Yes, you read that correctly and I didn’t mean Bullitt. The ad states, “PS bullet hole is included in the sale”, and if you look closely, you will notice a small hole under the passenger-side rear window. I’m sure there is an interesting story there, but it’s not mentioned in the ad. The 1979 Mustang marked a complete redesign and the debut of the Fox platform, and Ford wanted to promote it, so the company negotiated so that the redesigned pony would be the pace car for the 63rd Annual Indianapolis 500. This low-mileage survivor can be found here on Facebook Marketplace for $20,000 and is located in Cartersville, Georgia. Thanks to PRA4SNW for the tip!
This special edition Mustang featured Pewter Poly and black paint with orange and red striping, a cowl induction hood, front air dam with fog lights, rear spoiler, and Recaro checkered seats. This model offered only two engine options: a 302 cubic inch V8 or a turbocharged 2.3 liter 4-cylinder paired with a 4-speed manual transmission. This one has the latter, which is more likely in this version since more than half (57%) of the 10,478 models produced had this engine option. This statistic struck me as odd since I thought the V8 would be the most popular choice.
The interior looks impeccably clean, as expected for such a low-mileage vehicle. The lighter has an emblem showing the car is registered with the 1979 Indy Pace Car Registry. The seller notes that it is a two-owner vehicle. There are no pictures of the engine or the trunk, but you can probably reach out to the seller for those. It does have the flip-up sunroof and an AM/FM stereo with 8-track for those cruise nights. My best friend had the base 1979 Mustang in the early 90s, and I have many fond, albeit hazy memories of those days.
The window sticker shows a cost of $9,880, which would be around $45,000 today. You might enjoy (or not) looking at the annual fuel cost calculation, which is based on fuel being 70 cents a gallon (ah, the good old days). According to market data, the average market value is just under $40,000, with some going for more than $50,000. The bullet might have put a hole in the value of this car as well. My question to the reader is: would you leave the bullet hole there?
These Pace Cars were an eye-catching package. Quite a few of them were saved. This one looks very good– even with the bullet hole. The cool upholstery looks fine, it usually disintegrated over time even with minimal use. It appears to still be running the original metric TRX wheels (not the 16″ repros).
The selling dealer’s address appears to still be a Ford store.
Good job David.
We read and hear the term “Survivor” here on Barnfinds quite a bit… But a bullet hole in the side of the car definitely brings that term up a notch. Were they running from someone when that happened? Anyways, I’d actually just leave it. This is so nice and do original I wouldn’t mess with it.
Not cheap when new. 💁♂️
Cover the bullet hole from the inside to keep water out, make up a good story about it, and hit the road. Nice one.