Originally posted by Bob Parmenter
'62 Fairlanes had a 221 small block V8 in addition to the 170/200 6. In '63 the 260 was the smallest small block V8 available as an option, still a "Windsor", "thin wall" cast, engine. The HiPo 289 was a rare option toward model year end. (Tried to buy one a month or so ago, but didn't want to pay what someone else thought it was worth.) The '62 and 3 Fairlanes have limited popularity. The '64 seems to dominate this era for popularity (probably due to lose of "fins" and the Thunderbolt image). The '62-3 can make a nice street machine if you really like them, just need to understand that at resale time the line of potential buyers is shorter, so don't pound too much money into them. For the one you described, the price doesn't sound too bad as long as the interior is good, and original. The body shouldn't be rotted out, and there shouldn't be a bunch of nasty repair under the repaint. Lastly is condition of repaint. If it's really amateurish and you plan to re-do it then it's decision time. Sanding off all or most of a bad repaint can be a lot of work, especially if there's a bunch of overspray on the trim, especially around the windows, and seals. Just scuffing it and adding a third paint job would be the "resale", quick an dirty thing to do.............not the "keeper" thing.

The air is likely an add on, perhaps dealer (if it's got a small Ford "crest" on the face plate), or after market. As for asking price vs. buying price, that comes down to, how many other people are looking at it, and how good do you negotiate?
Btw, the 63 had the 221cid v8 as well