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Summer Special: 1992 Ford Mustang LX Convertible

The third generation of the Ford Mustang, using the famous Fox-Body platform, had a lengthy run from 1979-93. Other than a restyle in 1987, the car was largely unchanged from that point forward. To help create some excitement in a down sales year, Ford came up with the “Summer Special” on the 5.0-liter LX convertible. You could get one in any color you wanted as long as it was red with a white leather interior. This 1992 Summer Special has just 3,100 miles on it and looks like a practically new automobile. It’s available here on craigslist in Scottsdale, Arizona for $26,500. Our thanks to rex m for the tip.

Ford’s Mustang, the pioneer of the American pony car, has been in continuous production since 1964. As such, it’s the longest-produced automobile nameplate offered by Ford. By the time 2018 rolled around, Ford produced its 10-millionth Mustang. When the ‘Stang adopted the global Fox platform in 1979, it became the 15th Ford product to use the Fox architecture. By 1992, interest in the largely unchanged Mustang was waning and Ford sold only 79,000 units that year, its worst sales year to date.

Enter the “Summer Special Edition” in mid-1992. It was an LX convertible with a 302 V-8. All of them looked the same, painted Vibrant Red and with a white leather interior, white convertible top and white wheels that had a baked-on finish. Door trim, window trim and door mirrors were all color-keyed and the car had a special decklid spoiler. Inside the car, the seats had contrasting black piping, black dashboard, black carpet, and a black headliner. Although the package added just $850 to the price of the LX 5.0 ragtop, sales were light at just under 2,200 units.

This Summer Special Mustang will be featured in an upcoming issue of Hemmings Motor News, which may provide the history behind why this is only a 3,100-mile car. The body and interior look as close to perfect as you might find and is said to drive like a new car. The H.O. V-8 with 5-speed manual should be good for 205 hp and capable of breaking the quarter mile in under 15 seconds. We’re told everything about the car is original except the tires and fluids. It’s a well-equipped car, with factory air, power windows and seat, and deluxe stereo system. Another Summer Special that looks like this one sold over the summer for $30,500 on Bring A Trailer. That’s higher than a standard Mustang would bring, but also higher than the seller’s asking price. As nice as they may be, are these cars worth this level of investment?


  1. Bob_in_TN Bob_in_TN Member

    Super nice. Mustang enthusiasts also call these “Feature Cars,” and lump them with the other “Feature Cars” (the 1990 dark green/white “7-Up” models and the 1993 models which were yellow/white and yellow/black). All were convertibles. To me they are the peak of the “regular” Fox Body production…. that is, if you exclude the various Cobras.

    My friend has one of these which he has shown on the Mustang Club of America show circuit for several years. His is ultra-stock and in great shape. It is quite the eye-catcher. He has done very well with the car.

    I don’t see any reason for these to not continue appreciating in value.

    Like 6
  2. Phillip

    I didn’t know about the yellow and black combo, but they also offered a triple white in 93.

    Like 3
    • Bob_in_TN Bob_in_TN Member

      Thanks Phillip, I forgot about the triple white combo. I also have friends with the yellow/black combo, it’s another eye-catcher.

      Like 2
  3. Ian C

    I had one several years ago. The white leather may as well have been squirrel hide. It does not hold up well at all. But the Vibrant Red/White combo was very nice. The wheels are actually a Pearl white. A nice little touch. Wish I would have kept mine and reupholstered the interior in white cloth.

    Like 2
  4. irocrobb

    Might be a great investment to buy and in 20 years could be a 50,000 dollar car. Love the colour and that it is a manual trans. My 1992 LX 5L I had almost new would sure pull good. At least in 1994 it seemed like a quick car.

    Like 2
  5. PRA4SNW PRA4SNW Member

    Fox body Mustang lovers may want to follow these auctions over at BAT – a collection of 6 Fox bodies from different years are up for auction.

    I’ll take the red’85 GT, please.


    Like 2
  6. Philip Lepel

    Let me start by saying I’m a mustang lover. I own two an 83 and an 04 convertible. But when I see the price asked for this and the BaT price $25-30k and I see that Late 60’s Camaros,Mustangs and Chargers can be had for similar money I wonder are these “Feature Cars” a bit over priced or are some classics being given away. Not that $25-30k is pocket change.

    Like 1
    • chrlsful

      what may B happening is the boomers R aging out & nxt gen comin in for these sales. No more ’65 fastback – a fox bodied. I have been on it for sever yrs now (4 rehabs done/sold) and that’s how I explain it (those born late 70s early 80s saw their parents w/these). Change just around a ill post the great recession…
      If true (these R still the folks into cars a bit, the nxt are not it seems, current teen/20somethings). If looking at the figures that gives us nother 10 + yrs of restoration sales, more than enuff for me to age out
      8^ )
      Your business model…?

      Like 0
  7. Jost

    I think that the cars of the 80’s and 90’s are going to continue to climb . The purchasers who are building collections now are in their prime earnings years and grew up with these cars, and/or wanting them but they we’re a little bit to young. The muscle cars of the 60’s and 70’s will become more plentiful as older guys sell down collections as they retire or just age out and start being unable to drive them. Those prices in time will go down, just as cars of the 50’s and 40’s have gone down since I have started to watch classic car prices. With that said, these Mustang feature cars are going for big bucks now , I think that they will go higher.

    Like 4
  8. CCFisher

    1992 5.0s were still rated at 225HP. Ford didn’t lower the rating until 1993, claiming that the 225HP rating was incorrect. Since there were no changes to the engine at all, the press speculated that Ford was trying to make the 215HP 1994 5.0 seem like a step up rather than a step down.

    Like 1

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