Set a budget and decide how much time you are willing to spend on the restoration, then research the marketplace to get an idea of market prices. When looking at possible cars, try to determine how difficult it is to replace any necessary parts. Check the Mustang's part numbers and vehicle identification number to make sure they match.
If you find a Mustang that needs some replacement parts, check with aftermarket retailers such as American Muscle and Late Model Restoration Supply. American Muscle is based in Philadelphia, Pennsylvania, and offers financing and real-time inventory. Late Model Restoration Supply is based in Hewitt, Texas, and offers fast shipping. Many other retailers also carry parts for different models of Mustangs; however, some parts are expensive to replace.
If the Mustang has a salvage title and mismatched serial numbers, you may experience issues with your local department of motor vehicles when completing the car's paperwork. It is good to avoid salvage titles and the setbacks they present. It is much easier to restore a car that already runs than to replace major parts, such as the transmission.
To determine which prices are fair, check resources such as eBay Motors and classifieds to understand the local markets. If there is a local Mustang owners' club, discuss your project with its members.