The rise in Foxbody Mustang prices and popularity is a current trend that most say will level out soon, but I think there is a factor that most fans are not taking into consideration.
(The 93 SVT Cobra Mustang was King of the streets in its day)
Hear me
out…..I’ve owned at least four Fox Mustangs in the last 10 years (I may have
forgotten one or two), but the prices they are fetching now days seems to be
insane compared to what you could buy them for just 3 years ago. A clean coupe
(notchback) that was selling around $5000 not long ago, could fetch as much as
$15,000 today. Do I have your attention now? Have you missed your opportunity
to snag one, or is the market just getting started on an uptick that will blow
our minds in the next 2-3 years? Why you ask? Well let me see if I can
enlighten you to my reasons, its not to late to buy one, even at what seems
crazy prices. The recipe is an age-old winner, lightweight car plus V8 power
under the hood equals fun behind the wheel and when you add good looks to the
mix-it’s an unstoppable force that we will explore.
The year was
1979 and Ford has just unveiled an all-new radical design of the Mustang, built
on a Fox platform borrowed from the Ford Fairmont and the Mercury Zephyr. It
sported a small/sleek European design theme and the market loved it. Sales
skyrocketed to over 369,000 units sold, and the Foxbody Mustang was born. It
was lightweight, fast, and offered something new. The Fox Mustang was ready to
wake up the tired/sleepy car world, ready for more power and offered a fresh
new styling that would remain popular for a long time.
Over the
next few years, the car would have engine upgrades to meet the demand for more
performance and Ford brought back the pony wars of old like they introduced in
the late 60’s and early 70’s. The body styles would also change a bit
throughout the run from 1979 to 1986, offering a drop-top (convertible), coupe,
and the popular hatchback. However, in 1987, the even more sleek, aero look
would change the game again by solidifying the Foxbody style Mustang in the world
of aftermarket parts, and the frenzy was off and running.
All good
things must come to an end, however, and in 1993, it ended with a Bang! Ford
decided to throw the parts bin at the 93 Mustang and after working with the
in-house performance team called SVT (Special Vehicles Team) they gave birth to
the 1993 Mustang SVT Cobra. Let’s just say it had it all, performance, looks,
style, growl, street creds, rarity, and got noticed around the World. Nice
examples of the 93 Cobra Mustang are pulling in $25-40K these days!
Okay, now
let’s examine why the Foxbody Mustang has increased in value rapidly over the
last 2-3 years. Is it too late or can you still get in the game at an
affordable price? I’m going to break this into separate categories based on my
research (and mostly my opinion):
· Gen X factor? Guys from the 80’s are now at a
time in life where they want the cars that they grew up with and dreamed of
driving as a kid or teenager. For many of those 80’s kids, the dream was a
Foxbody era Mustang. This is a large factor in the recent popularity of the
cars, and yes, it can and always drives the price up.
· Availability – Due to the fact that Ford sold 2.6
million Foxbody Mustangs between 1979 and 1993, there are a bunch out there!
Not saying they are all on the road, but you can find plenty still around. Keep
in mind that of the 2.6 million, some were 4-cylinders, 6-cylinders, and in all
kinds of shape, some good, some not so good. But you can still locate a low
mileage gem if you look far and wide, however when you do, expect to pay up for
the 25+ year old American collectible.
· Marketplace – Have tools like Facebook
Marketplace and BAT (Bring a Trailer) caused the market to have a false idea of
the true value of these cars? I’d say that once the craze hit a couple of years
ago, it resulted in every Uncle, Cousin, brother-in-law, and farmer in the 50
states to dust off the Fox in their barn, shed, and carport and wash it and
slap a price on it to see if it sticks. Yes, that has caused a whole bunch of
unrealistic prices to surface on the world wide web and its like a shark
frenzy. I’d say that even though these tools allow a wider audience to see and
find these cars, it has caused the prices to jump up more that the market
should be.
· Aftermarket explosion – OEM and aftermarket parts are so
much more available now that the popularity of fixing this car up has
increased. The low cost and ability to easily modify, restore, and customize to
your taste has allowed more enthusiasts to bring these cars back to life and
take them to car shows. That makes them more desirable to folks who have not
thought about a Foxbody Mustang in years and when they see it looking like it
did in the 80’s (or even better) they want one!
