The Market for Fox-Body Mustangs Is Maturing
If ever there were a poster child for cheap speed from the last decades of the 20th century, it’d be the Fox-body Mustang. A 14-year production run that wrapped in 1993 turned loose about 2.6 million of them, and a massive, affordable aftermarket sprung up to support Fox-body drag racers, road course addicts, and stoplight ne’er-do-wells across the country.
The 5.0 smoke show was long and glorious. Even today, Fox-body Mustangs are still a great way to go fast, but all those years of cheap thrills also made for a lot of attrition. It’s getting harder to find a Mustang of this era that isn’t incredibly modified, incredibly beat-up, or both. That, plus the fact that the youngest ones are now over 30 years old means that good ones are beginning to be collectible. The sale of this clean 1993 Mustang LX 5.0 for $25,200 (including fees) on Bring a Trailer last week is an example of where the market appears to be headed.
By the time this one rolled off the line in ’93, the Fox body was fully evolved (you can find our detailed, year-by-year Fox-body Mustang buyer’s guide here). The 5.0-liter V-8 would see further development in other models, but by 1987 it offered a stout 225 hp and propelled the Mustang to low 14s in the quarter mile. Despite a 205-horse rating for ’93, it wasn’t any less strong—Ford knew the new-for-’94 SN95 would make 215 horsepower, so they made the ’93 models a little weaker on paper.
Though the GT sat atop the lineup and offered more standard features, choosing between an LX and a GT was as much an aesthetic decision as anything else. Later-year LX 5.0s offered a clean, trim look, and those long dual exhausts were an assertively subtle hint of what this otherwise understated pony was packing.
The $25K sale price of this oh-so-’90s Reef Blue example falls about $3K beneath its $28,100 Hagerty Price Guide #2 (Excellent) condition value, and roughly where our analysts expected. Values are up across the gamut of Fox-body years and trims, but the higher quality the car, the more valuable it has become. The days of good-example Fox-bodies being merely used performance cars are well and truly gone. In fact, #2-condition cars have nearly tripled in value over the last five years, and they are up 15 percent in the last year alone. In contrast, driver-quality #4-condition (Fair) cars have doubled in value but sit at a still-affordable $7900.
The keys to this particular car’s success were its relatively low (21K) miles and a stack of documentation. The mileage is in that sweet spot, just above “so low you’d be afraid to drive it” territory. A recent service that replaced a number of underhood items, along with a slew of additional paperwork, verified that this LX has been well taken care of. These attributes would have been a benefit in prior years, but buyers now clearly place a significant premium on them—a sign of a maturing market for the Fox body.
One thing that separates this generation of Mustangs from prior ones as they’ve reached collector status, however, is that buyers don’t appear to shy away from modifications, at least as long as they’re tasteful. The tweaks on this car aren’t significant—wheels, lowering springs, a shifter, rocker arms, headers, and exhaust are the primary changes—and this car’s sale didn’t appear to suffer from them.
Given how many Fox-bodies were made, it’s unlikely that garden-variety LX 5.0s and GTs from this era will ever be truly expensive. But, between the ever-decreasing count of quality examples and the increasing number of people lusting after the car that was top dog in their high school parking lot, the 1979–93 Mustang is well on its way to collector status.
They were the right car at the right time. Not as expensive or as many options as a GM F-Body but were a cheap, easy to hop up, great parts availability etc. You saw a ton more Mustangs of the era than Camaro/Firebirds at the drags. I know I drag raced my 1984 20th Anniversary Model (first new car) through 80’s/90’s/2000’s and took it from 15 second car to high 12’s. Still have it now with over 200,000 miles on it with the stock short block. However, old guy now, so those drag race days are behind me and the new minivans can probably outperform it. But I do go out and power shift it through the gears just for old time’s sake. As with anything there is always something new, faster, more options, new electronics, drives itself, etc. but something about a mechanical car that some of us still like to DRIVE.
I have a 1986 lx convertible, 3.8 v6. Bought it in Minneapolis 14 years ago. It now has 71,000 miles. It’s all original, in and out. I put a bunch of new parts on, new tires and have a new top, but don’t know where to get it installed. I never used it much until I brought it down to Arizona. As I am in my late sixties,I’m finding it hard to get in and out with my sore knee. Otherwise, I love driving this little head turner. I’d part with it for a fair offer, otherwise I’ll take it back north and give it to my grandson, who is two years away from driving.
