Generally, no. Although you should try to paint your car a color that was available for that year (example: 67 colors included Wimbledon White & Acapulco Blue, among other), the color won't affect the value much. Exceptions to this might be if you had a rare or highly desirable car (Shelby, Mach 1, Boss, etc) or if you were restoring a car to Concours quality. Of course, one thing to keep in mind is that some colors will probably always carry a bit more or less appeal than others; various shades of red are fairly popular on Mustangs, while various shades of green are less so.
submitted by Tennessee Cub at the Vintage Mustang Forum