Opinions on potential purchase (5.0 Stang)

[dreamr]

So this story really starts about a decade ago. I was 16 and fell in love with a 88 Mustang LX 5.0 Police Interceptor. It was a 2nd cousins car and in excellent condition. I had to have it and was able to buy it off him for a bit under 5'000 dollars. She was my Baby and fast as he**. Sadly I was young and built her into a car running 12's and one 11.8. WAY TOO MUCH car for a teenager. Too make a long story short there came a time when my insurance had been cancelled and I was paying 230 a month for SR22 coverage, not to mention I only had 1 point left on my license...................I sold it and bought a 95 VW Golf. Slow as molasses next to the Mustang but it served me well.

Ever since the fateful day that I sold "Brenda" I have been fantasizing about going back to Idaho Falls, tracking her down, and buying her back... Well an x girlfriend came to visit my "wife" and I and mentioned that she had found my car for me . I sent my Brother to check it out and he informed me that it had been thrashed beyond rebuild in his opinion. He sent me pictures and it was a very very depressing sight.

So......... I have been looking to obtain a second car as my truck is coming into a period in it's build up where it will be undriveable for an extended period. I had hoped to bring my girl (Mustang) home but it is not happening. Meaning I had to start looking for another car. I finally convinced myself that it was pointless to look for anything other than what I wanted, and something that could become the next project as my truck nears completion of major upgrades. What I wanted was either a 68 fastback, 72 mach I, or another 5 liter. (Love my mustangs) Problem is I am on a tight budget for initial purchase being under 3K. Next issue being that it needs to be in good enoiugh condition to drive with no more than a few hundred in repairs untill I can focus on it's build up or restoration. Over the last month and a half I have looked at close to 30 different cars. All the older models are out as they either needed way too much work right now, or had already been built/restored and cost way too damn much. Of the 5.0's I found several in fair condition, but the price for fair around here seems to hover in the neighborhood of 5K. Then I bumped into this little '90 convertible.

She is a close color match to my truck and in close to the same condition as others I have seen in the 5k range, but I talked the guy (private owner) down to 2400. My concerns are simply the amount of work neccessary to make it a dependable DD for the winter then it will hit my garage for some serious R&R.

The problems I have discovered are.
-Body, it has a few minor scratches and 1 little dent (palm sized)
-Paint, Pretty good shape with the exception of the hood which is severely oxidized and rough to the touch (don't think I can buff it out)
-Suspension, Pretty tight but maybe a bit sloppy (likely shocks and possibly Ball joint's)
-Steering, There is a bit of play that is likely tied into the tieerods and may be the cause of the above suspension concerns
-Engine, there is a slight surge in the idle that is likely related to a filthy sensor. And there is a good amount of oil leaking. I am pretty sure that the driver side head gasket is leaking, but I also noticed that the valve cover had a couple loose bolts so that may be it. I also suspect that the rear main seal may be leaking but I am not positive untill I can clean all the gunk off..

The pro's
-New radiator, Alternator, Tires, Brakes, Starter, Fairly new Water Pump,
Top(convertible), Cat-Back exhaust, and also all the misc tune-up parts are new.
-Bone Stock which means for the most part I start from scratch instead of dealing with some kids mess of poor mechanical know how.
-Tranny felt very strong and it ran excellent with no engine noises.
-Perfect Interior
-Affordable with new tabs and just passed emissions

Other cons
It's an Automatic , though with a shift kit and the B&M ratchet style shifter it will run with the 5-speeds.......

In the end I am pretty familiar with the 5.0's and have spent hundreds of hours working on them including most of the work nedded here, but I need others feed back.
You see I am obsessed and can't neccesarily trust my own judgement in this matter due to my obsession. It Needs work, but I want to rebuild one anyway whether it is in better shape or not, but.............................

Help my self talking argument and give me your opinions.......

 

[jimbo74]

if you want another project get the stang, if you want something to DD and be reliable get a pos honda or similar

 

[dreamr]

if you want another project get the stang, if you want something to DD and be reliable get a pos honda or similar

I want a temporary DD/second back-up car/project


I forgot to add a pro to the above. I called my Insurance agency and they said it would only cost me 25 bucks a month to add the Mustang to my policy

 

[jimbo74]

my pos toyota project truck dd has had its issues but is still alive and kicking oh yeah, its my only vehicle, and my baby also, well other than my real baby

 

[dreamr]

Only one opinion ehhh.

