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To clarify further, the individual claims to have bought the car 5 years ago to turn it into a hot-rod. But, he got married, had kids, and never got around to it. They're moving and he has to sell the car quickly. He knows it's worth more, but is priced to sell.
I actually do have a deep appreciation for old cars. My grandfather has a 55 and a 56 Crown Vic (one was a national champion), a 56 T-bird, a 65 Mustang and a 66 Mustang convertible. I didn't just pick this car out of the air b/c I thought I could make $10,000 on it, but rather than let it end up in some junk-yard, I want to fix it up and either keep it long-term as an investment, or sell it to an enthusiast that would appreciate it now.
Your unsolicited warnings will be taken into consideration, however I hope others will be able to answer my questions more directly.
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