Faults:

When it still had the 351c in, it blew the c4 automatic tranny to pieces.

It has the original suspension from 1971.

The brakes are under sized for the car.

Had rust in both rear corner panels, and on the roof by the windshield.

General Comments:

With the 468 in it, I beat an SRT by a car. But roasted the slicks I had all the way through third gear.

The car handle's good around turns, but in a straight line it's crazy. I can get it side ways at 45mph, drilling first gear.

Faults:

Someone PAWNED this car off in running condition with a high idle and an oil leak, and never picked it up. The pawnshop put it on eBay and it was on...

The eBay auction ending price $355 <--that is NOT a typo.

Cost to ship it from OK to TX $320.

Initial cash outlay for light bulbs, oil change, hubcaps, fuses, filters, battery cables, and the like $53.

I got it fixed up (high idle was a jammed throttle linkage, took me 30 seconds to fix that for $0), inspected ($15), put a 30-day temp tag on it ($25), and began driving the car. Got 320 miles out of it and the right rear brake's wheel cylinder exploded, shredding all the brake parts inside the drum.

Station wagon parts car purchase $200 (with good brake drums!)

Other monies spent on brake and tune-up parts $90.

Cost to pay title, sales tax, and tag fees, $102.

Parts and labor to have master cylinder replaced and system bled, $74.

Credit for selling some wagon bits to someone restoring one 2 hours away (-$65).

$1169, THAT IS IT. That's all I have in the car so far outside of gasoline and insurance.

General Comments:

The car is like driving a living room sofa down the road, it is soft, it is mushy, and it is exactly why I bought this car, because 70s Fords are the squishiest cars I've ever owned or driven, and I LOVE that feeling.

The power steering is so heavily assisted that you can drive with a single pinky finger at any road speed.

I haven't even ran but one tank of fuel through it, so I haven't checked fuel mileage, but I expect mid teens at best. When the 351M engine and/or FMX transmission finally gives it up, I intend to swap in a speed density (86-88 or so) EFI 302 V8 and an AOD transmission (from say, a Thunderbird or Crown Victoria). I'll keep the 2.75 rear axle, too. I expect 18+ mpg city and 22+ mpg highway at that point, and it'll be as good as or better than any car its size.

The other issues with the car are either cosmetic or attributed to 33 years of age, previous owner neglect or abuse, or inability to find parts (thankfully I found that parts wagon locally and CHEAP!).