1994 GT: Good deal?

[Mr 5 0]

So his true trade value is about $3000-$3500. He's asking $1300 over book value from a private party.

Perhaps, but it's a heavily-optioned Mustang GT with a 5.0 - 5 speed. I'm assuming it's in good to excellent condition with no obvious problems.

'Book Value' is most important when trading with a dealer; in private party sales, other, more emotional factors come into play all the time including how many decent, older 5.0 five-speed GT's are available in his area. That's crucial as is market demand which can vary from place to place. All of these factor into the real-world price that has little to do with what a dealer would offer or what the 'book' states as the private party price. Those are only a guide, not written in stone, as you know.

I get offers twice the 'book value' for my '90 LX with 116,000 miles on it (and light mods) because it's had one (adult) owner, looks and runs good and Fox bodied LX's are getting harder to find in good condition in the northeast. Think I'll be trading it to a dealer when I sell or asking 'book value'? Not a chance. Neither will the owner of that '94 GT and I'll bet he can get his price, too. A lot of folks who want to buy an older, affordable performance car want a Mustang GT, especially a 5.0 with manual transmission.

$5500. is not a huge bargain but it's a reasonable price if it's got an honest 114,000 miles, is in good mechanical shape and hasn't been beat on or hit hard and fixed badly.

Still, let's remember that it's an eight year old car with over 100,000 miles on it. Things wear out and break, even on Mustangs. Caveat Emptor.