64-66 Ford Mustang K-code

Iit’s time we appreciated the rarity of the K-code pony Mustang. That single letter in the VIN denotes the factory option of the legendary 289 Hipo V8 that went on to power Cobras, Daytona Coupés, Shelby GT350S and GT40 Mkis. With modified pistons, conrods, cylinder heads, rockers, valve springs and carburettor plus a quicker steering box, improved suspension, stiéer anti-roll bars and uprated diéerential, the 271hp K-code Mustangs could crack 60mph in 7.6 seconds.

The Hipo package was the most expensive option available. At nearly 10 per cent of the Mustang’s base sticker price only 13,231 K-codes – or around one per cent of ‘65 production – rolled oé the line. Most were Fastbacks but – and here’s a valuable nugget – only a handful were convertibles.

Those Who Know speak of the K-code in hallowed tones but compared to Shelbys and the Hertz rental racers, they seem strangely undervalued. In June this year, Bonhams in New York sold a restored June ’64 Rangoon Red K-code convertible with 78,000 miles for just £36,000 while Artcurial in Paris sold a ’66 Wimbledon White K-code convertible in original but cherished condition for £37,000 in November last year. These prices are confusingly close to what some buyers are now paying for restored, but much more numerous, standard spec V8 Mustangs. Go to the States and bag a genuine factory K-code in original stock spec with matching numbers and all the casting dates lining up and you’ll have a rare evergreen investment potential.