After a long and successful run of the Fox body cars, Ford introduced its fourth-generation Mustang for the 1994 model year, with the first significant redesign in 15 years. Like its predecessor, a GT model was available, with the 302 still in place during the first 2 years. In 1996, a 4.6 liter replaced the 5.0, which initially was rated at 215 horsepower, but was upped to 225 for the ’98 model. If you’ve been in the market for a late-nineties example, this 1998 Ford Mustang GT here on Craigslist ticks a lot of the right boxes. The car is located in Warwick, Rhode Island, with the seller’s asking price set at $12,950.
FordGuy 1972 provided us with the tip here, and we’d like to express appreciation for this and all the other Blue Oval finds he’s passed our way! It’s almost hard to believe that 25 years ago you could walk into your local Ford dealer, plop down $22,680 (or less if you know how to negotiate), and drive out in a brand-new Mustang GT. And with fewer than 23,000 miles, this one’s not too far from new and priced at just a little over half of its original window sticker!
The Mustang’s present owner bought the car just a little over a year ago, but sadly, he’s now selling it due to an unforeseen family illness. The car is said to have been garaged and stored for most of its life, with the condition described as close to showroom quality, and the only minor defects listed are a scratch on the composite hood and one on the clear coat near the rear emblem.
There’s not a wide-view shot of the entire front part of the interior, but instead, 4 individual photos showing different areas inside, and everything we can view looks to be very nicely preserved. Inside the trunk doesn’t disappoint either, and we even get a picture from down below, which appears to be dry, solid, and in line with what a 23k mile underside should look like.
All of the maintenance records are said to be present, plus the GT was recently serviced at Tasca Ford. According to the seller, it sounds magnificent, as he describes it, and the only drawback I can see is that it’s not a 3-pedal car, although the two pedals plus the parking brake are dressed up in Mach 1 trim. I’m a bit surprised with the low mileage and condition this one has been listed for 18 days now without a taker. Is this a Mustang GT you or someone you know would like to be the new owner of?
Nice car, before Mustang began to appeal to the 750hp club. I had an ’88, LX 5.0, that I hated, and replaced it with a ’95 like this. Not a GT, a “regular”one with a V6 and 5 speed, I loved that car. It was such a refreshing change from the ’88 in every way. The V6 was a bit weak, but that car was a cruiser. It, in true Ford fashion, began using coolant( at 2 years old) and I sold it. The local car dealer where I got my DRZ bike from, had a ’97 I almost went for, but bought the bike instead. These are total chick cars, as any macho man would have the stick, and that’s okay. Gals want class too, but been my experience, they just generally don’t like to shift gears. Not many I met, anyway. Mustangs , of any kind, are hot, and I wouldn’t dawdle on this one.
The 79-93 Fox Bodies have caught on big-time in the collector car market in recent years; these Mustangs of the next generation, not so much. Maybe it is the styling, maybe it is something else. Or maybe, it just hasn’t gotten to be their time yet. If that is the case, now is the time to snatch one up…. especially a clean, low mileage example like this. Remember, most were used and abused, so like Howard says, don’t dawdle.
I think it’s mainly the styling. It has a decidedly 1990s “jelly bean” look, which really is not the ticket to big money. Ditto for the 1993-02 GM F-Body. Also, the 4.6 modular V-8, while not a bad motor, simply does not enjoy the same reputation that the 5.0 did.
The 1999 New Edge facelift helped a lot. I think those are a bit more popular than the 1994-98 Mustangs
As a teen when these came out I thought it was perfect. I loved the fox body Mustangs and also liked the Ford Probes a lot. This car seemed like a cross between the two and I think it captured the true spirit of what a Mustang is, sporty in base trim, aggressive in GT trim and affordable, plus it appealed to both male and female buyers. The 99 face lifted car looked better and the 05 redesign even more so, but this one here looks great and I doubt the buyer will lose money on it.
Thanks for the honorable mention, Mike S! And a very good write-up here, too. This Mustang GT is a real bargain, one that I can’t see lasting for too long at the seller’s asking price. Pretty soon us common folk won’t be able to afford a Fox Mustang, they just continue to appreciate. These Mustangs will be next to go up in value, so grab one while they’re cheap.
If you are going to buy this era of Mustang GT, one in this condition would be the only choice. This generation of Cobra’s and Mach 1’s or a 5spd GT would be a better choice. I don’t think these will ever truly take off in value since, like the 1973-1977 Colonnade body Malibu/Chevelle/Monte Carlo haven’t. I’d spend a little more and buy a Fox body 5.0, since those were the dominated performance cars for an entire generation, like the 55-57 chevy and muscle cars of the mid-60’s through early-70’s. Those will be the car people gravitate towards.
Steve R
Good to hear from you again @Steve R. Haven’t seen you around here in awhile.
Thank you, much appreciated. I needed a bit of a break.
Steve R
IMHO, The SOHC 4.6’s are balless wonders. My ’90 LX 5.0 dispatched them with ease. Still wish I had it.
The 4.6 SOHC is a fantastic motor and perfect for a crown vic, but had no place in a Mustang GT.
They aren’t that good in an F150, either. Had an ’03 4×4 with the 4.6. It couldn’t get out of it’s own way. Now own a ’09 with the 5.4. Totally different animal. I’ll keep this one til it turns into dust!
I’ve owned a ’93 GT and a ‘95 Cobra, and can tell you from experience that the SN95 Mustangs are worlds better to drive than the foxbody’s were. The ’93 I had was built, had aftermarket suspension, reinforced chassis and everything to make it hook up and handle better than stock, and the ‘95 would run circles around it all day long. There’s simply no comparison in driving dynamics. Stepping from the foxbody to the SN85 it was immediately apparent how much stiffer and better the chassis was.
Now as far as looks are concerned, I grew up on foxbody’s, they were the car to have if you wanted to go fast for not a lot of money and I still think they look great. BUT! I think the SN95’s are just as pretty and the styling has aged well, especially the Cobras. The 4.6 wasn’t all that impressive when it was first introduced, but after the 99’s were released with the PI heads, retrofitting the heads onto an SN95 GT is a pretty easy task and greatly improves performance. After that, you can do cams, bigger valves, port and polish and now you have over 300 hp without forced induction. But add a supercharger or turbo system and you better be able to drive, cause now you’re talking power!
Id still love to have either, those are two cars I wish I never got rid of, especially the Cobra. And now seeing what clean foxbody’s are selling for, I’d probably try to find an SN95 before they start having their day in the sun.