These 10 old Ford Mustangs are hugely underappreciated

The Ford Mustang is one of the most popular — and consequently, one of the most common — muscle cars on the market. As a result, collectible versions of the Mustang have almost always been either ultra-powerful, exceedingly rare editions that harken back to its early days or race-ready examples from the modern era that were also built in ravishingly small numbers.

That doesn’t mean there aren’t hidden gems out there waiting to be discovered by Mustang fans. We’ve put together this collection of some of the more interesting old Mustangs we think will eventually be recognized by collectors as worthy additions to the pony car pantheon, especially to fans willing to open their minds to the more unusual corners of the muscle car world.

1969-1973 Ford Mustang Grande

Chances are you’ve never heard of the Mustang Grande. That’s because very few people put the words “Mustang” and “luxury” together in the same sentence, especially at the end of the 1960s when the Grande first appeared on the scene.

The idea behind the Mustang Grande was simple enough: Add enough comfort gear to the compact coupe to bolster the illusion that it offered a truly upscale experience, and then try to charge a premium for it. Although it was only a modest success at the time, never selling more than 25,000 examples in a period when the Mustang was printing money left and right, its wood appliques, vinyl roof and vinyl seats with patterned cloth inserts help set the Grande apart from common editions of the car.

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Throw in distinctive exterior trim — it’s a more conservative version of the sleek two-door body shape — and the availability of big-block power, and you get a Mustang that won’t blend in with the endless rows of same-same high-performance models at the next meet-up. Different often equals collectible, and there are no flaws in the Grande’s game to keep it from being enjoyed just as much as any other Mustang of its time.

1979 Ford Mustang Indy 500 Pace Car

Indy 500 Pace Cars are a common sight on the collectible car circuit, with models as diverse as the Pontiac Trans Am, the GMC K10, the Chevrolet Corvette and even the Ford F-150 all tackling commemorative duty over the years.

What makes the 1979 Ford Mustang Indy 500 Pace Car worthy of collectible attention? For starters, it’s the first production year for the Fox-body Mustang, which ended up as the longest-running generation of the car and a Rad-era icon. It also marked an important rebirth for the model after having languished for years on the uninspiring Pinto platform during the bulk of the 1970s.

Ford built four-cylinder and V-8 editions of the Indy 500 Pace Car model, and while they were sadly within 10 hp of each other (due to emissions restrictions), the eight-cylinder model delivers considerably more torque and is better to drive. About 10,000 of these were built, so locating one shouldn’t be much of an issue.

1982-1993 Ford Mustang SSP

The Ford Mustang Special Service package — or SSP — was the fancy descriptor used at ordering time by police departments that were serious about cracking down on speeders. Stemming from a California Highway Patrol request for an interceptor that could hang with perps at triple-digit speeds, the SSP took a base model Mustang coupe, beefed up its cooling and electrical systems and installed a fully calibrated speedometer for documenting lead foots on the run.

All SSP cars come with a 5.0-liter V-8 as standard equipment, with varying power output depending on the model year, and you could get either a manual or an automatic gearbox. Topping out at 225 horses in later years, there were 15,000 SSPs produced over its decade or so of existence, but many of these were ridden hard and put away wet, which means quality examples are starting to appreciate due to their scarcity.

1984-1986 Ford Mustang SVO

Would you be surprised to find out that in the mid-80s, the best Mustang in the showroom had half the cylinder count of the illustrious 5.0? The Special Vehicle Operations (SVO) version of the Ford coupe featured a 2.3-liter turbocharged four-cylinder engine that was good for 175 hp at first (and 205 hp starting in mid-1985), which was enough to match the V-8 GT. Beyond its eye-popping (for a four-banger) dyno sheet, however, the Mustang SVO was also considerably lighter than the GT edition, which made it just as quick as its sibling in a straight line and better through the curves thanks to the use of Koni shocks and an upgraded set of anti-roll bars.

Steering, bushings and tires were further enhanced versus the GT, and it’s no stretch to call the Mustang SVO the most potent pony of its model year. Overlooked at the time by a public that had a hard time associating the Mustang with a high-tech turbo drivetrain, the SVO continues to offer serious bang for the buck for collectors.

1984 Ford Mustang GT350 Turbo

Sneaking in on the ’80s Mustang turbo train is the 1984 Ford Mustang GT350 Turbo. This model is almost unknown outside of hardcore fans, but it was intended as part of a 20th anniversary celebration of the Mustang that failed to catch fire.

Most of the GT350 cars were forgettable and couldn’t match the performance image inherent in their classic namesake. The Turbo was an exception, however, and it was also considerably rarer: Only 7 percent of the almost 5,300 GT350 Mustangs built featured the turbocharged four-cylinder engine.

