This is a fairly well-documented...
This is a fairly well-documented sales brochure--much better than the average white-shoe-polish "this unit rides and drives like new" sales pitch. The transmission and rear-axle modifications suggest the car has been to the track or drag raced often, and only a test drive could offer insight to the car's soundness.
The Basics of All Cars
I've always felt that the more stock the car, the better the foundation is to start with. Performance modifications can spell hard driving, but not always. Sometimes show cars and their owners who just cruise in them can be highly modified but rarely raced. Assessing the quality of the work, the parts chosen, and the condition of the vehicle can give you a better idea of the overall condition.
If the car you're looking at has an inch-thick coating of rubber in the wheelwells, it's probably a good sign the car has been driven hard. If it's a race car, this might be acceptable--aside from the fact that it may point to a lack of maintenance. Stay away from gears that grind, or a trans or clutch that slips, unless you're in the transmission business. Sometimes these issues point to an inexperienced, but not necessarily abusive, driver.
Look for spaghetti wiring anywhere on the car. Hack jobs in the wiring department can lead to a host of electrical gremlins that you might be chasing forever. Look for owner records of repair and maintenance work, and if possible, verify a car's health by taking it to a reputable shop for an inspection. When we consulted the staff at HP Performance in Orange Park, Florida, regarding this story, they recommended having a qualified shop perform a multipoint inspection. HP offers free quick inspections where they will put the vehicle on a lift and check suspension wear, upper and lower control arm bushings, frame damage, and inspect the quality of aftermarket work, if present. They can also provide more in-depth services, such as compression and leakdown tests, at their regular shop rate.
The later SN-95 modular-powered...
The later SN-95 modular-powered cars still bring in the bucks, as do Saleen and Roush models such as this S-281.
Beware Of Imposters
In looking through numerous ads, we came across many "Cobra" Mustangs, but few were actually SVT products. Imposters, clones, and replicas have been commonplace in the musclecar market for years, so it's no surprise to see late-model Mustangs that have been reworked into high-performance-model Mustangs. Sometimes it's a set of Cobra R wheels or a Saleen ground-effects package that the owners flaunt in the subject title of the ad to attract more potential buyers. Do your research and ask for official paperwork or validation of some sort.
'87-'93 Mustangs (Fox-Body)
The fuel-injected 5.0L Mustang is as popular as ever, and the strong market for clean Foxes shows this. Relatively clean examples pull in $4,000-$6,000, which will probably get you an 80,000-mile hatchback LX or GT. Coupe or sedan models bring in another thousand or two. Surprisingly, convertible models can be had for $4,000 or less. We've also seen a trend of 30-something individuals spending $10,000 or more for very low-mileage Mustangs. Many of these people sold their modular-powered Ponies to go back to a Fox-body, which was probably a car they had in high school. Check eBay and you'll see some rather pricey Fox Mustangs with 20,000-30,000 miles on the clock. Whether these cars hold their value in years to come remains to be seen.
The four-cylinder conversion...
The four-cylinder conversion is a viable option for those very mechanically inclined enthusiasts. Notchback models are in high demand, and for some, this is the only way to afford one.
Common problems with Fox Mustangs include torque-box damage (where the lower control arm mounts to the chassis) and rust under the hatch or trunk lid. Damaged torque boxes will have cracks and tears in the sheetmetal of the chassis, and are generally the work of abusive drivers and/or high-traction racing situations. These can be repaired, but you may want to stay away from cars with this problem. One thing to keep in mind is that the '93 5.0L Mustang engines were equipped with hypereutectic pistons. In the hands of a capable tuner, they work well, but they aren't nearly as durable as the earlier engines that have forged aluminum slugs.
High-mileage Foxes will have an assortment of interior component failures, including window regulators, door-lock actuators, and convertible-top motors. We've seen some of these components fail on 40,000-50,000-mile cars, but it's more common in 100,000-plus-mile plus vehicles. Repair parts are available at places such as Latemodel Restoration Supply.
Becoming more common in the Mustang market are four-cylinder to eight-cylinder conversions. The Fox-body coupe or sedan model seems to be the hot ticket, as purchasing a factory 5.0L coupe is at the higher end of the market. There's nothing wrong with the conversion if it's done properly and everything works as it should. Check for clean and neat installations. Oftentimes these cars are in better shape because they haven't been beat on as badly or for as long. The chassis are probably a lot stiffer since they haven't had to endure the 5.0's abundant torque for the majority of its life. Carfax can usually reveal the car's true identity, and you'll also want to look for smaller sway bars and brakes, as the four-and six-cylinder parts are significantly smaller. Proper conversions will have the V-8 spec equipment in every department.