I think you shouldn't get it. If it's been in a wreck the body has been tweaked and if it's already been modified or driven hard that won't help. I got my GT for $1500, but i talked him down from $2500 and it has low mileage and has no signs of being in an accident. if you want it to serve as an actual race car (like mine will), get one with a straight frame that's less likely to be twisted (which will help load the tires unevenly on launch in conjunction with the engine torque) or have cracked torque boxes. That's just my opinion. A really good option would be a 5.0L LX notchback or even a hatchback would be good. They cost less than GT's and weigh less as well and you can probably pick up a very nice one for about $3000. Good luck, just remember, don't rush into buying you may not want, because theres almost always a better deal out there.
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previous name: 84stangLX
'84 Mustang 5.0 LX
my LX
'89 Mustang GT
my GT