What are the best budget-minded suspension mods??

Lowering the car definitely helps. You will get your biggest benefit from this.
The SNs came with some decent basic parts, at least the GTs, so you don't have to do much to get nice handling.
I'm not talking road race 'nice', but just good handling in general.

You should always put sub-frame connectors on Mustangs.
That is considered a 'before you do anything else' mod.

Like I said, the basic parts are good, the hard parts... but you can upgrade them with poly bushings.
Especially on the sway bar and end links. That makes a difference.
You can also put them on your steering rack. All of our Stangs had worn rack bushings when we got them, and we installed poly rack bushings. Tightens up the steering, especially if you still have the 20-30 year old stock rubber bushings.

Another age issue is the shocks and struts.
Replacing those with these other mods I mentioned, should give a really great change in feel of the car.

Is your car a convertible?
If so, you have a huge chunk of iron under the passenger front fender.
It is there to counterbalance the battery on the other side of the car.
Ford found that the convertible's less rigid frame gave some slight harmonics in the cowl area on stock suspension, and were afraid someone might complain, so they added the weight. Once the suspension is tightened up, the car lowered, removing the weight doesn't seem to have any adverse affects. It is a cylinder shape hunk of iron and says "25 lbs" on the side, but with all it's brackets I think it weighs closer to 40, which is what our batteries weigh.

Lowering springs, new shocks, new struts, poly bushings throughout the front end, and subframe connectors...
New quad shocks are supposed to be dirt cheap too (less than 20 bux).... and don't take any time to change if you doing all of the above.

You might be able to find a suspension kit, which should include shocks/struts, springs and maybe sway bars. If you are not able to do the work yourself, consider that in your budget as well. If you can do the work, then you can buy more parts!

That's very clean looking IndySN95, should be a nice project!

Subframe connectors
shocks & struts
lowering springs
caster-camber plates
upper & lower control arms

Pretty much in that order.

IndySN95 said:

Thanks guys!! Yes it is a convertible. Only 104k miles and changed hands a small number of times. I'm researching exhaust/muffler choices right now its way too quiet stock lol

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That's a really nice looking car.
Sure does need lowering though, but that's about it.
Keep the weight in the front until you get the SFCs and lowering springs.
After those are in, you shouldn't notice it gone.