Well as a non welder or body type guy I guess I've been put in my place. Although at 75.00 an hour to get too 2000 that is over 3 days of work. Being 8 hr days. I guess I'm in shock that would be the going rate for the floor pans. Well at this point I'm not sure what to do. With purchase price of 4100, plus the other 500 to 1000 I have already put it, plus the other min of 500 to get it road worthy, now 2000 for floor pans. Wrap that all up with a teenager son that is waiting to drive this car who is already 17 and has no other transportation to get to and from school and to and from a job. Starting to think I should jump out now. Guess I have a lot to think about. Thanks again for the advice and help.
There is yet another path, which is to become a skilled welder. Welding is an art, but with practice, patience and a little guidance, it is a not impossible to learn. Rust repair IMHO is not one of those things you can subcontract on our cars. It is simply too time consuming and expensive to hire a skilled fabricator to do. As you have leaned, you can get upside down very quickly on a car if you do.
For much less than the cost of having your pans done you can buy a decent mig welder, especially if you look used. After that practice is really really cheap! Do you have any fellow car guys (they do not have to be Mustang guys) that might be willing to give you some hands on lessons in exchange for a pizza and some beer? If I were close I would.
You mention the 17 year old, and that's perfect. The two of you can challenge each other to see who can master welding better. I started oxyacetylene welding at about that age. Hand-eye coordination is a big part of welding, and it is pretty good at that age.
Welding is something that many people are scared of. Just like anything it will take time to learn, but it is a skill that once you have mastered, you look at the world and project cars differently. If you like it and become accomplished, it can be a great way to pick up some extra $$$, especially for a young person looking to earn some college book money...hint hint.
If neither of you like it you can sell the welder after the project (or before if you really despise it!) and get most of your money back, especially if you start with a quality used welder.
An option to think about before you bail on the car.
~Jim