cerose85

I am looking at a 92 Mustang GT 5.0. I have loved these cars since high school. Found one pretty local to me, Hunter Green body paint with grey ground effects. Car is listed at 50k. He was asking $9k but got him down to $6.5k.

I went down to check it out. Looked to be in very good shape. Paint looked clean, seats looked brand new. The carfax had quite a few owners and looked like over a 10 year period, there were only 8 miles put on it!?!?! I am hoping it isnt a odometer rollback. Owner said previous owner had converted to drag car and took out all seats and interior but after awhile decided not to do it and kept it in a trailer for 8 years.

Test drove it and it rode nice. Some oiler smell and the wheel seemed to drift some. I took it to a Ford Dealer for a look over and they found a few things:
Front tires hitting control arms
Quad shocks missing and brackets
A/C only comes out defrost.
Steering wanders and off center.
Coolant was a little dirty
Slight engine oil pan gasket leak.
Pinion Gear Whine

Some of this stuff I can figure out. I mean the front tires are after market and im thinking the rims are just too big. They made it sound like a lot of the issues were from after market things with suspension.

I am not a huge car person so just wanted to see what you guys thought. He was asking $9k but I got him down to $6.5k. Is $6.5k a resonable amount for a car this old with this many question marks? Or are they pretty common easy fixes? The dealer made it sound like it had been rode pretty hard at the track.

Thanks for the help!!

motorman524

Oil pan leak and gear wine are pretty involved. Everything else is a pretty easy fix. Not sure how the wheels are hitting the control arms?? Without seeing the car it's hard to say how much it's worth. Depends on what sort of suspension mods this cars has as well. A 6500$ Fox is usually in near perfect condition though..

AdderMk2

if you arent a huge car person, you should avoid that car. it sounds like a basket case to me. try finding something slightly less molested.

cerose85

Thanks guys. Yeah, thats what I was thinking. If I could do the work myself, it might be a good deal but not with having to take it to a shop everytime there is a problem.

bluebeastsrt

I bought my mustang recently. I found a million of them on Craigs list. Usally in the 4-5 range for a very nice one.

nitrous_bob

i agree that a regular old GT for $6500 should be spotless and no issues

a notch, or limited convertible with low miles can fetch quite a bit higher though

nitrous_bob

i finally broke down and decided to pull it all to see how bad it really was.

the trans was a bit worse than i thought, but i think the motor is ok. probably all come out this winter and finally do it right. but here it is

nitrous_bob

lol...oops....that was supposed to be a new thread