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
Steve R… A co-worker had an 85GT w the 4V Holley and 5sp. It really moved out well.
Agree with Steve this is a parts car at best and overpriced even as that.
These were sharp cars when new. Lots of them were saved. There are many which are in better shape. As often noted, find the best one for the money. Likely not really a good parts car either.
To much rust repair needed but if I was the seller I would toss it out for a high price and see if it sticks. Otherwise this is a parts car for a Factory Five build
Too bad it has the 4-banger. In hindsight, it was an important motor for Ford and the way of the future. It just wasn’t the preferred option in 1979.
Every time one of these comes up, I have to remind everyone that they sold more of these Pace Cars as Turbo 4s than V8s.
I have owned both a 85 GT, and 89 GT. I prefer the look of the 85 over the 89. I also think the 85 GTs will be worth more in time as they were the last Ford HotRod.
Those are the later model Lear buckets, not the highly prized Recaros.
Not sure if the collector market values are high enough to justify restoring a one of 10,479 ’79 Mustang Indy Pace Car. Heck, Goodguys restomodded one as a giveaway prize a few years ago, and I recall it was in better shape than this one.
Took the drivetrain out of one and put it in a 1978 Pinto wagon! Crazy fast!!!
This is one tired looking Stang. I’ve seen a couple of these come up lately. One was showcased here which sold on Ebay last May for $12k and in light years better shape than this one. You couldn’t even get this one close to that condition for $12k invested. I would say parts car at best but for a good cut in the asking price.
Still looks better than any 74-78.