As cheap Mustangs go, these are the 5 to corral
People like to poop on Mustangs for all sorts of reasons, but one popular refrain is that they’re a dime a dozen. Sure, fine, they’re not rare cars, and by August 2018 Ford had built 10 million of the things. But there’s something to be said for democratizing performance, and anyone who has ever mashed the throttle of a V-8 Mustang has done so gladly and with a smile on their face.
Over the years there have been plenty of rare variants, and those tend to bring big bucks and occasionally make headlines when they come up for sale. No Mustang has brought bigger bucks than the 1968 Highland Green 390 fastback from the movie Bullitt, which sold for $3.74 million in January 2020. But it’s the run-of-the-mill Mustangs that make for easy access and touch the lives of the most people. And while Mustang ownership is technically easiest with a slushbox-shifting base-model with as few cylinders as possible, enthusiasts are after a bit of V-8 kick and they’re willing to fork over a few extra dollars to get it.
Still keeping both V-8 and value in mind, here are the cheapest eight-cylinder Mustangs by generation (we price the first through fifth gens) and #2 condition (Excellent), value in the Hagerty Price Guide.
First gen (1965–73): 1970 Mustang Coupe, $18,100
With a few minor updates (notably a return to single headlights), the 1970 Mustang was largely a carryover from ’69, and Ford built nearly 191,000 of them for the model year. Nine different engines were offered, including a pair of sixes, 428- and 429-cubic-inch big-blocks, and the new 351 Cleveland V-8, a $48 option. The base V-8 coupe, however, with its two-barrel 302 making 220 horsepower, slots in as the most affordable V-8 of the bunch today. Cars equipped with an automatic offer a slight discount, but then where’s the fun in that?
Second gen (1974–78): 1975 Mustang II Coupe, $14,100
Many enthusiasts view the Mustang II as a dim, dim light in the Dark Ages of American performance cars. One of the more generous views is that it was “the right car at the right time.” It was a car, alright, but in those post-performance years, this pioneering pony car served a different master: economy.
As such, the II was smaller than its predecessor in every way. Little changed inside or outside the car during its production run but, mercifully, a 5.0-liter V-8 joined the 2.8-liter V-6 and 2.3-liter four on the spec sheet for 1975. With 8.0:1 compression and 122 horsepower, it was nothing to write home about even in the mid-1970s, and we’re pretty certain no one ever did. For a very long time, these were $5500 cars, but since late 2020, values have skyrocketed, relatively speaking. Still, the V-8 Mustang II coupe slots in as the most affordable of the era.
Third gen (1979–93): 1987 Mustang 5.0 LX Coupe, $16,600
What a trooper the Fox-body Mustang was. Few cars soldier on for so long yet still sell like gangbusters. In fact, by the time production ended after that 15-year run, about 2.7 million of them had hit the road—that’s a Fox-body Mustang for every citizen of Botswana.
As for the ’87 model, there were big changes. For starters, the Mercury Capri went away, as did the turbocharged SVO Mustang, as did the V-6 option, which left only LX and GT Mustangs with four (yuck!) or eight (yay!) cylinders. Front and rear fascias were updated, aero-look headlights showed the way, and lower bodyside moldings framed the Mustang in a more Euro fashion. An LX will always lack the cachet of a GT, so it’s no surprise they are the cheaper option among enthusiasts today. But—spoiler alert!—you still get a five-speed manual and that great 5.0 with its 225 hp and 300 lb-ft of torque, so we’d hardly call this a loss.
Fourth gen (1994–2004): 1996 Mustang GT, $11,800
The venerable 5.0 V-8 soldiered on in the first couple years of production of the Mustang’s SN95 generation, but it was replaced with Ford’s new overhead cam 4.6-liter Modular unit for 1996. Despite being smaller, the more refined engine made the same power while delivering better fuel economy and reduced emissions. The change made plenty of people grumpy, which may account for the ’96 slotting in as not only the cheapest Mustang of the generation, but the cheapest V-8 Mustang overall.
