94GT Convert should run about 15.2 with the 5spd, maybe 15.5 with the AOD.
You can get them to drop into the low 14's pretty easy, after that it requires more money.
Even with 48k, I'd say $12,900 is a little high. I've seen coupes with that kind of mileage for as low as $9,000 here around MN (quite possibly the most expensive place in the universe to buy one for some reason??). Anyway, I'd say maybe $11,500 would be a solid deal.
The 94-95GT convert is not the best car to choose if you are looking to make a fast car, the 96-98's are even worse. Spend an extra few grand and get a '96 Cobra convert if that's what you want to do with it. They'll run real low 14's stock. Add some gears and you're well into the 13's. Add some boost and subframes, hang on, 12's for sure.
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