The '03-'04 "Terminator" SVT...
The '03-'04 "Terminator" SVT Cobra Mustangs still pull in the dollars. If you can get in one for less than $20,000, you may want to Carfax it to make sure it hasn't been in a major collision or flood. You'll occasionally find the good deal, but most of these factory-supercharged terrors regularly pull in $25,000-$35,000.
'05-Newer Mustangs (S197)
The S197s are still a hot commodity in the Mustang used-car market, and dealers know this, which is why GT models still bring a premium price. We've noticed a lot of modified S197s coming into the market, and these can often be the bargain to look for. More often than not, any performance modifications that have been made can be verified by the owner and/or shop that performed them. Combine that with the fact that you can usually buy the cars for the average price of a stock one, and you have the makings of a good deal on your hands. As always, look for clean installations and signs of frequent maintenance and upkeep.
'79-'85 Mustangs (Fox-Body)
The four-eyed cars, as they're known in our hobby, started the whole 5.0L craze, as the drivetrain was largely the same aside from the EFI. Unfortunately, the majority of these cars have been run into the ground and tossed away. Most of the ones we researched were in rough shape with their stock components long gone. Still, you can find rather nice examples of both Ford Mustangs and Mercury Capris for around $4,000 or so.
Survivor cars occasionally pop up on eBay or in the local paper, and these are usually the best buys. For those who want the body style, but not the carburetor, the '86 models offered fuel injection, but any of the later 5.0L EFI parts can be installed on the earlier cars.
MM&FF Buying Guidelines
The MM&FF staff has had their share of ponies in the stable. Here are the buying guidelines we generally go by.
Spend more money initially to secure a nicer foundation. Short of a full-on restoration, a $2,000/100,000-mile Mustang will feel like a $4,000/100,000-mile Mustang, no matter what the mods. Start with a car with less than 80,000 on the odometer, and you'll be much better off. Have the cash in hand, and don't buy in haste. The best deals come along when you're not looking for them, but you have to have the cash to buy them, allowing you to close on the deal immediately. You never know when the seller may be in the clearance mood and will take whatever you offer. Have solid or reputable recommendations. If you're friends with people who work in a shop, they can usually find good cars for you. Whether they've worked on the cars or can vouch for the owners, they often have a larger network and more experience than you in Mustangs. Know your limitations. Sure, that rotting carcass looks like a mint, low-mileage notchback in your head, but rather than skipping to the finished product, assess each part of the car and how you'll be able to afford to turn it around.