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As enthusiasts, we’re always keeping an eye out for our next project car to build. We spend countless hours researching different cars, studying build threads, and educating ourselves to find what we consider the perfect project car to build a masterpiece.
Any time there’s a new Mustang model on the market, earlier generations tend to drop somewhat in price. Sometimes a little, other times drastically. With the sixth-generation Mustang having been on the market for over a year now, many earlier generation Mustangs that are currently on the market can be had for a great deal.
We’ll show you three used Mustangs that can be had for $10,000 or less in today’s market. Keep in mind, these figures are based off of our home office’s location in the Southern California area, and may differ from state-to-state.
Image Source: Ford Performance
1999-2001 Mustang SVT Cobra
With it’s 4.6 liter DOHC 32-valve V8 engine producing 320 horsepower and 317 lb-ft of torque, the ’99-’01 SVT Cobra is a fantastic starting point for any budget-minded enthusiast. The ’99-’01 Cobra came equipped from the factory with an independent-rear-suspension (IRS) and a 5-speed Tremec manual transmission, which were both standard. These cars are very popular for their addiction to forced induction and their ease of upgrading components. The naturally-aspirated Cobra has built a following since its release, which means these cars have plenty of aftermarket support behind them.
Tip: If you’re considering picking up a ’99-’01 Cobra, know that the IRS is the weak-point on these cars. They were designed to bolt into the Mustang’s solid-rear-axle (SRA) location, which unfortunately compromised the integrity of the unit. The entire assembly uses soft rubber bushings from the factory which causes a tremendous amount of wheel-hop. While the factory IRS may not be the most ideal setup for a drag racing application, performing a SRA swap is extremely easy and inexpensive, as the mounting location already exists. A 99-’01 Cobra with around 50,000 to 60,000 miles can be had for around $10,000 and under.
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2005-2009 Mustang GT
When it comes to bargain deals, the ’05-’09 Mustang GT is the clear winner here. With retro styling cues, a stiffer chassis than previous generations, and a more capable breathing engine that almost matches the Cobra above, these cars can be had for a steal at $10,000. The 4.6 liter SOHC 3-valve V8 has proven itself time and time again over the last decade, showing it is more then capable of taking a beating, making power, and always wanting more – especially with forced induction. And with so many models being produced over the years, the aftermarket has flourished with new and used parts.
Tip: The ’05-’09 GTs can succumb to ignition issues. From the factory, earlier models use a two-piece designed spark plug which can break off into the cylinder head during the removal for replacement process, which can cause catastrophic engine failure if left unaddressed. Be aware that the camshaft phasers tend to be noisy as well. They can produce a light knocking sound, and can become worse if the car hasn’t had regular oil changes performed. It can also lead to a phaser failing.
Image Source: Ford Performance
1996-1998 SVT Cobra
The ’96 Cobra was the first year of the SN-95 Mustangs to use a 4.6 liter DOHC 32-valve V8 engine which replaced the previous 5.0 liter push-rod V8. The all-new aluminum V8 engine not only brought more power with 300 horsepower and 300 lb-ft of torque, but it also brought slightly better fuel economy as well. Similar to the ’99-’01 SVT Cobra, the SN-95 Cobra also loves to be boosted while taking a beating. Unlike the ’99-’01 Cobras however, these cars utilize a SRA setup, making them easily upgradable and ideal for drag racing applications. For technology that’s almost two decades old, it’s pretty impressive what these cars are capable of with some additional power – even for today’s standards.
Tip: The ’96-’98 Cobra’s DOHC engine came equipped from the factory with a pair of intake manifold runner control plates (IMRC). The purpose of the IMRC is to provide the engine with more high-end torque by allowing more air to be taken into the intake manifold after a certain RPM. The IMRC is very sensitive and requires a deep-cleaning at least once a year, as they are prone to failure by becoming stuck in the open or closed position. This can cause an extreme loss in power. Many enthusiasts recommend deleting the IMRC plates using an aftermarket solution, though this is widely debated.
Conclusion
These three different generation Mustangs can be had for such a bargain in today’s market, it’s insane. When you consider that these cars sold for more than $20,000 to $30,000 brand new, picking them up for almost one-third of the original price is a steal.
With the latest 5.0 liter Coyote V8 engine producing 435 horsepower, these 300 horsepower Mustangs may not seem like a lot. However, throw a power adder on any one of these cars with a reliable tune, and you can almost guarantee you’ll keep up with the latest muscle on the streets for less than twenty-grand.
Do you agree with our list? Let us know yours in the comments.
