A 65 is a desirable year. 289 is a nice engine, easy to work on, and as Don said you can buy every concievable part brand new. How's he at body work, like changing out the bad rear panel? If he can tackle that and avoid a body shop, then it would be a good deal. In this area beaters go for 4-5k. Problem is it always costs more than we want to spend. So the big question is does he love the car? That will help him decide if it's a good choice. One thing about the old stangs is the front end floats at higher speeds, so some suspension mods might be in order if he wants to hot rod it. My first car was a 68, and I did the suspension work, and my engine rebuild. Pretty simple straight foward cars, with a cool nostalgia!