Selling the stang

[87stampede]

So, my car, I love it but I am in no way trying to restore it, I am 19 in college and just have it as a DD so I don't want to and never intented to put much money into it. It is an 87 GT with about 165k miles and has some mods from the previous owner, lowered 1.5", dual flowmasters with offroad h pipe, functional ram air hood, all new wiring in engine, racing clutch, new tach and temp gauge I think thats pretty much it and last week I got the brakes fixed(rotor was crooked or something like that) and a new power steering pump because the old one leaked too bad. The body is in decent shape, a few paint chips and starting to rust a bit but not too bad. Overall I love the car. I've had it for about a year and the transmission has always had trouble getting into 2nd, it wants to pop out and does pop out usually when you first put it in 2ns and now it has started doing the same occasionally when taking off in first. I'll give it gas and before taking off it'll just randomly pop out of gear.

I talked to a guy at church today who him and a buddy restored the 91GT he used to have all themselves and he used to work at a shop and he said it sounds like the shift fork is bent or the synchronizer is bent or something and that it would need to be rebuilt fairly soon which would run me about 1200-1500. I am thinking, I don't want to put that money into this car when it isn't in that great of shape and I'm not really looking to restore it.

So... I have decided, and my dad agrees that I should sell it. I bought it for 3200 and I'm planning on trying to get 2500 for it. I'm not selling it until this semester is over though because I need it to be able to drive so I will still drive it for about 6 more weeks then try to sell. I talked to a buddy from high school today who wantsto buy it for 2500 really badly if he can get the money together before summer break. And I have about 1000 I can use for a new car, so I would have about 3500 or so for a new one and also if I wait a few weeks into summer after selling I'd have quite a bit more because I'll have a much higher paying job than my job on campus currently.
Anyways, is this a good idea? and is that an ok asking price? He knows about the tranny trouble and is completely ok with it.
And dont worry, the two criteria for the next car is that it has to be a 5.0 mustang and a 5 speed manual.
Thanks for any opinions!

 

[01brknGT]

I say keep it and save up for a tranny rebuild or put in a used one from a junkyard. They arent that hard to swap and I had a 91z28 when I was in high school and in college traded it in for a newer car. I regret selling that car til this day and I have had 95GTS 5.0,01GT,96z28,03 blazer,07impala and 07 zx6r since then. I now have a 09 galant and 99dodge ram 4x4 and man do i miss that car

 

[Black1987]

Well, I've been in this situation before and my advice is keep it and fix /or replace the tranny. My reason is you own it and you know what the problems are, and as for the new car could (hopefully not) turn out to be a lemon. However, if you are really leaning towards selling it, than the friend is probably a good option, though I wouldn't sell it until I have found another mustang. Nothing worst than seeing your stang drive by and you not having a new one to play with. My .02

 

[87stampede]

I know I will miss it but I think selling it wouldbe better just to get one with lower miles. I want the same body style, actually a 4 eye if I can find one. Its definitly a tough decision and will be hard to see it go, but I really like the idea of getting another one closer to stock and trying to learn how to work on it some myself. And I will for sure wait till I find a new one before selling, I would be so depressed to see a friend driving it while I have nothing. Thanks for the advice though guys!

 

[ID89GT]

1200 to rebuild a tranny? Wow there is a shop local of me who will trade you a new rebuilt one for 695 plus a core..

 

[MustangLX-5.0]

Definitely go find a trans already rebuilt. $700 for a rebuilt one sounds about right. That's what I see them sold for. Forget letting a shop charge you to rebuild yours. They are charging you for all the labor... and god knows what else. As far as selling it, unless it needs some serious body work (like bad rust repair) then i'd just keep it. Finding another Stang with much lower mileage can be difficult. They are around but expect it to be selling for at least $4000 - $5000 if it is WELL UNDER 100K miles and in excellent shape. Fox stangs are going up in value over the last few years. Besides, a 5.0 engine with 165k miles on it is totally fine. Stock 5.0's are super durable engines. They last a very long time. And I have rarely seen a 5.0 smoke (that is, burn oil) with bad rings. As long as you have been descent to the engine and kept up on the oil changes, it will last a long time.

 

[Mintsick]

Ya 1200-1500 no way for a T5 rebuild, I got a fully rebuilt T5 for $550 shipped with $100 given for my original core (and the guy sent prepaid fedex labels along with the rebuilt trans so I could send him my core).

 

[87stampede]

Thank you all for the advice, although I am still really strongly leaning toward selling it. I will look around at prices on a rebuild though to see what I could get it done for around here. Last night I was looking around craigslist and found a couple really nice looking foxes for around 3000-3500 which is what I hope to spend on a new one that were in way better shape than mine they just didn't have as many mods as mine, but thats fine because I kinda want to do some work myself. So if I do still sell it, does 2500 sound like a fair deal? I don't have pictures but based on the description I gave, does that sound fair?

 

[Notchbck93]

Thank you all for the advice, although I am still really strongly leaning toward selling it. I will look around at prices on a rebuild though to see what I could get it done for around here. Last night I was looking around craigslist and found a couple really nice looking foxes for around 3000-3500 which is what I hope to spend on a new one that were in way better shape than mine they just didn't have as many mods as mine, but thats fine because I kinda want to do some work myself. So if I do still sell it, does 2500 sound like a fair deal? I don't have pictures but based on the description I gave, does that sound fair?

You found clean, low-milage Foxes for 3-3500? Where are you at, in the middle of Kansas or Idaho?

There's only one Fox you'd touch for that price in Chicago; a junk Fox.

165K on a Fox is nothing btw. I have two friends that had well over 300,000 on theirs, well one is at the 380,000 mark in is '92 coupe. The other one had to be junked do the the entire front clip coming loose from rust.

 

[90lxcoupe]

if you are selling it and want to buy the same car i dont think that is a smart move financially, you run the risk of running into more of the same problems with the new car you buy

 

[87stampede]

You found clean, low-milage Foxes for 3-3500? Where are you at, in the middle of Kansas or Idaho?

I am in southern Indiana, I mean they weren't spotless, but definitely better off than mine is. This is a really tough decision, everyone I've talked to seems to think I should sell it and I kind of want to, but everyone here seems to think I should keep it. decisions decisions

 

[Mustang5L5]

Buying a 20 year old used car is never a safe move. Mustangs might be reliable but cars this old can be headaches as daily drivers.

Your next mustang could be just as problematic in other areas.

It's a risk.

 

[red-fox]

Unlesss you plan on getting a newer mustang or somthing diffrent all together I would stick to one you already have. Just becuase one Looks better and has less miles than yours doesnt always mean that it will be better than yours. If you get a diffrent one it could have other problems or even the same ones as yours.

 

[old_blue]

I agree with the above. If you are going to sell your fox and buy a DD then dont buy another fox. kind of silly. Also I have rebuilt my T-5 and the shift forks (or the synchronizers for that matter) dont bend, they will break before that. Syncros are probably the culprit and are simple to fix. $1200 you replace everything inside that T-5. Even with labor they are ripping you off. A rebuild kit will cost you $300 (abouts) and $20 for the video to tell you how to do it. It was really easy. The only thing I didnt have was a press and I just built one at home.

Anyways. if you are going to sell it for a DD then get something else. If you want a fox then keep it. If you want a better fox then sell it and get another. But buying one for a DD at $3500.......... good luck with that. Chances are you are going to buy someone elses problems with that.