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The Ford Mustang is something of an anomaly. For starters, you can snag a rough fourth-generation Mustang (SN95) for less than $1,000. Conversely, some collectible models pull in mansion money at high-profile auctions like Mecum and Bonhams. As you might expect then, a Ford Mustang belonging to the late musical icon Tom Petty would likely sell for big bucks. However, Petty’s first-gen Mustang didn’t get near the record for Mustangs crossing the auction block.

A red 1965 Ford Mustang Convertible once owned by music legend Tom Petty sold for around $225,000 at a Bonhams auction

Is there anything more American than a red first-generation Ford Mustang with a soft top and a V8 under the hood? Well, legendary American musician and frontman Tom Petty certainly saw the appeal, adding one to his garage over 20 years ago. 

Tragically, Petty passed away in 2017 after a “multisystem organ failure due to resuscitated cardiopulmonary arrest due to mixed drug toxicity,” per NPR. Nearly seven years after the 66-year-old musician’s death, his sweetheart of a Mustang headed to The Quail Auction, a Bonhams event in California. 

The car, a Rangoon Red model with a white convertible top, was one of the storied “1964 ½” models. Under the hood, Tom Petty’s Mustang had a D-code small-block 289 cubic-inch V8. But don’t think fuel injection. No, Petty’s ride had a four-barrel carburetor under a perfectly period gold air cleaner.

Still, as sweet as this piece of motorized Americana is, it isn’t bafflingly rare or unobtainable. Classic.com puts the average sale price for a 1964 ½ Ford Mustang at around $29,447. That, and the convertibles were never as sought after as the iconic sloping lines of the fastback. Still, when Tom Petty’s Mustang crossed the block, it secured a final bid of $224,000, well above expectations.

However, Petty’s Mustang, charming as it may be, is far from the record for Mustang auctions. For instance, the famed “Flying Mustang,” a 1965 Ford Mustang Shelby GT350R Ken Miles drove often, sold for a whopping $4 million at a Mecum auction. Oh, and the instantly recognizable GT 390 from the 1968 cult classic Bullitt? Try a cool $3.7 million.

Check out the Bonhams listing here!

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Staff Writer

Erik Sherman

Erik Sherman joined the MotorBiscuit team as an Autos Writer in 2022. An admitted petrolhead and an avid motorcyclist, Erik has owned everything from classic cars to motorcycles to modern driver’s cars. Erik also has extensive experience with military and emergency vehicles, ranging from ambulances and fire engines to MRAPs and M-ATVs. Erik is an eager car and motorcycle reviewer with experience covering everything from sports cars to pontoon boats and jet skis.

Erik holds a Bachelor’s Degree in International Relations (IRG) from the University of Texas at Austin and has studied Chinese, Energy, and European Politics at the University of Glasgow in Scotland. Erik’s background is unorthodox; he is a United States Marine Corps (USMC) combat veteran, water survival practitioner, and a former firefighter/EMT. Additionally, Erik is a regular volunteer and former instructor with the American Red Cross (ARC).