Have prices of Foxbody Mustangs reached the top yet?

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.

(The 1979 Indy Pace Car Edition was a Ford Mustang)

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!

(The 1993 Mustang SVT Cobra was a parts bin special with go-fast goodies)

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. 

(FoxtoberFest 2021 had over 700 Fox Mustangs attend) 

·       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 1^st or 2^nd 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

Lightning in a bottle…..Ford harnessed rare power in a truck!

The pickup truck is the idea vehicle to haul almost anything; lumber, mulch, furniture, tools, even those weekend recreational items……but in the early 1990’s Ford decided it was time to haul the mail. In 1993 Ford turned the truck market on its head and offered the Ford Lightning F-150 and it was an instant hit with the muscle car guys because finally a truck was offered that matched the performance of their hot-rod in the garage.

Colors on the first generation Lightning’s were limited to Black or Red and then White was added for the 1994 and 95 models. These early trucks were offered as a standard cab, short bed (fleetside) only; however they had that short bed/wide stance that remains popular with truck lovers today.

The SVT (Specialty Vehicle Team) engineers and marketing executives at Ford motor Company birthed this high-performance truck and they must have done it right because they are still legendary today among collectors. They only made 11,563 of those first gen trucks but many are still being driven.

Ford launched an all-new F-150 Truck in 1997, so after a few years away they reintroduced another Lightning (2^nd generation) in 1999 based on this new body style. This time the performance was enhanced just a bit. The 5.4 liter V8 engine was juiced up with an (Roots-Type) Eaton Supercharger producing 360 horsepower and 440 lb.ft. of torque. It also was capable of a zero to 60 mph time of 6.2 sec. These 2^nd gen trucks were made from 1999 to 2004, but in 2001 some upgrades were made that kind of solidified the truck as a serious contender. An additional 20 horsepower was achieved by a modified air intake manifold putting the truck at a respectable 380HP and 450 lb. ft. of torque. Other goodies on the 2001 included an aluminum driveshaft, 3.73:1 gears, and suspension upgrades allowing the truck to bolt from zero to 60 mph in just 5.8 seconds. A total of 28,124 of the 2^nd gen F-150 Lightning trucks were made from 1999 – 2004.

Another special designation of the 2^nd generation SVT Lightning came when it was it recognized as the World’s fastest production truck and in 2003 Guinness certified the F150 Lightning after it ran 147 mph off the showroom floor. These trucks still remain quite popular at the local strip due to the quick ¼ mile times they can lay down. From 1999-2000 the trucks were regularly running low 14’s with trap speeds near 100 mph.

Wheels and tires were also improved on the truck. It was now riding on unique 18 inch Goodyear Eagle F1-GS low profile tires and special 18 x 9.5 inch (Cobra-like) wheels, making the Lightening a true performer on the street. But don’t worry about style because the 2^nd generation also included anti-lock brakes, keyless remote entry, tilt steering wheel, leather seats, white face gauges, air conditioning, and power door locks and windows. A wide variety of colorful exterior paints also set Lightning owners apart in a crowd; Bright Red, Silver Metallic, True and Sonic Blue were just a few.

Ford hit a homerun with this truck, so it begs the question why it had to end. They did tease us with a concept truck based on the all-new 2004 F-150 shown at the NAIAS in 2003 (Detroit, MI). It had T-56 manual transmission borrowed from the SVT Cobra Mustang and a whopping 500HP supercharged V8 engine, independent rear suspension, and massive 22 inch wheels with six-piston Brembo calipers to set off the package. However, it never was produced but the future would hold another surprise to the truck world in the form of an F-150 Raptor in 2009, but that’s another story.