2001 Mustang Convertible ?

That's pretty cheap for an '01. I bought my '94 two years ago at that price (granted it was knocked down 500-1000 because I knew the owner of the carlot but still....)

What does Kelley's and Edmunds say about the value? You want to be careful because if it's too cheap there is probably something very wrong with it.

Definately sounds like a good asking price and 87K is nothing for a V6. Well maintained, you should easily see another 100k out of her. Kelley Blue book rates the value at 8,800 assuming excellent condition. So that's a starting point. Look the car over really well . . . play with everything and make sure all is fully functional. Then go from there . . . a scratch here, ding there, slightly worn fabric and deduct what you feel the value of those flaws is worth to you from 8800. if you are still over the asking price take her for a spin and drive like you stole it . . . seriously, make hard starts and stops, corner hard . . . it's there that you will hear any creaks, rattles, or clunks that would give you an idea of how the car has been treated in the past. Being a V-6, even if it has been driven hard, keep in mind that chassis is designed to withstand the rigors of a V8 so it should be able to handle about everything the 6 banger can throw at it. Is it a stick? I hope so for sheer fun factor, but if so pay attention to how tight the shift is, nobody likes a loose box. Also pay attention to clutch feel, if ya have to jamb the clutch through the floorboard it's probably close to time for a new one . . . the only other infamous problem of used higher mileage vehicles would be wear items like tie rods and brakes. I would have the vehicle inspected by a mechanic to check those things for sure then work out any deficiencies with the dealer, buy the car, put the top down and enjoy the ride.

Sounds like a good deal as long as its in good working order. I bought my 2003 Convertible last year for $10,000 with 35,000 miles on it so compare it to that. Make sure you check everything because I bought a 2005 Durango also last year and the front and rear wipers were crossed so when I hit the spray for the front it would spray in the rear and vice-versa, sometimes the smallest things can be wrong and can cause the biggest headache.