I just bought a new 5.0 1992 stang lx with all stock parts except for a high performance k&n cold air intake and the shocks have been replaced with gas-a-justs... Now heres the weird thing, I've been looking at the exhaust and the pipes have been cut off just under the wheels and replaced with short pipes facing downward toward the ground(possibly to pass smog would be my guess) ... Not quite sure if it is the stock system but i know it is 2.5 inches all the way until the cut off tailpipes which go down to 2" If someone could recommend what i should do about this it would be greatly appreciated... If i should just replace the whole exhaust systems if any1 has any good suggestion for what i should put in feel free to post... Looking to spend about 150-400 on new exhaust system if needed 
