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1989 5.0... what's it worth?

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I have a chance at getting a 1989 5.0 hatchback with 189,000 KM (117,000 Miles) through someone I know who manages a dealership who got it as a trade-in. He'd like to know tomorrow if I'll take it because otherwise it's going to his wholesaler. He's just giving me a first shot at it. I have driven it and looked at it a little. It has a 5-speed, which seems to operate just fine. Clutch seems stiff but it is still easy to drive. Is this normal for these cars? It also has the following mods on it:
-MSD distributor/wires
-Edelbrock heads
-BBK single stage induction with same brand CAI.
-Cobra wheels and bodykit
From driving it seems to drive smoothly, it's very loud so most likely not stock exhaust either. Seems to track straight.
It has the following wrong with it:
-It has been in an accident and rebuilt. Apparenly it is straight and it would have had to be re-inspected for it to have been allowed on the road. Am I correct in thinking the car is probably fine but it will affect the resale value?
-E-brake does not work at all.
-only 2 rear defrost wires work
-Tires need replacing which doesn't surprise me after driving it.. lol.

I live in BC, Canada (near vancouver) does anyone have any kind of ballpark idea of what it's worth? Asking prices for these cars I've seen, seem to range from $4000-$8000. What do you guys think?


According to Kelley Blue Book....
Private Party value
LX Sports Sedan
Good condition
117,000 miles
Air conditioned
AM/FM stereo
5 Speed

$1,410.00 USD

Now, that one  has some add ons that will increase the value somewhat, but not by much.  So, 4K bucks or more is way out of line. 
A 1989 Mustang is not a collector's car, so that aspect will not add to the cost.  I realize that the Kelley figure is just a ballpark figure, and that the man can ask anything he wishes, but more than double the existing price is just price gouging.

I've looked on three different classifieds; Craigslist, Buy and Sell, and and $1400 is what i'm seeing people ask for 4cylinders, but all the 5.0s seem to be much higher. Thanks for the help though.. btw, is the Kelley Blue book for the US or for Canada?


The prices are in USD.  Look it up.  Craigslist is not a true thermometer regarding used cars.  Price gouging takes place whenever it says Mustang, or Porsche, etc.  A 1989 Mustang 5.0 is nothing special, but because it is a Mustang, folks seem to be ready to pay more than it is really worth. 

the 89 is imho the most wanted of the 87-93 cars because it has the mass air system for easy mods and still has the tilt steering wheel(no air bag)

if its a salvage car then it hurts the value significantly, your gonna want to look at it find out how much it will cost to be reinspected etc then offer. imho it sounds like a 1500-2500(tops because of the wreck history) the dealership will be glad to sell it for that too, they probably gave maybe 200 tops actually for the car in trade


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