my dad and i found a mustang..

[Mr 5 0]

This sounds like a great find - but forget 'book value'. A 1986 Mustang, at 21 years old, is worth whatever someone is willing to pay, be it $1,600 or $16,000. I would offer him $2,500. and go a bit higher to get this gem but this is going to be your choice (and your dads).

FYI: I sold my near-stock '90 Mustang LX hatch, 5.0, 5-speed with 125,000 miles on it, very little rust but very average paint and interior, for $2,000., back in '05. It went in one day. My LX was a one-owner Mustang (me), no heavy mods and had never been in an accident. I offered a CarFax report with it, to prove that. I suggest you pull one on this '86, just for peace of mind. You'll need the VIN.

I wish you guys good luck in acquiring the '86 T-top, if that's your dream car. Let us know how it works out - if it does. Sometimes these private-owner deals collapse because the owner mistakenly thinks he has a $20,000 car in his barn or he just doesn't really want to sell it after all. It happens. Be prepared.