need advice quick ( '66 ford fairlane)

hey yall,
im 15 goin on 16 and lookin to buy my first car so i dont hafta drive whatever lame thing my parents would get for me (if anything :rolleyes: )
ive always wanted an old mustang fastback that needed some fixing, but because of a variety of things (wont get into em) i wont be able to get a job next summer so puttin down 3-4k to start and more to get it done wont be an option. i found a '66 ford fairlane fastback "ex. cond. and runs" for 1k, looked online and saw a buncha them that looked pretty sweet and also a bunch that looked awful, im afraid that i'll end up getting it and not being able to afford making it look nice.....what do you guys think about it? if i put another maybe 1,500 to 2,000 into it over a year or two would i be able to end up with a nice musclecar?
maybe a mustang hood with an elevated intake, flowmaster system, fat ol tires on the back, k&n filter kit, and a nice paintjob? i can paint myself (friend of mine's dad has a sprayer) and install basic things myself, anythign complicated though id hafta get done at a shop...what do yall think? any and all opinions would be greatly appreciated.
thanks,
Joe

Remember, you get what you pay for. A $1000 Fairlane in "excellent condition" doesn't sound right. Be wary.

We'll if its in "good condition" depends on some things

1) where is the car, what area of the country, I find good deals all the time for that price, but 1 to 2 grand would fix anthing wrong with them. Lots of country folk around here in north carolina, that really don't know the full potienal of some rides, a good thousand dollar car can be had, but even a good thousand dollar car will need some work. If its up north the frame could be a problem. Lots of salt.
2) The car can be in overall good but have tons of little things that need work, again most he can do with his budget, himself with some help from friends.
3) have you checked out the big ticket items, motor, tranny, frame, suspension, One problem any any of these areas can bust the budget, but small things in all of them might be ok
4) last but not least, is it a one owner, or has it changed hands a lot, whats the history of the car, whats been done so far.

"deals come along, they are seldom made"

My favorite saying

It sounds good, make a list of thing it has and a list of things it needs, if the needs list fits your budget move on it, but after you check it out.

"there's a sucker born every day"

My least favorite saying

i have a 66 too. they are good cars

Take your time. The more you see, the better you'll be at spotting a solid car at a good price. I wonder if CarFax goes back 40 years?

I've helped three of my four kids buy their first cars so far ('63 Chevy II and two BMW's), and always remind them "shopping is more fun than owning!"

If it's not sacrilege in a Ford forum, I do recommend mid-80's BMW 3-series for teenage transportation. They handle well, are easy to work on and rarely break! Easy on gas too.

Good luck and good hunting!!