· Drag racing world – Another factor in the mix is the
ease and popularity of racing these lightweight Foxbody Mustangs. These cars
have enjoyed a long run on the dragstrip for being an easy way to go have fun
and makes tons of power….and did I mention go FAST? On any given Friday and
Saturday night across America, you will find a bunch of Foxbody Mustangs laying
some fast times at local 1/8 and ¼ mile tracks and just watch the crowds gather
as one of them stages or does their burnout!!
· Rare ones – Yes, there are some very rare and
highly collectible Foxbody Mustangs still around and you don’t have to look far
to find those. Recently at some of the popular car auctions we have seen one of
the uber rare 93 Cobra R versions sell for $132,000 and a 1990 Mustang GT
drop-top with only 16 miles sold for $82,000. Low mileage copies of 90’s
Notchback are fetching in the mid $30k range, it’s no wonder the buzz is spreading
everywhere. The 80’s and 90’s Saleen Mustangs are also on another level with collectors
and commonly bring some of the highest prices seen at auctions and across the
internet.
· Social media following – A new craze has evolved and its no
surprise to me that it has taken off with the younger generation. Instagram,
YouTube, and Facebook have given birth to a Foxbody following that is adding
fuel to the fire that has been burning for a couple of years now. There is a page
dedicated to the Foxbody Mustang and even pages for the cars themselves and I
love it! These content creators, as they are known, are uploading videos
dedicated to the Foxbody Mustang era and they offer some very useful info. From
tech tips to restoration guides, they are sharing their love and passion for
the cars and its amazing to see how many others are sharing in this same
passion and desire to own these cars. This 25-40-year-old age group has caught
the excitement that these 80’s and 90’s cars have to offer and once again, this
adds to the overall desire to own one. And yes, it’s a snowball effect, it gains
more steam as it rolls downhill, which guess what? It is driving the prices up
for a new group of enthusiasts that want to join the Foxbody revolution.
· Shows and Special Events – Yes, the popularity has gained so much over the last few years that there are special events just for Foxbody Mustangs now. FoxtoberFest held in Concord, NC at the Charlotte Motor speedway and boasted over 700 Fox Mustangs at their annual show this year! The mid-west Fox Fest is held in Omaha, Nebraska each year and has gained more cars each year. Also, Mustang Week in Myrtle Beach, SC attracts 100’s of Foxbody Mustangs each year and has a dedicated Foxbody cruise for the past several years. I bet if you look hard enough your area has some type of Foxbody Mustang gathering each year.
· Investment – Last but not least, I’d say
another factor driving the prices up are the investment opportunities in
finding one of these cars in original condition. Its like money in the bank,
except, these cars may offer more return on your investment that any money
market account out there. It seems the desire among the younger folks (25 – 40
years old) is to own one of these Foxbody Mustangs that they wanted while in
high school or college. Yes it’s the same trend that our dads followed when they
reached their 40’s and 50’s they wanted to go back a buy that late 60‘s or 70’s
Mustang they were never able to own back then.
To summarize the original question I asked, is it too late buy
one or should I wait till the prices settle before I get into the market for a
Foxbody Mustang? My answer is simple, NO, its not to late, and NO, I don’t
think the market is going to settle or drop. I honestly feel like the values of
nice Foxbody Mustangs are going to continue to increase over the next few
years, I just don’t see the trend falling off. Most folks can’t afford or don’t
have a desire to own a 1st or 2nd Gen Ford Mustang, but
the Foxes are still in their price range for now. Its my thought that you can
still buy a nice one now and make a profit if you want to flip or keep it as a longer-term
investment.
The “it” factor for the Foxbody cars is the desire, there is
huge following for these cars right now and it is driving the collectability
up. Fans and collectors are willing to pay up to own the one they want and the
supply and demand with keep the prices rising for the nice/low mileage examples.
This does not include the rare or more highly collectible versions; those will
also increase but at a more rapid pace.
I personally own a 1988 LX Hatchback Mustang 5.0 liter with
only 98K miles, that I purchased this year with the intent to freshen it up a
bit and flip it, but now I think I will fix it up a little more and enjoy
driving it. It’s a fun little car to work on as I drive it and who knows one
day if it has increased in value enough that I can’t refuse the offer I’ll flip
it, but for now, I’m back in the 90’s cruising in my 5.0 (wait isn’t that a
song).
See Ya down the road……. Joseph Scott
