This is a good return for a purchase of $3,500 in 1964.
While there are many Ford Mustang stories, this is the best. Gail Wise purchased her 1964 Mustang convertible new from a Chicago Ford dealer on April 15. This may not seem like much to most people. However, you will recall that Ford officially unveiled its Pony Car to the entire world on April 17, two days after Wise drove it home. Although the dealership had several Mustangs on hand, they were to be kept secret until Ford’s grand unveiling at New York’s World’s Fair. Wise, a 22-year-old school teacher, wanted a convertible and the salesman did what salesmen do. Although the car wasn’t actually in Ford’s mind, it was available to a buyer.
Fast forward to 54 years. Wise still has the car and it is in excellent condition. Importantly, a paper trail proving she is the original owner and that she bought it on April 15, 1964, proves her ownership. She is the first Mustang owner in a long line that exceeds 10 million. Ford invited Wise (and her husband) to Dearborn to celebrate the 10,000,000th Mustang. However, the Detroit Free Press did more digging as this car is truly special. Valuable.
How valuable is the Mustang? Hagerty Insurance estimated that the Mustang was worth between $350,000 to $450,000. This is roughly 10 times the value of similar 1965 Mustang convertibles that have been fully restored and more than 100x the original sticker price of $3450 in 1964. It could even be worth more.
According to the Detroit Free Press, Hagerty Spokesman Jonathan Klinger said that it can be difficult to assign a value to a car with such unique history. A car with such significant provenance, like the Ford Mustang’s original owner, would likely command a premium around 10x the market price.
likely is the key word. We’ve all seen special Mustangs, especially those from a specific series. They can absolutely blow the bank. This is not the first Mustang production, but it is the first Mustang sold to a customer. It would be the same appeal if it was not still owned by its original owner.
At the moment, this is a question that won’t be answered. Wise will not be selling her first car but will be cruising with it on the Woodward Dream Cruise.