For how long is anyone’s guess; values have been flat for a decade but that could mean an opportunity for collectors in the near future. In a model year that offered the potent Cobra and the crazy Mystic paint job, this regular old GT may seem pretty plain, but it’ll still put a smile on your face.
Fifth Gen (2005–14): 2005 Mustang GT, $22,700
The Mustang got a ground-up redo for 2005, with a new chassis, throwback styling, and an all-aluminum 4.6-liter V-8 featuring variable camshaft timing and making a quite respectable 300 hp and 320 lb-ft—enough to propel the car to 60 mph in 5.1 seconds. To the surprise of many, Ford kept the Mustang’s solid rear axle but vastly upgraded the ancient four-link way it had been tended to, with improved shocks, softer springs, and control arms that benefited from the addition of a Panhard rod. In short, the new Mustang was fast and it handled itself well. If those things are important to you, it’s probably well worth your time to seek one out, especially because values have been on the rise for the last 24 months.
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Regarding the Third gen (1979–93) Mustang: I went to Pasadena’s Art Center College of Design in the late 70s for Transportation Design. The school hosted a one-time panel of automotive design leaders for Q&A. Jack Telnack, global Vice President of Design of the Ford Motor Company at the time made a major announcement regarding the next gen Mustang about to be released. He proclaimed that it would not have any chrome on it. This garnered a standing ovation! Auto designers were obsessed in the 70s to rid cars of dated appearing chrome, and the 80s Mustang was the first Ford to present that. Black was the new chrome. European cars were the style leaders for designers as they sought to flavor American cars with a Euro look. Looking at the pic in this article I will say in retrospect this Mustang certainly looks generic and could have worn any nameplate – especially when compared to the other generation Mustangs, even the Mustang II, which had more Mustang styling cues than the 80s generation.
I love the first and fifth Gen mustangs. My favorite is the 68 followed closely by the 69, 67 and the 2011 with the first Gen Yote. My rack of car show plaques and trophies bears testament to my claims.
1969 would be my favorite.
Your opinions aren’t fact makers. Pre-74 Mustangs are generally all grouped into the same generational family despite the car’s frequent appearance updates. >>> FORD << owns the rights to the Mustang name and brand, not you. Ford has generally grouped the pre-74 Mustangs into one generation for simplicity. Has nothing to do with parts interchangeability. Like it or not, the Mustang II is also generally accepted as a Mustang, regardless of opinions to the contrary. Give credit where credit is due. It may not have been the prettiest or the fastest pony out there, but the Mustang II is largely credited with saving the Mustang.
Actually, what saved the Mustang was discontinuing the Maverick.
Sure the Fox bodies Mustangs look they were designed with a T-square but this generation is why the Mustang still exists. From 1987 onward especially, it carried the torch with a V8 and 5 spd and was quick and light for the time. It was like the 1st and 2nd gen Camaro — lots of availability, affordability new or used and modified and raced everywhere (drag and road racing).
I still don’t know why Hagerty never mentions the SVO mustang it was as quick and out handled the get and it had 4 wheel disc brakes and 5 bolt pattern before the gt
SVOs are great cars . . . especially the 85 1/2 & 86 versions. Saw a couple for sale a year or two ago, one was a competition delete car . . . and I believe both went under $20,000
Lots of performance stuff still for the 2.3 as they are used in Stock Car racing.
Yup, great cars. Articles like these, well and the average American car buyer in general, don’t seem to appreciate a well balanced lightweight car that will literally run circles around their nose heavy siblings.
Had a ’97 with V6 and it got out quite nicely. I do like them. My daughter got a new Shelby Cobra convertible in 2010. What a beast it is. 540 HP and 6 speed She still has it and it has never been on a wet road. Stored at my home winters. I think it has 7000 miles Having driven it a few times I don’t know what I ‘d do with 800 hp
Without the electronics of today 800hp would put one in a ditch in a hurry. There is simply no way to put the power to the pavement for a rear wheel drive car even at 500hp outside of slicks in a straight line. You either spin tires, or electronics kill the power. A 2020 Hemi 392 or Hellcat does both as do the other makes. I know! Now, get into an all wheel drive situation and all the power becomes available. No burnouts though. And you can still wreck a car when speeds get out of hand, of course.
