We see classics crossing our desks at Barn Finds, with sellers brimming with optimism. The car in question may be a lost cause, but the seller believes it is a viable project candidate. However, this 1979 Ford Mustang Indy Pace Car is a breath of fresh air. The seller admits it needs a lot of work and may also be a cheap parts car. Either way, it is undeniably affordable. The Mustang is listed here on Facebook Marketplace in Wichita, Kansas. The seller set their price at $3,000 for this tired pony car.
It is slightly amazing to consider that, in the sixty-two years since its release, the organizers of the Indianapolis 500 have selected the Ford Mustang as the race’s Pace Car only three times. Its second appearance was in 1979, the first production year of the Fox-Body range. Ford leveraged the exposure by releasing an Indy Pace Car Edition, which wasn’t as rare as other such specials. The company produced an impressive 10,479 of these classics, featuring unique Pewter and Black paint with Orange and Red graphics. Our featured Mustang is one of those cars, and time hasn’t treated it kindly. The paint is extremely tired, and there is evidence of rust in several locations. It has even invaded the roof near the factory glass sunroof, making me wonder what we might find on this classic’s underside. The Pace Car is also missing its original wheels, and sourcing replacements and tires might be challenging if a faithful restoration is the ultimate goal. On the positive side, the spoilers are intact, and the glass is in good condition.
The news doesn’t get any better when we dive inside this Mustang. Apart from the radio, it does appear to be complete. However, the unique cloth trim on the beautiful Recaro front seats is shredded, and the foam looks ready to crumble. The original back seat is gone, the dashpad is cracked, and the leather on the wheel is rotten. There are parts inside this classic that are salvageable, but any restoration would require a retrim. Interestingly, complete seatcover sets are available, allowing scope to return the interior to its factory form. Unfortunately, with retail prices starting at $1,500, bringing this interior back from the brink won’t be cheap.
Ford offered Indy Pace Car buyers a choice of two engines to power their new toy. The 5.0-liter V8 was chosen by 4,509 buyers, with 5,970 selecting the 2.3-liter turbocharged four found beneath the hood of our featured car. Ford quoted power and torque figures of 117hp and 135 ft/lbs for the turbocharged motor, which was about what buyers expected at the time. The seller doesn’t supply any engine bay images in their listing, but there is an embedded video showing the motor running. The seller states that the car runs and drives, but since it appears to have last seen active service in 2008, they admit it doesn’t do either very well. Therefore, budgeting for a mechanical refresh would be wise.
I am an eternal optimist, believing that unless it has been reduced to little more than a pile of dust on a garage floor, almost any classic can be brought back from the brink. However, there are key factors to consider before contemplating such a build. The first is whether the parts are available to complete the restoration. The other is whether it is financially viable. The harsh reality is that the turbocharged version of the 1979 Mustang Indy Pace Car doesn’t command the type of value enjoyed by its V8 sibling. Even if returned to a pristine state, this Mustang would struggle to achieve a value above $30,000. Some enthusiasts would throw caution to the wind, arguing that such a figure would leave plenty of room to move, considering the seller’s asking price. Do you agree, or do you think that this Indy Pace Car’s fate will be as a parts car for other builds? I suspect that will be the case.
Like I’ve said for many featured cars before, too expensive for a parts car not, based on the asking price it’s not viable as a project. Four eyed Mustangs get a lot of love on this site, but how strong is their market? They did kickstart the second muscle car era, but it took the fuel injected 86 and later cars to deliver on that promise.
Steve R
Agree with Steve this is a parts car at best and overpriced even as that.