I'm thinking of picking up an eBay special 1995 Mustang GT 5.0 HO. It's got a few warts, notably the odometer being broken since 2012 and the interior being pretty yucky, but I was thinking of picking it up anyways as a $1000 project/side vehicle. It appears to be stock except for mufflers and some kind of cold air intake.
Can anyone suggest some common issues to be on the lookout for before I pull the trigger?
Hard to say. At 200k, there are some items that are either due for attention, or have already been done. Service history would be a real plus here. The first items that come to mind are ball-joints, water pump/timing cover gasket, and since it's an automatic, fluid color/condition. Play could also be developing in the wheel bearings, U-joints, axle pinion, and/or timing chain.
Yeah, to be honest at that kind of mileage virtually everything is worn out. I know because I'm at that mileage and have replaced virtually everything suspension/driveline
At that age and mileage the only difference between this car and a new one is you will be essentially be making payments to AutoZone instead of a bank. It's all about what you want. Go for it, sounds like a fun project.
For a grand you can built it how you want it it over time,both mine are high milage 188k and 167k they both run fine and I've made them to be mine,sure you can buy a newer or new one but then like said before you have payments due every month but if your doing it to just build one I would buy the one for a grand and build it to your liking at your leisure and spend money as your budget allows. Both mine are paid for so for me it doesn't matter if they sit or not because they are not my daily drivers they are my hobby.
For a grand you can't go wrong if it runs and is drivable.
For a grand, I would just have the expectation that you are buying a rolling chassis and that's not a bad thing.
For a side project at that price, it's a blank canvas. Find a cheap used reconditioned 302 and do a nice street build or go full out with a 347 or 351.
If it was me, I'd just make sure the Interior was fine for now to actually drive the vehicle until it can be replaced and make sure there is no rust and no frame damage
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