The S-Code Ford Mustang was often overlooked by retro pony collectors and barn hunters. However, as the inventory of Cobra Jets and K-Code 289s is beginning to dry up, people are seeing the value of this 390 cubic-inch V8 from the 1960s.
As we’ve already established, the S-Code is a 390 cubic-inch V8, a 6.4-liter big-block. It was based on the FE series of engines that dates back to the late-1950s Thunderbird. It powered a whole bunch of production Ford models, pickups, and even Le Mans-winning GT40s.
In the case of the Ford Mustang, the S-Code 390 became available after the 1967 model year, when they widened the engine bay. 1967 was its best year with 28,800 produced, followed by just 9,228 in 1968 and 10,464 in 1969.
Of course, many of those cars are no longer on the road… like this one. Renowned barn finder Dennis Collins and his team tracked down this 1967 Mustang S-Code on a Texas hunting forum of all places. The vehicle was purchased by the seller in 1980 and parked just two years later. That means this pony hasn’t been driven in exactly 40 years. Your parents were listening to Pink Floyd back then… on a cassette deck.
Being the Mustang expert that he is, Dennis has an easy job of decoding the VIN. 76A means it’s a convertible (powered top option), D is the Acapulco Blue color which is quite faded, and the 61 Domestic Special Order (DSO) indicates Texas, so it’s lived in dry conditions.
Unfortunately, this is not a numbers-matching car. In place of the S-Code motor, we have a 289 for some reason. Mustang fans know that the 390 cubic-inch V8 is about 165 pounds heavier than this thin-walled 289, which could be the reason for the swap. However, the S-Code would have made 325 horsepower, just 10 shy of a Cobra Jet, and having it would have added to the value of this find.
The Marti report reveals something interesting
In the early parts of the video, Dennis Collins predicts that this is 1-of-1 because of its combination of body, engine, and options. And he’s obviously got a rare car.
Of the 28,800 S-Codes produced in 1967, only 2,180 of them were convertibles, and just 940 had the four-speed manual, which is 0.19% of the total number of Mustangs made that year. Take into account the paint, blue interior, GT package, and radio, and this really is a one-off S-Code Convertible.
We don’t know how much it’s worth, probably at least $20,000. But fully restored, it can be worth many times that to the right buyer. The body looks largely rust-free, and a replacement 390 engine will be installed, so this 67 convertible will probably be back on the road soon, showing some lucky person a great time.