Missing parts are like wrecked parts. If you don't need it, then you might as well not pay for it. Use it to bargain down the purchase price. But if you do need it, do the math first. It's much cheaper to buy trim items and a good interior as part of a whole car than piecemeal from wrecking yards or N.O.S. suppliers--which brings up the idea of parts cars. A tired runner or two can pay handsomely as parts donors for many street or race projects. Buy the parts car for cheap, use the parts you need, and sell the rest. It takes time and effort, but it definitely saves cash. If you don't have the room, deal with the Mustang salvage specialists you see advertised in 5.0&SF.
Don't overlook sweat equity either. Many parts--especially plastic panels, covers, boxes, and so on--respond to simple cleaning. If you're low on money but have time, a bucket of detergent water, some brushes, and applied effort can make tired-looking parts shine. Learn to prep and paint small parts properly too. This is miles ahead of buying new stuff simply because it's new and clean.
Then there's buying the half-finished project from the guy who has lost interest, gone bust, or discovered girls. Carefully evaluate what you're looking at and figure on having to work up a detailed list of what speed parts and services you are buying, then compare that to what you still need. Most of the time this is a great way to get a huge headstart on a project car--just make sure it meets your goal and isn't a poorly thought-out mishmash of parts.
Keep all your invoices, receipts,...
Keep all your invoices, receipts, and instructions. Sometimes parts willsit for a few months until they can be installed. You should keep thereceipt for at least as long as the warranty period, though we suggestyou keep it for as long as you own the car or part. Instructions alsocome in handy down the road if you ever plan to take apart your project.Once the car is completed, you should also acquire some agreed-valueinsurance that will cover the worth of your car, not that of aclapped-out '89 four-cylinder.
Build It
We're not saying you have to buy another Mustang if you already own one, but many projects end up being at the extreme ends of streetable. Kidney-punching suspensions, radical engine combos, loud exhaust, and gutted interiors with no A/C do not make for a fun car to drive to work every day.
Buying an '00 Cobra R is difficult...
Buying an '00 Cobra R is difficult for most people to swallowfinancially, and we don't even want to think about the insurance.Although it's one heck of a car, let's not forget there's no back seat,no stereo, and no A/C. But you can build your own replica via FordRacing Performance Parts or Cervini's. Not only can you have the A/C,stereo, and back seat, but you can also have any color car you want. Thesame holds true for building replicas of '95 Cobra Rs, '93 Cobras (andRs), Saleens, Steedas, and others. They can be replicated with partsfrom their respective companies for the pure looks you want withouthaving to sell a kidney to get the real thing. Just don't pass the caroff as real--that's not cool.
Besides--being honest here again--in what condition is your daily driver, and is it even the right body style for what you want to do? If you drive a beat-up '87 GT every day, you're going to sink quite a bit of cash into it to make it a show winner. The same goes if you drive a '98 GT convertible. That heavy, mod-powered droptop isn't going to get you anywhere serious in drag racing without spending a lot of money and rendering the car all but useless on the street. In instances such as these, it's often better to acquire another Mustang for your project. If you want to go drag racing, find a four-cylinder Fox coupe to gut and build (such as our own Real Street project). If you want to run auto-cross, then keep an eye out for a '96-'98 Cobra coupe. Of course, there are exceptions to the rules, and some people might want only a '94-'95 GT coupe for their project. At the risk of sounding like a broken record, be honest about what you plan to do with your project.
Once you've decided on the year, body style, and purchase options, you can begin looking for your perfect project car. You can often find nice examples in trader-type publications, but usually those owners know what they have, and prices can be higher because the quality is there. Don't overlook the local papers--especially the "$1,500-and-Under" section--if all you want is a nonrunning four-cylinder to build from. Just make sure the title is clear. If you're looking for a newer example--say, a '98 Cobra--check out the dealer lots as these cars are still new enough to not be auctioned off to the moms and pops or sold off the wholesale lot.
When looking at a prospective project car, bring along a friend who won't be jaded by the pretty Mustang under the dealer lights. You want someone to point out the things you will miss while you stare glassy-eyed at "your" new Mustang.
Rust and accident damage can be good or bad. If the car has a rusty hatch, but you want to put a fiberglass one on anyway--so what? Use that rust as a sales tool to get the price down. If the car has been intimate with a telephone pole and needs new front sheetmetal, that could be a boon if you want to go with a Cobra nose and hood instead of a GT. Most importantly of all, however, keep your budget in mind. If you don't want to worry about body conversion parts and a paint job, then back away and keep looking.
Now we'll assume you've set a goal, counted your nickels, chosen a car, and are ready to modify. Where to begin and where to end? Do the mechanicals first, then the appearance items. Otherwise, the new paint will be scratched while you're installing the engine.