I'm guessing worst restoration. See where the hood meets the fender line above the lights. That looks horrible. There are so many people resurrecting 1965 Mustangs from the dead that I'd question every car I see for sale. Aside: I bought my '66 Mustang with the 289 V8 in 1980, and it was a pretty solid car. I could've bought a convertible for $1,500 at the same time, but I'd already made the deal for the coupe, not to mention that I had no money. Damn, why didn't I keep that car?
Are we sure the seller merely didn't latch the hood all the way, prior to taking the photo? Some people aren't good at sweatin' the details..... We've seen this before.
It looks to me as though the hood is latched fully, because the hood and fender lines are flush further up the fender. Also, the chrome is missing on the rear fender where the body indents. I suspect a restoration, but not very good. This turquoise has the correct chrome piece. Spring is here ... the time when a young (old) man's fancy turns to cars of his youth.
Since the grill seems not really stock. I’m assuming there are other issues with the hood and maybe other body parts. Regardless would not buy this car based on photos, and sellers proclamations. Plus those look like ‘64-‘65 hub caps. Not to be picky, but that’s the stuff I immediately look for. When you take a short cut on simple fix stuff. What’s happening with the more complex needs.
I have only one photo of my '66 Mustang. Here's a grainy close-up of the hood/fender from 1980. I've been looking at other '66s and '65s for sale, and I've noticed that the hood/fender line on many of them are not as clean looking as this original '66.
In regard to the 'missing' 'vent trim' on the indentation on the quarter panel, I know that there was certain trim options where that particular piece of trim was deleted - it wasn't on ALL Mustangs. Going through random photos on Google of '65-'66 Mustangs, it seems to be about a 50/50 split between trim piece or no trim piece.