I drove a ’65 and a ’66 that belonged to a friend. Nice cars, both 289s. Bo other car I ever drove would gather attention like those cars. Everyone knew and admired them. I owned a Mustang II in the 80s. Folks shouldn’t knock them. They were based on a simpler economy sedan just like the early ones and the 302 while being low in horsepower at build was very easy to modify and go much faster because they were light like the first gen. A card and manifold with a cam and headers and you were happening. Add a shift kit to the C4 and even better. (the car pictured in the photo above is not a V8 car. The 302 models always had a V8 emblem above the marker light on the front fender). Now my overall choice would be the Fox coupe with a 5 speed. I worked for a Ford dealer in those days and would love one of those for both nostalgia and the fact that for the first time in years you could buy a car off of a dealer lot and scare yourself silly in it right away. I recall a few friends that owned one as well as my own brother. He drove it like my grandma. I had to teach him how to power shift and drift it at will entering a freeway. The LX models were great as they looked so much like the 4 bangers and in their way were factory sleepers. I’ll take a 5 speed in dark blue please.
I rode some back in the day in at 302 manual Mustang II, and it ran quite well. Very light weight, pretty willing, and fairly quick.
Thank you to Brian! I know it may not apply specifically to mine but it’s still appreciated. I have a 1976 Mustang II Cobra II, only 70,000 miles, all original, and in really great condition! It is my baby no matter how much it’s hated. I know it ain’t all that but I still turn heads whenever I take her out!
In high school 1988, there was a smoking-hot chick who had a resto-modded Mustang II notch. It was midnight blue, partial white vinyl top, Thunderbolt (?) hood scoop, hurricane II wheels, and a built 302. Her dad bought it for her from a local gearhead, and it was a beautiful car! At the time, I was a hardcore Chevy guy, but even I thought that car was awesome. The hood scoop had a script painted on it: “Blew By You”.
My one and only Mustang was a new 1970 convertible that I bought the night before I left on a long car trip. The car was cheaply built IMO. The driver’s side window mechanism just collapsed one day and down took the window with it (about three months after I bought the car). The AC would stop working if you hit a bump in the road. About six months after buying it I left for work one morning and it started to rain as soon as I got on the expressway. I turned on the windshield wipers and within few seconds of each other the wiper blade assemblies disengaged and flew off the car. I could go on, but why. Oh, it was a snazzy looking vehicle. I sold it after 2 1/2 years.
My vote would be for the 5h gen and I owned 2 ’65s back in the day. The Mustang II is not my least favorite Mustang; that would be the dumb “Mustang” electric SUV. Talk about tarnishing the nameplate.
I’ve always lusted for a 5.0 LX stick…
I at one time owned a 1987 5.0 convertible. A fun car and not a bad body design. My only fear was at high speeds the latches on the top were not going to hold.
Notchback Fox Body Mustangs go for good money. I have an ‘89 GT convertible with 22k miles that I bought new. Should have a bought a notch and saved $5000 plus it would be more valuable now.
My first car was a metallic blue 1971 Mustang with a white Landau top, blue interior. I loved that car (“Sally”), and drove her until long after parts actually started falling off of her and her engine caught fire. I sold her and bought a used 1976 TR-6 in 1978. Many cars later, I bought a used 2002 Mustang convertible (“Sally2”) in 2014. I just sold her to a friend of my son earlier this year. I don’t really care about all the stuff you guys are arguing about. I just loved my Mustangs and enjoyed them while I had them. I always smile when I see a hot looking Mustang on the street. I’m 71YO now, so I’m driving a Volvo SUV for safety and luggage space. But I’d buy a classic Mustang convertible in a heartbeat for a Sunday Funday car, if I could afford another car and a place to garage it.