Classic Ford Mustangs are among the most iconic and collectible cars in the world. But is the ’64 ‘Stang recently listed on eBay for more than $1 million worth its price? The answer can be found in the car’s incredible story. The seller, in fact, calls it “the most significant historic Mustang in the world.”
In 1964, Lee Iacocca was then the Ford vice-president rolling out the Mustang. He was preparing a marketing blitz for Ford's newly revealed pony car. During the very first hour of Mustang production, three convertibles were assembled. As soon as those cars rolled off the Dearborn assembly line, they were rushed off to legendary Charlotte tuner Holman Moody, who altered it for service as the 1964 Indy 500 pace car.
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Moody replaced the car’s stock 260 power plants—the second version of Ford’s small block engine—with a detuned experimental 289 developed for the GT40 Le Mans racer. That, along with lowered and stiffened suspension, allowed it to safely travel at 140 miles per hour. Chrome marine handles and custom flag stanchions added the final touch.
The Plot Thickens
When the vehicles were shipped to Indy, Iacocca’s hasty plan started to fall apart. One of the cars—Mustang number three—was basically a prototype and had to be scrapped. A second Mustang, when it arrived at the brickyard, experienced a mechanical failure. But the third one—the model now on sale at eBay—brilliantly performed its duties as the 1964 Indianapolis 500 pace car.
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After the historic day, the Mustang did service for a decade as a parade car and driver loaner at Florida’s Sebring International Raceway before getting locked away in a storage facility in 1974. And that’s where it stayed for nearly two decades.
The truly unique 1964 Mustang had been all but forgotten, until a Mustang Club of America member learned of its existence in the early 1990s. Restoration was mostly a matter of reconditioning its parts—about 95 percent of which were original—and bolting them back on. All the style and technical details were revealed in the eBay listing, including background on the convertible's fairy-tale 450 horsepower V8 engine developed for the GT40.
The car’s story has been told in numerous automotive publications. It’s backed by notarized documentation, and appraised by museum curators at a cool $1.25 million.
About the author
Bradley Berman
Bradley Berman is a leading writer and researcher about electric cars and green transportation. He regularly contributes driving reviews and technology articles to The New York Times, Fortune, MIT Technology Review, Popular Mechanics, and other publications.
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