SELL

1986 Ford Mustang GT

Michigan

$15,495

1986 Ford Mustang GT

Vehicle Details

Make

Ford

Model

Mustang GT

Year

1986

Mileage

98,512 miles

VIN

CBL0462

Body Type

Convertible

Transmission

Manual

Fuel Type

Gasoline

Engine

5.0 HO

Description

1986 Ford Mustang GT Convertible – Highly Optioned, 1 of 81 Rare, heavily optioned GT Convertible with Marti Report and original window sticker confirming it is 1 of only 81 built. Excellent condition, stored for years, and recently upgraded with extensive new components. Highlights 1987 5.0 HO engine upgrade – strong runner 5-speed manual with OEM Hurst shifter Performance suspension & posi rear axle Riccaro sport seats, quick-ratio steering Power windows, power locks, excellent interior Cervini Ram Air hood New satellite radio (recommend new speakers if desired) Major New Components New: clutch, flywheel, TO bearing, clutch cable, rear main seal New: rack & pinion, inner/outer tie rods, lines New: master cylinder New: Edelbrock intake & carb New: alternator, battery New: MSD distributor & coil New: serpentine belt & hoses New: dash pad New: convertible top included (current OEM top patched but leak-free) Fuel tank, lines, and radiator flushed Additional Upgrades Cobra R wheels with 4 brand-new tires Dual exhaust – great sound Includes car cover, spare Cobra R rim, and strut-tower stiffener

Ford Mustang GT Buyer's Guide (Fox Body, 1982–1993)

Full guide
M
Mike Sullivan
Muscle Cars
1982–1993
~4 min read
Updated Apr 2026
The Fox Body Mustang GT is the blue-collar muscle car of the 1980s, light, simple, and with the 5.0 HO under the hood, genuinely fast for its era. Values have moved sharply as the generation that grew up with these cars starts buying them back. A rust-free, unmolested GT is harder to find every year.
This guide covers
✓ 10-point inspection checklist
✓ Common issues & what to avoid
✓ In-person inspection guide
✓ Market pricing by year & condition
✓ 4 FAQs answered
✓ History & fun facts
Read the Full Mustang GT Buyer's Guide

Ford Mustang Market Overview

Based on 309 Ford Mustang listings currently on ClassicCarsArena.com

309
Listed Now
$40,491
Avg. Asking Price
1934–2012
Year Range
Price Position on Our Site - Below Average
This car: $15,495
Low: $3,000 High: $278,555
Transmission Distribution
Automatic 50%
Manual 35% ◄
Condition Distribution
Excellent 12%
Good 11%
Fair 4%
Poor 1%
Project 0%
Data from ClassicCarsArena.com listings Browse all 309 listings →
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Ford Mustang GT Buyer's Guide (Fox Body, 1982–1993)

I spent a lot of time around these cars in the early 1990s, there were Mustang GTs in every other driveway in my neighborhood. Back then nobody thought about preserving them. They got modified, crashed, raced, and discarded. That's exactly why a clean, original Fox Body GT is harder to find than people expect. The ones that survived are mostly either basket cases or survivors that somebody took care of. The basket cases are everywhere and cheap. The survivors are what you want, and they aren't cheap anymore.

What to Check Before Buying

✓
Cowl rust probe , Probe ledge under windshield (the primary structural rust zone on Fox Mustangs
✓
Shock tower inspection , Look down at upper strut mounts from engine bay front) rust here is structural
✓
Floor pans at firewall , Check seam where floor meets firewall under front seat carpet
✓
Lower rear quarters , Inspect behind rear wheel openings for rust
✓
Convertible rocker rails , On convertible: probe rocker area under body for frame rail rust
✓
T-5 transmission shift , Test 2nd and 3rd gear synchros (grinding = worn synchro rings
✓
Modification inventory , Document all non-stock parts) assess quality and reversibility
✓
Cooling system condition , Check coolant color and hose condition, overheating damages head gaskets
✓
VIN engine code , Confirm position 8 of VIN is "M" for 5.0 HO V8
✓
Stock originality check , Note air intake, exhaust, and suspension, all-stock examples command premium

Common Issues

Cowl rust is the primary structural failure mode, water pools under the windshield and rots the structural ledge from inside. Shock tower rust compromises the strut mounting point, a safety issue. T-5 transmission synchronizer failure on 2nd and 3rd is extremely common on any car that has been driven hard. Floor pan rust at the firewall seam. Convertible rocker rust from frame flex and water intrusion. The 5.0 HO head gaskets are reliable but fail when the cooling system is neglected or the engine is heavily modified without upgraded cooling. Nearly every Fox GT has been modified to some degree, hidden modifications that affect reliability are common.

What to Look For

Cowl ledge under windshield, probe for rust before evaluating anything else. Shock towers in engine bay, stand at front and look down at upper strut mounts for bubbled paint or rust. Floor pans under front seats at firewall seam. Lower rear quarters behind wheels. Convertible frame rails under rockers. Verify 5-speed T-5 shift quality, worn synchros on 2nd and 3rd are common on high-mileage or modified cars. Inspect for modification history: air intake, exhaust, suspension changes. On SEFI cars (1987+): scan for check engine codes if OBD port is accessible. Look for signs of overheating (headgasket): white residue at coolant overflow, oil cap underside condition.

Price Guide

Driver-quality 1987–1993 GT hatchback: $14,000–$22,000. Show quality unmodified: $25,000–$38,000. Low-mileage 1993 GT: $38,000–$48,000+. Convertibles add 25–35% premium. Carbureted 1982–1986 GT: $10,000–$18,000 driver; $20,000–$30,000 show. LX 5.0 trades 15–25% below GT prices. Heavily modified cars price unpredictably, build quality determines whether modifications add or subtract value.

Did You Know?

The Fox Body Mustang GT was Car and Driver's 1983 10Best selection. By 1992, the 5.0 Mustang had spawned an aftermarket industry worth an estimated $300 million annually. The Fox platform was also used for the Ford Thunderbird, Lincoln Continental, and Mercury Capri, the Mustang was the performance pin on a very broad platform map. The 5.0 HO engine code appears in the VIN as position eight, the letter "M."

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