Affordable Project: 1992 Ford Mustang LX 5.0-Liter

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The rising popularity of Fox-Body Mustangs has seen values climb at a surprising rate. The day will come when they begin to be beyond the reach of mere mortals, and even project candidates often achieve impressive prices. This 1992 Mustang LX could be ideal for someone considering a first project or an enthusiast favoring a DIY approach. The engine bay houses its original and healthy V8, and its lack of rust means the buyer won’t face endless hours of cutting and welding. If a Fox-Body has been on your radar, it deserves a closer look. I must say a big thank you to Barn Finder Matt H. for spotting this promising project.

Ford had a hit on its hand with the Fox-Body Mustang upon its 1979 release. Interest in the Mustang II was waning, and the new model marked a radical styling departure. It was easy to make visual links between the Mustang II and its predecessors, but the company worked with a clean sheet of paper with the Fox. It planned a mid-1980s replacement, although such was the public outcry that the Fox-Body soldiered on until 1993. Our feature car rolled off the line in 1992 and must have looked stunning in its original Deep Emerald Green. Those days are long behind it, with the paint exhibiting significant deterioration. It begs for a refresh, and that process could be surprisingly straightforward. The panels are free from substantial bumps and bruises, and the rust-free status means the grinder and welder will be redundant. The buyer will probably strip away most of the paint to achieve a high-end result. That provides the opportunity for a color change, and creating an SVT Cobra tribute may prove irresistible. Values for those cars have gone through the roof, and this might be an inexpensive way of capturing the look and feel of a desirable classic at a fraction of the cost. The parts required are readily available, and applying Teal paint would make a bold statement. Otherwise, the glass is in good order, and most of the plastic is salvageable.

This Mustang is consistent because its interior needs almost as much love as its exterior. The headliner is beyond salvation, and what hides below the slipcovers is unclear. The seller admits that the bucket occupying the passenger side is from another vehicle, while the one on the driver’s side is the original passenger seat. They are unsure why somebody made the change, but locating a pair of correct replacements via a pick-a-part shouldn’t be difficult. The door trim pockets are gone, and the console is damaged. However, the dash is crack-free, and the interior is serviceable in its current form. It is unclear whether there is air conditioning, but the buyer receives power windows, locks, and mirrors.

The seller supplies no engine photos but confirms this classic features the 5.0-liter V8, backed by a four-speed automatic transmission. The Malaise Era was a memory when this LX rolled off the line, with its V8 producing 225hp and 300 ft/lbs of torque. Those figures promised respectable performance, but better was to come when SVT performed its magic on the engine the following year. This Mustang has essentially hibernated since 2018, but the seller recently revived it. They say it runs and drives well, and the brakes pull it up dead straight. It could probably hit the road immediately, although having a professional perform a thorough inspection would be wise before the new owner embarks on any long journeys.

Affordability is a relative term, and a price that looks respectable to some may prove prohibitively high for others. The seller listed this 1992 Mustang LX here on Craigslist in Boring, Oregon. They set their price at $3,750, making it a tempting proposition. Returning it to active service in its current form is an achievable short-term goal, although it would be rewarding to recapture its former glory. Creating an SVT Cobra tribute is another option some may find irresistible, but what would you do if you found this affordable classic in your workshop?

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  1. Connecticut mark

    Too cheap, must be a scammer?

    Like 4
    • scrapyard john

      Over 100k miles, needs paint, interior, no telling what else. It’s wore out. It’s been off the road for several years. I don’t think it’s a scammer. Just someone who’s realistic about their pricing.

      On a side not, I wonder if Boring, Oregon is a cool place to visit.

      Like 7
  2. mustang melvin

    Call the police, someone is going to steal this car for 3750.

    Like 3
  3. The Other Chris

    This won’t last long. Great deal, even if it’s an auto. Of course, nowhere near my area.

    Like 5
  4. Motorcityman

    The 92s were down on hp.
    Didn’t have 225.
    They brought the hp back to 225 for the final year in 93 I read.

    Like 4
  5. C Force

    That is a great price for a stock 92′ LX 5.0L.Gives you plenty of budget to drag it through a Summit racing catalog.Stock is just code for slow and boring.A 7.3L Godzilla swap with a 6spd manual would be one way to go.Or build a 351 “Clevor”engine for more of an old school build

    Like 2
  6. Falcon FeverMember

    5.0 Coyote upgrade…

    One of the primary benefits of the Coyote engine is its power output. The engine is capable of producing up to 460 horsepower and 420 lb-ft of torque.

    Like 3
    • C Force

      Dimensionally the 7.3L Godzilla motor is smaller than the coyote and requires alot more fab

      Like 0
  7. Frank

    Only twenty miles from me but the automatic spoils it for me.

    Like 0

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