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Discussion Starter · #1 ·
Well, this seemed to be the best place for my first message (besides the howdy posted up above).

A few years back I made the mistake of NOT buying a 92 5.0 LX convertible. I would now like to rectify that mistake by looking on the used market for a nice, unmolested, one.

Something interesting....each and every early 90s 5.0 that I can find in my area has an asking price of at least $1500-$2000 above NADA retail. My sources are the local papers here in Austin/San Antonio, as well as the larger papers in Dallas and Houston as well as autotrader.com Now I've been buying cars for about 30 years and this is the first time I've seen this big a difference in what NADA claims a car is selling for and what I have seen in the ads. Does anyone have any thoughts on what might be causing this?

Now I'm not talking about the special edition reds or yellows or the 7up cars...I mean just a plain old LX 5.0 convertible in decent shape.

Frankly, I don't mind paying the current asking prices...I just want to make sure I'm getting a fair deal. Thanks in advance for making this newbie feel welcome!

Mike Nassour / Austin Texas
 

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I had to pay above nada by $1500 here in ny. Uphere everything has rust and my 5.0 is pretty much rust free, for ny standards. Everything is rusty here The k member has some but when the motors out I'm cleaning that up with the other small rust. After that it should be good since it doesn't see winter. But, its one owner(verified female) full maintenance records, no window sticker but original bill of sale. For some strange reason, the 80's-93 5.0 are rare around here. Not many 4cyls either. But above 93 theres plenty. The high prices are probably the result of the market. I could have passed on my car but I liked it and probably would have regretted not buying it.
 

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Prices range in my area by the market of Want. Everyone Wants a 5speed car so getting $6k-$6.5 for a clean car no matter the mileage is common. If it is a Automatic car you can get a clean GT or LX for $3.5k. Last Sept. at a local shop my son was talking to a guy with a clean 91 Red 5-Speed GT Convert. that he went to S.C. to get and paid $14k for because it had not been modified and had 23k miles.
 

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Discussion Starter · #4 ·
That's kind of what I figured, but in this part of the country, NADA has usually been pretty accurate regarding what any particular car actually sells for.

I guess I'm just turned around as to why the higher sale prices that I'm seeing aren't reflected in the NADA figures. Don't get me wrong...I'm all for someone selling a car for as much as they can get, especially if it's a nice Mustang. But it does seem like the 90-93 models do indeed bring a premium that for some reason is not being shown in the NADA book.
 

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My wife and I purchased a 1990 GT Convertible about 2 months ago in the Fort Worth area. According to the NADA book, we paid $1500 LESS than what it shows to be worth. Just takes time and patience. She watched the adds for nearly a year before I got her to jump on this one. All the other ones we looked at were running 2 to 3K above what the book shows and if you went to a used car dealer, they were out of the park. As you know, in central and northern Texas, these cars are nearly rust free.
 

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Discussion Starter · #6 ·
Hmmm...yes, good points, but it's hard to be paitent when you've got the wants for a Mustang!:) And I AM being rather particular...I want a LX 5.0 with an automatic, with no mods whatsoever. 100K or less would be great.

One of the San Antonio cars I'm looking at is completely stock, except for a rebuilt AT, about a year ago. It has 87K and the owner is firm at $5700.

The other is a private party on autotrader:
http://autotrader.com/fyc/vdp.jsp?car_id=195021244&dealer_id=57371429&car_year=1991&search_type=both&make=FORD&distance=100&model=MUST&sponsorModel=&address=78759&certified=&advanced=&max_price=&bkms=1137032111023&min_price=&end_year=1993&start_year=1990&isp=y&lang=en&cardist=71

This one seems a little high at $6,000, especially since the car has been repainted.

I've heard more than one story about rebuilt automatics...is that a common thing? I know it was with my 92 Explorer!
 

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I think the trend is only going to get worse. I bought a bone stock (stick) 93 hatch (Strawberry on black) with 86k for a little over $6k. Well over NADA, WELL worth it. I'd buy a 5 spd fox with 20-30k miles for 9-10k if I had the money. :worship

Good luck on your quest, there's not much here in South Louisiana if your looking. I'm looking for my brother-in-law. The good ones are in the garages of old women (not for sale) and will trickle out slowly over the next 10-20 years.

That Black on Black bone stock 93 Cobra with 30k miles is out there somewhere with my name ALL OVER IT. :eyepoppin BACK OFF!!:sterb:
 

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bought my LX for $1500 bucks in PA. has fresh paint too.
it is an '88 so a bit older than what youre looking for i guess... but i couldnt pass it up.
 

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i lucked out...

i bought my 1987 5.0 from a friend of the family for $2500 with 130k miles, completely stock, and time slips for 13.9's

then i got lucky again and bought a 1984 GT Turbo Mustang for $1000 from a kid cause he must have been street racing, got caught, and his father was a cop, so he was making him sell it on the spot... i was just lucky to take it off his hands at that second.
 

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I also lucked out, my Uncle bought my 1988 Mustang LX 5.0L HO brand new, and he never modded it, took extremely good care of it and drove it basically like an old man the entire time he owned it. (Which really makes no difference because the 5.0L is one of the toughest motors available).

