Topic: Possibly buying Mustang- First Car

[Ace of Speights]

Hey everyone, I've been looking around for my first car and I came across a 1988 Mustang. I dont know alot about cars at the moment. I'm wondering if this sounds like a good deal. Here's the description in the ad:
      PRICE DROP! baby is here and this car needs to go! not good for a car seat if ya know what im saying.
Authentic 5.0L, had a Full motor rebuild last year. very low k's on the rebuild, Upgraded intake manifold, straight through exhaust. 2x 12" MTX subs, AMP included. DVD Player in dash and headliner.viper alarm system, 2 12 inch subs not in the box included that arnt installed on the car,monster tach not installed aswell included, Runs great, needs nothing. Very fast, very loud. Needs to go

He is asking $4200CDN ($3900USD) I may be able to talk him down a little.. not sure
I plan on checking the VIN# and taking it to a mechanic before purchasing. Is there anything else I should do? Anything I should look for when inspecting the vehicle? Like I said it's my first purchase so it's a bit overwhelming.
Any help would be greatly appreciated!
Thanks in advance!

[Soaring]

Get one of those refrigerator magnets to take with you.  Check the quarter panels and the bottom of the doors for any rust.  If the magnet sticks, then It's OK.  If not, then there is bondo (or it is plastic) there and says it has been wrecked or rusted out.  Check the oil for water.  It will bead up on the stick if there is.  Take it out and drive the shit out of it to see if it heats up or smokes.  Notice if there is any whining in the transmission or rear.  Take cash with you, and offer him about 3K for it, then see what his reaction is.   Take a print-out of the Kelley Blue Book value with you to show him that it is listed for about 2 thousand dollars.  His price is too high. 

[Thierry]

Yes but Ace of Speights seems to be in Canada and it's impossible to find a decent Fox Mustang GT under 4 000$ in our country.

[Ace of Speights]

Thanks for the reply Soaring.. it helps. I definately don't think I will be able to talk him down to 3k, but I'll try and get him down to 3.5k. If not, and the car is in good condition I still think I'll buy it.
Thierry, is that what kind of mustang it is? Fox GT?

[Thierry]

Fox is the name given by Ford to the platform your Mustang was built from, not the name of the model. They were used for the 1979-1993 Mustang, Mercury Capri, Mercury Cougar, Ford Thunderbird,  Ford LTD, etc...

[Soaring]

Thanks for the reply Soaring.. it helps. I definately don't think I will be able to talk him down to 3k, but I'll try and get him down to 3.5k. If not, and the car is in good condition I still think I'll buy it.
Thierry, is that what kind of mustang it is? Fox GT?

Now I understand that you are buying the car in Canada.  I guess Thierry is correct about cars being higher priced in Canada, especially if it is in good condition.  Check it over really well before you buy. 

[Ace of Speights]

Hey guys so I checked it out this evening. It definately looks good and  sounds awesome.. so loud. Now about the engine rebuild.. he doesn't have the receipts for it. When I bring it into a mechanic will he be able to tell if the engine is running fine? Thx

[Soaring]

I was going to say take it to a mechanic to have it checked, but today's mechanics usually rely on the reading from the computer. 

[Ace of Speights]

Hmm that's not good lol. I guess I'm taking a chance with it.

[Soaring]

You'll probablybe ok With it,   Go for it if the body is sound. 

[Ace of Speights]

If the engine did happen to have problems what would be the most I would have to spend on repairs. I guess that is a rather broad question.. Like I said, I'm not very car savy atm. I guess what I'm getting at is how much will smaller engine problems cost me and how much is basically an entire engine rebuild.
Also, when an engine is rebuilt is the odometer reset? Because his wasn't, it was at about 254xxx KM

[Soaring]

The law in the US doesn't allow resetting of the odometer.  It's not just the engine that has the miles on it, but the entrire car.  If the engine runs just fine and is up to snuff, then you are taking the chance that you would get with all used cars.  Here in the US, you can get an extended warranty on the car which will cover any repairs it may need in the future, but I ignore those because of the maintenace I do on my cars and know the history of them.  Like any used car, you are taking a chance, but I would think if you are satisfied with what you see and hear from that Mustang, that it is a good and solid car.   In case the engine does blow up on you, you are looking at about 5 grand US to replace it. 

[Tim175]

The price for an engine rebuild varies on so many things. One what motor is it? Two will you rebuild it stock or with upgrades. Three are the block/heads etc re usable? Four what parts on the motor can be re-used and what must be replaced etc. The list goes on. If you plan on just a stock rebuild, do the work yourself, and you can re-use most of the parts only about 1500-2000 USD. If you have the machine shop do the work, most parts need replacing, and or you go performance, then 5k+ easy.

[Pacman131]

Yeah the old magnet trick works well.  I would also do a background check on car fax, doesn't tell everything, but it might be worth it.  Personally I would put the money toward a new 2011 Mustang GT since Ford brought back the 5.0L.  I mean 412hp, one word wow!

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