Low-Mile 1992 Ford Mustang GT Convertible: Hot or Not?

By John Coyle - April 5, 2021

The asking price is hardly throw-away money, but anyone looking for a well-preserved Fox Body Mustang should take note.

Over the past few years, the Fox Body Mustang has proven popular to both established builders and shade-tree mechanics. While there’s no discounting the nostalgia factor, the platform’s long production life, general affordability, and host of available performance upgrades certainly don’t hurt this pony’s appeal. That said, the condition of these machine varies widely, and unless you’re interested in buying someone’s project, you might find yourself hunting for a while.

But though there might be a sea of busted, rattle-canned 30-foot cars on the market at any given time, ever once in a while, a real gem pops up. Now, from what I can tell, this 1992 Mustang GT Convertible I just stumbled across listed on Miami’s Craiglist seems to be just such an example. While the asking price is hardly throw-away money, anyone looking for a well-preserved example should take note.

According to the seller, this Mustang was purchased from a couple who had parked it for an unspecified — though apparently lengthy — period after they got frustrated with it inexplicably draining the battery. There’s no mention of that electrical gremlin now, but it seems like the current owner did all the right things to get it roadworthy again. Along with no-brainers like fresh fluids and tires, plugs, and wires, they also went through the fuel system and swapped out the tank, pump, and sender pickup. All told, there are a few ticks over 70K on the clock.

A stubborn fourth-gear synchro also meant that the T5 gearbox was pulled and rebuilt, and since everything was already out, they replaced the pressure plate, flywheel, and rear main seal. Overall, the listing is quite extensive, and it certainly seems like this car has been well gone through. While it’s said to run and drive perfectly, there are a few small issues which need to be addressed, including a non-functioning heater, a broken passenger door lock, and an intermittent airbag light.

Now, given all the work that’s been done to this car in prep for sale, it seems a little odd to me that some of those issues weren’t fixed prior to posting the ad. But to me, this still looks like a really solid car. Whether it’s worth $12,500 is another question though. So what do you think? Would you pony up the asking price to bring this baby home? Or is this seller overly optimistic about what their resurrected 5.0-liter should go for. Check out the listing, watch the driving video, then hit me up and let me know!

Photos: Craigslist