Horse Sense: Sometimes you can use the Mustang you already own, but when starting out, oftentimes it's better to buy another car. It all depends on your budget and what you want to end up with. Don't forget-the best deal might be someone caught in the middle of a project who has to dump it for some fast cash, so keep your eyes and ears open.
So you want the ultimate Mustang? One that can go deep into the 10s at an NMRA event, brake and turn like a World Challenge racer, and bring home the shiny baubles at every Mustang show it attends, right? Oh, and it must get 28 miles to the gallon and be dependable enough to drive to work every day. Gotcha! No problem, pal.
Maybe in a perfect world we could all build Mustangs like this for a few thousand dollars. But our world is far from perfect, and the sooner you realize that building a project Mustang is a sea of compromises, the sooner you can get down to actually building your dream project.
Except in rare instances, the typical Craftsman tool set you probably already own will suffice for most of your project's wrench bending. Today's bolt-on performance items typically come with detailed instructions that outline what tools you need, so read the instructions first and pick up any necessary extra tools before beginning.
So what do you want? A drag car, a corner carver, a trophy winner, or maybe a combination of these elements? Let's begin with helping you realize what you can and can't do, how much you can spend, and what you should be seeking. This way you'll have an accurate image of where you can take your project so that your end result will be the killer Mustang you've always wanted-and not a Mustang that ends up killing you, mentally and financially.
Basic Knowledge
Here's where you have to be brutally honest about yourself. If you've changed a set of valve-cover gaskets before, and it took two friends, a case of beer, and an entire Saturday, then you best not count on building your own engine for your project. Know your skills and be realistic. You might have taken that welding class in high school 10 years ago, but do you really think you can make your own subframe connectors and rollbar?
Along with being honest about your skills, take a look at where you will be working. If you live in an apartment complex or other multifamily dwelling, plan on finding another place to work on your project. A buddy's garage or a rental storage unit will suffice, just be cognizant of how long the project might take. Rental fees can add up fast if your six-month project turns into a two-year epic [He's speaking from experience!-Ed.]. In a best-case scenario, you'll have a workshop or a detached garage on your property where you can work on your project whenever you have the time. Spending an hour after dinner each night working on your car is a lot easier and more convenient than driving 45 minutes round trip just to get to where it's stored. And don't forget-besides storage of your project car, you will have parts to store as well.
You will also need tools to work on your project car. A typical 250-piece Sears Craftsman tool set will get many jobs done on your project, but there are several specialty tools you can't be without when dealing with Mustangs. Weigh the cost of purchase versus rental of those tools and how many times you plan on using them. Remember that as the Mustang evolved, more and more metric and specialty fasteners were involved in building the car, so if you're weak in one tool area (say metric deep sockets), then plan to purchase the entire set and not just one or two sockets. You'll need them someday-we promise.
Finally, take the time to read. There are plenty of books from companies such as HP Books, Classic Motorbooks, SA Design, and more that cover building project cars. Most of these publishing companies have specific books just on late-model Mustang performance, tuning, history, racing, and so on.