Value on a 1979 2.3 Indy Pace Car

[DigitalMCO]

I had the opportunity to check out a 79 Mustang Indy pace car a few hours away from where I live. Its a nicely repainted, fully decaled 2.3 turbo, manual of course with a newer 4 bolt rims and tires and shows 06565 miles on the odometer. The interior is in really nice shape including the original Recaro seats which show no signs of wear. There are some minor rust issues at the bottom inside seems of the doors, more so on the drivers side, and the passenger door also needed to be slammed hard to close it due to a slight sagging issue. The current owner has only had this vehicle a few years and bought it in Missouri, since then they have only added about 1000k to it as they only drive in parades and such. Believe it or not they have another pace car with a 302 under the hood but are reluctant to sell that one. Go figure.

Overall its a nice vehicle for its age, however the owner was asking $8500 for it, which in my non expert opinion seemed a little high given its condition. There was an oil leak issue that gave me cause for concern (as you can see in the last photo) so I said I’d get back to them with a counter offer. So with your help could I get a better idea of what this car is worth from those of you who know this vehicle better than I do.

Thanks for your help

[FM2NOTCH]

just me but I'd hold out for a V8 version, I have no clue what it's worth but it's worth whatever someone is willing to pay.........which I don't think is $8500

[conmech]

Personally, to help figuring out a guestamated value, see if you can identify the assembly plant (Dearborn or San Jose)

1979 Pace Car Production Numbers

Dearborn Michigan Production Numbers

5.0L w/SROD 4spd manual——-1809

5.0L w/C-4 automatic———-1445

2.3L Turbo 4cyl w/4spd manual-4380

Dearborn Total Assembly Plant—7634

San Jose California Production Numbers

5.0L w/SROD 4spd manual——-593

5.0L w/C-4 automatic———-661

2.3L Turbo 4cyl w/4spd manual-1590

San Jose Total Assembly Plant—2844

Total Pacecar Production—-10,478
http://www.mustanglab.com/1979-musta...pecifications/

Judging by your description (low miles, decent interior, etc.), I'd probaby offer up $5k-$6k and see what counter offer comes up.

[TopGear85]

$8500 is asking a lot for one of these, regardless of engine and trans. The V8 cars are more popular and tend to bring more money. From what yu describe the car sounds very nice, but for $8500 there should be no rust or oil leaks. For a couple thousand dollars more you can get a low mileage V8. The pace car will have its day in the sun because they are amazing and very popular, but that time has yet to come. IMO this is a $5-6500K dollar car based on the condition and the 79 PC market.

These cars turn up for sale a lot so make sure you get the one you want for the price you think is fair. $8500 is just too much for this car, even though it has a lot of things going for it.

I do want to add that I've never seen anyone put the Indy 500 interior emblem by the hvac controls. It is always installed on the passenger dash bezel. There is nothing wrong with where the owner put it (these came in a seperate package, not installed by Ford at the factory), I just think it looks strange (too crowded in that location IMO). The bright side is that the car still has that emblem.

Is this a FEP members car? Those floor mats look familiar. Anyway, good luck and keep us posted.

[TopGear85]

One more thing...you might want to ask if the Recaro seats have ever been reupholstered. With the car having over 100K miles I'm very shocked that the center section hasn't gotten worn or faded. The material is easily worn and most Mustangs with these Recaros show at least some wear. Just something to double check.

[DigitalMCO]

In answer to your questions:

As much as I'd like a 2.3 turbo for nostalgic reasons, the smart money is finding a vehicle with a good body and a low mileage 302 under the hood. This particular seller had another pace car as I had mentioned, however it didn't show nearly as nice in person and their asking price was $14000. This is why I aimed my focus towards the 2.3 turbo with the newer paint.

My bad for not including a VIN in my pervious description of the vehicle. See below for the door sticker.

As far as I know the seller isn't a member of the FEP forum.

Yeah the Recaro seats, that's the first thing that caught my eye when I entered the vehicle was what great shape they were in. Even the other car had no issues with wear or any other damage like cuts or cigarette holes. As you can see from the photo it's the actual pattern for those seats in that vehicle. I do have some follow up questions for the seller and the condition of the seats and whether they've been reupholstered is one of them.

As for rust, the drivers door was the worst of it which makes me question what the repaint is hiding?

[PaceFever79]

You have to wonder with turbos being the "future" of modern cars, if early turbo cars will ever get their due? These engines didn't make a ton of power, but they were pretty cutting edge for their time, they were pushing the envelope as best they could given the parameters of the day, especially in a cheap production car like the Mustang. Just like the 68 Corvette, no one cares anymore about reliability issues in a car that only gets driven on weekends. So most of the issues that plagued them when they were daily drivers really don't apply anymore. Perhaps someday the early turbo cars can become a novelty and gain some respect for their historical value if nothing else. That day has not yet arrived.

[PaceFever79]

I'd value this car (without seeing it) at $5000

[DigitalMCO]

An update on this particular PC.

The seller dropped the price to $6500 however even with the newer rims, tires and recovered Recaro seats, I couldn't justify the price given the fluid leak. However where one door closes, another one opens so stay tuned. I might be joining the PC club sooner than later.

[FoxChassis]

This car was for sale on ebay in Kansas City, MO in 2010. Seller said the car had "100,000" miles but didn't give an exact mileage.

[mustangmania]

I sold my V8/Auto Pace Car, #480070, used by the official Indy Track timekeeper in 1979 (driven on the track), 46 DSO (Indianapolis), 90k miles for $8750.

This car is $4500 max

Bad:

• non-orig wheels
• non-orig radio
• rust
• repaint
• leaks
• sagging doors/difficult to stay closed
• 100k+ miles

[gr79]

Cardboard? wew thats a leak.
From the pattern and location looks like trans?
Finger and smell test as to what kind of oil?
Trans is easier than engine.
If trans, time for a T5.