The original owner paid just over $3,000 for it in 1964. It's worth a lot more than that now.
Last week, Ford celebrated a historic milestone, as the ten-millionth Mustang rolled off the production line after first going on sale in 1964. And just like the rediscovered Mustang from Bullitt, there's a fascinating backstory behind the first Mustang ever sold.
According to the Detroit Free Press, the car's original owners, Tom and Gail Wise, didn't even realize they had bought the first ever Mustang. Finished in skyline blue, the convertible was first purchased by Gail in 1964 for $3,447.50 when she was 22. It served as the family's main car for 15 years until it stopped running. For the next 27 years, the car was stored in the couple's garage.
Gail considered selling it for scrap, but luckily her husband convinced her to keep, promising to restore it after he retired. While looking for replacement parts, he found someone claiming to be the very first Mustang owner. They claimed to have bought their car on April 16, 1964, but after retrieving the original receipt and owner's manual Tom confirmed his wife had bought the car a day earlier on April 15. This was two days before the car was officially unveiled at the World's Fair in New York.
Gail explained how she visited her local Ford dealership in Chicago and told the salesman she wanted a convertible. He told her they didn't have any on the lot, but the dealership had received two Mustangs to show potential customers after the car's debut. One was a hard-top and the other was a convertible. The dealer was supposed to keep the cars, but the salesman sold the convertible to Gail, who drove it home the same day.
Today, the classic pony car has 68,000 miles the clock and has been fully restored to its original condition without any modifications. Gail is probably glad she held onto it because the car is now worth between $350,000 and $450,000 according to Jonathan Klinger of Hagerty Insurance Agency.
"It can be difficult to place a specific value on such a unique car and story. A car with significant provenance like this - being the original owner of the first-ever sold Ford Mustang - would likely have a premium of around 10 times the current market price," he said. "Enthusiasts are drawn to the bookends of models. It is stunning that the first-ever sold Mustang is still owned by its original owner."