Few hobbies have benefited from the rise of eBay as much as the automotive hobby. Once obscure parts are almost commonplace findings on the Internet auction giant, and consumers now have a good idea of what their vehicles are really worth. Still, there is no shortage of the desperate or hopelessly optimistic who think their rides are worth big money because it was one of just five with a vinyl hardtop, disc brakes, and a rare paint code.

Up on eBay is a 1969 Ford Mustang GT convertible that was once powered by the desirable 428 Cobra Jet engine. While well restored this car might be worth a pretty penny, in its current condition the $75,000 Buy It Now price seems…unlikely at best.

Make no mistake, a 428-powered Cobra Jet Mustang is a rare bird. Ford made just 50 of these models in 1969, and in mint condition these cars can fetch between $75,000 and $125,000 easy. Everyone will agree that the ‘69 Mustang in this eBay ad is far away from mint condition.

While the engine, which is really an incomplete long-block, is numbers matching to the chassis, it is missing some pretty key components including the carburetor, valve covers, and all the front accessories. The interior is similarly incomplete, with most of the dashboard missing. Even the automatic transmission shifter has been stripped down.

While you don’t get the dash pad, you do get a whole lot of rust thanks to Michigan’s wet winters. This Mustang easily needs $50,000 in restoration work just to get it back on the road. Even being a rare and desirable Mustang, the asking price seems to be based in fantasy land rather than reality. What do you think is a fair price for this rare-but-rusty Mustang?