar" emblems already produced before a focus group response prompted the last-minute name change. The Cougar name was eventually used for the Mercury sister car launched for 1967. Ford originally projected first-year Mustang sales of 100,000 units. The car sold 418,812 units in its abbreviated 18-month launch year, and over a million Mustangs were sold by March 1966 — a sales pace that has never been equaled by any other American automobile launch. The iconic 1964½ designation isn't actually a real model year — Ford built the early Mustangs as 1965 models, but the cars produced before September 1964 had different alternators, generators, and other details, leading collectors to designate them "1964½" cars to distinguish them.

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