 

[Jay5oh]

I'll add my .02 worth.......

-Body, it has a few minor scratches and 1 little dent (palm sized)
-Paint, Pretty good shape with the exception of the hood which is severely oxidized and rough to the touch (don't think I can buff it out)

It's old and reasonably cheap. Paint can come later. Holes are a big deal, faded paint, no biggie.

-Suspension, Pretty tight but maybe a bit sloppy (likely shocks and possibly Ball joint's)

Upgrade to lakewood 70/30 struts and 50/50 shocks. Ditch the quad shocks. Get a set of south side bars. Eibach springs all around and you'll be happy.

-Steering, There is a bit of play that is likely tied into the tieerods and may be the cause of the above suspension concerns

Probably could use ball joints and tie rod ends, maybe wheel bearings.

-Engine, there is a slight surge in the idle that is likely related to a filthy sensor. And there is a good amount of oil leaking. I am pretty sure that the driver side head gasket is leaking, but I also noticed that the valve cover had a couple loose bolts so that may be it. I also suspect that the rear main seal may be leaking but I am not positive untill I can clean all the gunk off..

I've been reading alot about surging on mostly stock 5.0's. Information is out there to help diagnose it. If the head gasket if leaking it would most likely have antifreeze in the oil, pull the stick and see what it looks like. If the valve cover is in fact leaking get the good fel pro gaskets. I think they are called perma dry or something like that. They are blue with a steel core covered with rubber. Rear main seal leaks are very common, but it could be the oil pan too. If it is the oil pan get the good ford 1 piece gasket. It's similar to the felpro valve cover gasket I mentioned.

 

[dreamr]

I'll add my .02 worth.......
It's old and reasonably cheap. Paint can come later. Holes are a big deal, faded paint, no biggie.

That be my thoughts.

Upgrade to lakewood 70/30 struts and 50/50 shocks. Ditch the quad shocks. Get a set of south side bars. Eibach springs all around and you'll be happy.

Good advice, but it will go no lower. Seattle roads suck!!!!!!!

Probably could use ball joints and tie rod ends, maybe wheel bearings.

yep

I've been reading alot about surging on mostly stock 5.0's. Information is out there to help diagnose it. If the head gasket if leaking it would most likely have antifreeze in the oil, pull the stick and see what it looks like. If the valve cover is in fact leaking get the good fel pro gaskets. I think they are called perma dry or something like that. They are blue with a steel core covered with rubber. Rear main seal leaks are very common, but it could be the oil pan too. If it is the oil pan get the good ford 1 piece gasket. It's similar to the felpro valve cover gasket I mentioned.

My thoughts are that it is likely coming from either a valve cover and all the electronic sensors will need cleaned. There is no smoke to the exhaust and the oil seemed clean so I hesitate to name the head as the problem area, but you gotta figure worst case scenario and be pleasantly surprised if it isn't
Same with the rear main.

Thanks for the input! I responded within your text in Blue..

 

[section525]

Are you suure you can live with an auto? If it was me, I'd hold out for a 5 speed, unless it was so cheap a conversion would be worth it. Plus, it's a vert. Is that even usable up there??

 

[dreamr]

Are you suure you can live with an auto? If it was me, I'd hold out for a 5 speed, unless it was so cheap a conversion would be worth it. Plus, it's a vert. Is that even usable up there??

I am not sure if I can live with an auto, but I know all too well that a heavy mustang clutch and my domestic partner won't mix (had to convince her I needed a 5.0 again). Beside a higher stall torque converter, shift kit, and ratchet shifter with all my gears ready to use manually and It should do the deed. We'll see though as there is a reason I put a voting option regarding a 351 and t-5 combo for the mustang with it's drivetrain meeting the Ex.... but I digress as we begin to time travel ......................

As too the last part
Probably not often, but it has been in the upper 80's and sunny for the entire summer so far. All us moles used to the grey skies are dying off or buying a set of sunglasses for every place we frequent

 

[dreamr]

Alrighty Then. I finally bought her

Follow the link to find her new thread and the “In the Beginning Pictures”

http://www.explorerforum.com/forums/showthread.php?p=1275930#post1275930