I have a 1986 lx convertible, 3.8 v6. Bought it in Minneapolis 14 years ago. It now has 71,000 miles. It’s all original, in and out. I put a bunch of new parts on, new tires and have a new top, but don’t know where to get it installed. I never used it much until I brought it down to Arizona. As I am in my late sixties,I’m finding it hard to get in and out with my sore knee. Otherwise, I love driving this little head turner. I’d part with it for a fair offer, otherwise I’ll take it back north and give it to my grandson, who is two years away from driving.
I leave the top down in the garage otherwise I couldn’t get in.
I still love these cars. Simple rear drive V8 fun!
Won’t forget my 88 GT. Had it brand new for a few days and was pulling out of a gas station. The light started to change to yellow. I stepped on it and went sideways through intersection with the gator backs squeeling. Began shifting through the gears as I wound down 29 and then saw a trooper closing in on me. Pulled over and responded, at 18 years old, to the trooper’s “what do you think you were doing back there?- Just getting on it sir.” He came back a few minutes later with my license and said it “was a whole lotta car” and just “be more careful next time”. No ticket and the first of many gettin on its! Those were the days . . .
I’n kind of sad that these can’t be picked up in decent shape for a song anymore. At the same time though, I’m glad they’re getting the respect they deserve. Growing up in the 80’s, these and the F-body twins were the Triumvirate of coolness. Although I couldn’t afford one then, since college, I’ve owned 3 and loved each one.
I’m more partial to the earlier 4 eyed versions in GT hatchback form. I never really cared for the look of the notch. My favorite fox ownership experience was the 84 GT I had from 2014-2018. It was just a great little reliable car that was fun to tinker with, reasonably quick and a conjurer of nostalgia. I sold it to get a newer S197 (which I still have and enjoy), but I always regretted it. To buy that same car today I’d have to spend 3 times as much…and I’m thinking about it.
I bought a brand new black 87 4-speed GT with the help of a family member who was an engineer for Ford in Michigan. It was my first Ford since my family had grown up as Mopar fans. That is New Yorkers, Furys, a Satellite, Chargers and a Belvedere. I fell in love with that car by the time I had driven it back to my home state of Iowa. That new car smell, rocketing acceleration and the wind in my hair with the t-tops off! There also weren’t many GTs of that year yet in my town of 5,500 citizens, so it was fun to cruise around and receive the compliments! Many long trips with my favorite cassettes and my share of match races on some of the freeways around the Midwest kept the excitement going. Unfortunately, when I moved to CA in 2000, I left that car back in my parents machine shed until I decided in 2018 it was best to sell it to my good friend for one grand. The ravages of driving in a few Iowa winters, fading of the paint and issues with t-top leaks made the decision easier, and trying to fit my 6’5″ body into that smaller cockpit made it challenging to enter/exit. But man, that engine still ran great even with 160,000 miles on the odometer. Now that I see the prices going up I feel my regrets of selling, but once my son is pushed off to college in a few years, I’ll be searching for another one!
As suggested, interest in a particular generation of Mustang or any automobile of any make is purely emotional. If it wasn’t, there would have never been a professional niche in the industry called stylists. Truthfully, I would have never expected my 1985 GT H.O. to climb into this value range, but definitely enjoying the ride…both in the car and on the graphs!
I love my 86 gt mustang most of the time. These cars were put together so cheaply that everything seems on the verge of breaking and falling apart. Yet somehow that is the charm.
I Just sold my 87 Iroc Z28 as I thought it would put the same smile on my face as my old Fox 91 trunk and 90 hatch did. It came nowhere close to that, now I’m looking for my third stang.
My daily is a 90 LX convertible, 350K miles, about 30 years driving it. Fun and dependable. It’s a bit of a sleeper; I hade to cut down the intake a bit to fit a 351 and supercharger to fit under the stock hood. I got rear-ended by a school bus a couple of years ago (the bus had to be towed and I didn’t), and it’s not as pristine anymore because of it. But it’s still fast and fun.
Let’s not forget the ASC McLaren Mustang, sort of like a Chrysler’s TC by Maserati version of a Mustang, but better