Although lacking the intercooled nastiness of the same-year SVO, it still offered up 145 hp and 180 lb-ft of torque, and it’s one of the few hard-to-find Fox bodies that has yet to catch the eye of collectors. If you can, nab a convertible: Ford only built 100.

1990 Ford Mustang 7-Up Convertible

What do you do if you’re Ford and your contract to build 30 limited-edition Mustangs to give away as part of a March Madness promotion in the spring of 1990 gets canceled at the last minute? Double down and end up producing more than 100 times the original order, send them off to dealerships, and act like that was the plan all along!

The “7-UP” Mustang, as the car came to be called, was a green convertible with a white top, and it featured a standard 5.0-liter V-8. These cars were eagerly gobbled up by buyers who appreciated the unique color scheme and the respectable level of equipment provided by the LX trim level. Over time, the carbonated Mustang has become a minor celebrity in the Fox-body world, and it’s one of the more interesting collectible convertibles as a result.

1994-1995 Ford Mustang Cobra

The Cobra name was revived at the beginning of the ’90s as the Fox body faded into history, but what casual Mustang fans might not be aware of is that much of that car’s high-performance gear found its way under the skin of the SN95-generation ’Stang that replaced it.

Why does this matter? The original series of SN95 Mustangs were derided at the time for the modest output of their 4.6-liter overhead-cam engine designs, and that stigma has kept that market for them cool. The 1994-1995 Ford Mustang Cobra, however, features a 240-hp 5.0-liter pushrod V-8 to go with the more modern car’s better brakes, suspension and overall platform. It’s the best of both worlds, and it’s a well-kept secret: The 32-valve Cobras that followed largely overshadowed these fun-to-drive and relatively rare models.

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1995 Ford Mustang GTS

Looking for something a little more sleeper — and perhaps cheaper — from the SN95 generation? The Ford Mustang GTS was a single-year, stripped-down version of the coupe offered to buyers who wanted to go fast without the extra weight of comfort equipment to drag them down.

Mechanically, the GTS was a match for the GT of the same model year, which means a 5.0-liter V-8, a five-speed manual transmission and suspension upgrades to match. That’s where the resemblance ends, however, as the exterior of the car lacks the rear wing or even the foglights in the bumper as found on the GT. You could add gear if you wanted to — including power windows and door locks — but chances were the budget-conscious drag racer ordering the GTS was likely to stick with the basics. Adding to the allure is that the GTS was offered exclusively for 1995 before disappearing forever.

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2001 Ford Mustang Bullitt

The Bullitt Mustang has now become a venerable member of the Blue Oval’s special-edition lineup, but when it arrived in 2001, it represented a new frontier for Ford. Although the Mustang had long been associated with the famous car chase in Steve McQueen’s 1968 movie of the same name, this was the first time the company had overtly recognized the connection, a move that opened the door for a number of other commemorative models in the following decades.

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Much of the 2001 Ford Mustang Bullitt’s changes were cosmetic, intended to ape the styling of the 1968 star car. This included a Dark Highland Green paint job (though black and blue versions were also offered), along with an aluminum cap instead of an external fuel door. The engine was boosted to 265 hp thanks to a revised intake and throttle body, its growl was enhanced by a free-flowing exhaust, and big brakes and aftermarket shocks helped keep things under control. Just over 5,500 were produced, and they remain one of the most collectible New Edge bodystyle ’Stangs.

2003-2004 Ford Mustang Cobra SVT

Is it crazy to consider the 2003-2004 Ford Mustang Cobra SVT a “future collectible?” After all, isn’t the Mustang nicknamed the “Terminator” already a leading light in the world of desirable pony cars?

A quick check on the pricing of these incredible performers reveals that, shockingly, these supercharged machines are trading hands for between $25,000 and $35,000. Considering they offered 390 hp right out of the box, making them by far the most powerful modern Mustang until the Shelby GT500 hit the scene later in the decade, this feels far too cheap. Throw in their renowned ability to push past 500 horses with a little tweaking — plus their six-speed manual gearbox and corner-carving independent rear suspension — and these Cobra SVTs are still in the modern muscle conversation despite having passed their 20th birthday.

It looks like there’s still plenty of room to get in on the ground floor of one of the brawniest Mustangs ever built — at least until the rest of the world clues in on the value they represent as a collector’s car.

Old Mustangs that will become collectible

• 1969-1973 Ford Mustang Grande
• 1979 Ford Mustang Indy 500 Pace Car
• 1982-1993 Ford Mustang SSP
• 1984-1986 Ford Mustang SVO
• 1984 Ford Mustang GT350 Turbo
• 1990 Ford Mustang 7-Up Convertible
• 1994-1995 Ford Mustang Cobra
• 1995 Ford Mustang GTS
• 2001 Ford Mustang Bullitt
• 2003-2004 Ford Mustang Cobra SVT

Photos by Mecum Auctions and Ryan Lugo

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