Before the GTO hit showrooms in 1964, if you wanted 389 big-block style power in your Pontiac on a budget, the Catalina was your best bet. Though it was the lowest-priced full-sized Pontiac, it was still a substantial step up from the Chevrolet Impala in terms of trim and appointments, while only a step below the Buick LeSabre and Oldsmobile 88, both of which cost hundreds more.

Sure, it looks like it’s been underwater for a few years, but you can’t deny the fact that this engine bay is remarkably complete.

For the Catalina, 1960 saw a facelift of the ’59 body shell, including a one year only full-width horizontal bar grille. Although body styles and drivetrain offerings were unchanged from 1959, the cabin featured a revised instrument panel with a new horizontal sweep speedometer. A few options like the “Sportable Transistor” radio also graced the options sheet.

While this example looks pretty rough, it’s about as complete as they come when looking for a full restoration candidate. Under the hood remains its 389 V8, and it’s controlled by a three speed manual transmission.

It’s got a stellar color combination going on as well – a black exterior with a red and white interior, which should make  for a seriously sinister full sized Poncho when someone gives it the TLC it deserves. Best of all, it’s not insanely expensive, as most big block V8 powered, manual transmission cars are these days – less than $5,500 will get you the pink slip. Does this look like a worthy restoration project, or is it too far gone for your budget?