Anyway needless to say my 88 is completely 100 % mint, never been in an accident my uncle was original owner, low mileage. But him being Mechanically illiterate he thought since the strong arms that hold up the hatch where not functioning anymore, that the entire car was falling apart.

So he sold it to me for $1000 dollars. Only 180,000KM so in american I think thats 105,000 miles not to shabby. 60 dollars for new strong arms and that car is practically brand new, I love it.
 

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Like the gentlemen above, I lucked out completely.

The gem I've got now came already modified, pristine condition, no major damage, and a key-turn-and-drive-away.

She cost me about $5,000 after everything was said and done.

Bought her at 73,000 original factory miles and she's now got 75,000.


My biggest suggestion is for you to just sit back and wait on the one that's right. Don't jump, just wait and be patient. I sat by for about three months before this one popped up.
 

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ya definately dont just into one fast....

look around... you will find one priced right :)
 

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I never go by NADA when looking to purchase a Stang. I've been around that market for so long that knowing about what one is worth is just in my nature. NADA tends to lie on these cars. Look up a 93 Cobra on there, then try to go find one for what they're saying they are worth. I just don't trust them on these type of cars. If I want one badly enough, I'm willing to pay for it. I gave $6k for my 92 notch in 2000. But it was a one owner car with low miles, and it was bone stock. So it was a good solid foundation for me to start with. Price is relevant to each person's personal opinion of worth, and how badly they want it, IMPO.
 

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Discussion Starter · #15 ·
Well, this just confirms everything I've heard about NADA, but I still just don't get it. Since it's supposed to be simply a reporting service for dealers, are there a lot of trashed Mustangs out there that are skewing the numbers lower?

Anyway, my ideal car is a convertible (of course) with about 80K, in either bright red or light green, built from 92 or 93, automatic, with a seller who'd like to get about $5000-$6000 for it...oh, and it should be unmolested, of course. I don't guess any of you have one of those in your back pocket, eh?:drool:

I've come close a couple of times here in Austin, but something always went bump at the last minute. Is it the opinion of the group that I should keep waiting for that one magical Mustang, or how long before I just decide to take what I can get?
 

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If you're deadset on what you want, I'd hold out til I found it (Providing you have something else to drive, lol.) Not saying that you won't have to travel to find a good one...but it'll be worth it if you get what you want in the end.

I just got lucky when I found mine...I had seen it at the guy's house with the for sale sign, and was trying to decide what I should do about it. Then my other Mustang got hit (someone pulled out in front of me; I hit him at 45mph in the side...no time for the brakes.) So then I got a nice insurance check, and went to the bank to get the rest of the money. Sometimes things happen for a reason...

I don't know what the deal is with the low-ball NADA stuff, really. Unless maybe they just don't realize the value or demand for them...
 

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No matter what part of the country you live in, plan on spending an average of $6,000 for a clean unmolested 87-93 Mustang, auto or manual. These cars are starting to become a bit harder to find. I've noticed that I see a lot less on the road, and the one's I do see look beat.

I lucked out a few years ago when I bought mine; my father bought it brand new, no mods at all, never wrecked, well maintained and loaded with all the goodies except sunroof (thank god), and clean inside and out. Even have the window sticker and all the literature that came with it including the Goodyear Eagle warrenty booklet. One year he decided to trade it in on a VW Passat, I told him I'd match the dealer trade in, and I bought it for $1500 :) . He later told me he would have given it to me anyhow, but didn't want to cause any waves with my brothers. I was 21 when he bought it, and I always told him I wanted it when he sold it.
 

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I agree, they are getting harder to come by. And you will pay the price to get a good one. But if that's what you want, it's worth it. Especially since it seems that the cars in good shape are becoming a minority. Consider it an investment! That's how I feel about mine. It's paid for, so I don't intend on selling it...
 

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Discussion Starter · #19 ·
OK folks, I've got leads on a couple....

First of all, what should I look for besides the usual used car gotchas? Anything more prone to failure than anything else on these 92-93 convertibles?

One is the exact color I want...that pale green, and it's a 93. It's got 143+K miles on it, and has recently had the tranny overhauled and the alternator replaced. The only known defect (besides normal wear and tear) is an electric driver's seat that sometimes sticks. It's on a lot in north Houston and the guy wants $4000.

Number 2 is a private party 92 in Pasadena. It's the "winter edition" from that year, white top over red body. I don't know the mileage yet, but believe it to be less than 100K.

Any thoughts?

thanks!
 

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Well I'm always sceptical about buying any high milage used car off a lot, at least with a private seller you can get a bit of the cars history.

Theres really no "one thing" to look for on a Fox Chassis, I would highly advise to take any car to a shop and have them look it over. Most sellers should agree to let you do this, and if they don't, you wonder if they're trying to hide something.

Drive the car at least 10 miles, let it warm up, turn on the headlights and windshield wipers and check how it idles, put the top up and down. Get it on the highway if possible, drive it like you normally would. When you get back, check under the hood and chassis for leaks and smells, if it has a oil leak you most likely will smell it.

The main thing is take your time and don't fall in love with the car before you buy it. :winks

Some years ago I bought a Ford cargo Van off a lot, they wouldn't let me drive it on the highway because they said their insurance didn't cover it :rolleyes: . So I bought and sure enough the thing overheated on the highway.

Good luck, and I hope you find a good one.
 
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