Project cars such as this...
Project cars such as this can be a blessing or a curse. This 5.0L, five-speed coupe was purchased for $1,500. It needs a large amount of bodywork along with head gaskets and numerous other parts to get it up and running. Is it worth the price? A car is only worth as much as someone is willing to pay for it. If you're dying for a notch and only have $1,500, but you're handy with the toolbox, then this may be a good option.
'94-'95 Mustangs (SN-95)
For the pushrod loyalists, Ford offered the SN-95 body style with the 302 for two years before it changed to the modular powerplant. Enginewise, most of the internal parts are carry-overs from the Fox-body Mustangs, and the aftermarket has the exterior components pretty well covered. Rumor has it that the unique ECM limits these cars from producing as much power as a Fox-body EEC IV computer, but we believe these differences to be minimal.
With these first-generation SN-95s, you get improved braking thanks to four-wheel disc brakes, five-lug wheels, and the suspension options are more plentiful than with the earlier cars. Wheel selection is also huge compared to Fox bodies, as most aftermarket Mustang wheels were designed for the '94-'04 Mustangs.
Clean 5.0L SN-95s start around $6,500, though we've seen the occasional sweet deal come in for quite a bit less. Convertibles are dirt cheap, and the low-optioned GTS models will be something to hold on to should you be able to find one. Not all of them were completely stripped of their power options, and you'll find the occasional GTS model with power door locks but no power windows.
Carbureted cars are a lot...
Carbureted cars are a lot of fun, and we see quite a few at the various Mustang and Ford events. The more stock you can buy one, the better off you'll be. We picked up this '85 Capri GS for $1,500, and it's stock save for the carburetor and air cleaner.
'96-'04 Mustangs (SN-95 Modular)
The early non-Power-Improved modular Mustangs ('96-'98) received a bad rap due to weak performance and are probably the best bargains available these days. If you get one with more than 100,000 miles on the odometer, and performance is in its future, you'll be looking at a rebuild. The lower initial cost allows you more cash for ported heads and cams--parts that will put you at least level with, if not above, their later counterparts. Once again, convertibles remain at the cheap end of the market in this segment, with clean five-speed hardtops bringing in $6,000 or more.
Surprisingly, '96-'01 Cobras with their Four-Valve powerplants can be had for a reasonable price. The early, rounded body style goes for $7,000 or slightly more, while we've seen the '99-'01 models go for around $10,000. You're starting off with 300-plus horsepower from the get-go, and adding a supercharger or turbo can put you well over 400-500 hp.
Convertible Fox-body and SN-95...
Convertible Fox-body and SN-95 Mustangs are at the cheap end of the market these days. This special-edition Pony was picked up off of www.craigslist.org for $1,900. It needs new paint and upholstery, but it's entirely stock and unique in appearance.
The '99-'04 Mustang GTs still command high prices, with clean, low-mileage examples pulling in $12,000 or better. The body style still looks current, and '04 models can still be financed at most dealerships. There's also a large group of Mustang enthusiasts who prefer the '99-'04 body style to the newer S197 retro look.
The '03-'04 Cobras command high premiums, with high-mileage cars raking in $20,000 or better. These are probably the best bet for collectors, as they hold legend status in the performance aftermarket, much like Turbo Supras, ZO6 Corvettes, and such.
With regard to common issues with modular-powered SN-95 Mustangs, the technicians at HP Performance mentioned that excessively high-mileage, modular-powered cars may have chain-guide wear that's visually undetectable, and you'll want to pull the breather cap on the cam cover and run up the engine rpm to verify that there's no oil blow-by. HP also noted that it has seen numerous stock modular engines with superchargers installed having cracked pistons. A compression test can verify the engine is in sound condition.