Pros: Unlimited performance potential, can be insured as "classics" for a few hundred a YEAR now!
Cons: you can go through 800.00 in tires in less than 15000 miles
1992 Special Edition's were LX 5.0's NOT GT's This is the 2nd Special Edition Vibrant Red LX 5.0 Convertible I have owned, the first I got with only 1700 miles on it in 1993. It is true that FoMoCo was having a bad year in 1992 and sales were down, they came out with this Special Edition LX 5.0 Convertible in Vibrant Red (a color that will be available in the 1993 COBRA) this is actually 1 of 4 FoMoCo Special Edition LX 5.0 Convertibles (ALL WERE LX's, NEVER A GT) the 1st was a 1990 Green ( often refered to as the 7-up car, then the 1992 1/2 Performance Red, unique with a white top rear spoiler, the wheels were actually painted in a PEARL WHITE, the white leather interior was also a one time deal for this model only and is the only time they used BLACK PIPING on the white interior, the special edition option to any 5.0LX convertible added 850.00 to the window sticker, so it was quite a value! The original production was estimated to be about 1900 units, however Ford Dealerships quickly placed orders that exceeded 3000 units, total production was less than 3400 total, it is not clear how many were automatics and how many were 5 speeds, both of mine are 5 speeds, I wish I still had the 1st one that I bought because it did NOT have A/C from the factory! Bottom line, these cars weigh less than the GT's, are quicker than the GT's and with such a low production run, let me put it this way I sold the 1st one after 10 years of ownership simply because I didn't have enough storage space and living in Florida you do NOT want to keep a convertible outside 365 days a year, at the time I also had a 68 GT 390, 69 Mach 1 428CJ and a 1957 fairlane 428CJ... within 3 months of selling it I was just driving down the street and there in front of me at a red light was a 92 SE LX 5.0 for sale, I called the guy from my car, we pullled into the next parking lot, car has less than 70000 miles on it, had all the 1993 cobra upgrades, exhaust, headers, intake, air intake (plus he still had all the original parts, ok here is where to some I might seem like a jerk, the guy didn't know what he had and was asking only 4500.00 for the car, I took it for a quick test drive, stopped at the bank (with him in the car) and gave him a deposit right there, I asked him if we could meet later that night to finalize the deal and we did! I don't feel bad about the deal, I paid him what he was asking for the car, I didn't ask for 1 cent off what he was asking so I don't feel to bad about it, within 24 hours I was made an offer that would have doubled my money, needless to say I still have the car, these 89-93 5.0's are the best 5.0's that ford ever made (fox body cars), I also have a 2001 SVT Cobra... this old 1992 will beat it in a drag race, now road racing, the 92 cannot keep up, the cobras suspension is light years better, these mustangs or any 5 liter mustang are great values, and talking about insurance, listen folks these are over 15 years now in most states they are classics, I pay less than 300.00 a YEAR for full coverage, but you need to go to an insurance company that caters to CLASSICS, there are hundreds available, just pick up any old car magazine and start making some phone calls. I drive about 5000 miles a year with this car, it has the original paint and interior, original top, the only money I have put in it was I had the wheels repainted, and this pearl white paint isn't cheap 500.00 a gallon... I could have had them painted in any white color, or replaced them all together and installed a nice set of chrome 93 cobra wheels.... but again they made so few numbers of these cars and I would maybe say that the manuals were maybe 40% of the production run so that's maybe 1320, thats IT, talk about a LOW PRODUCTION RUN, that is LESS than the production run of the 1st 1993 SVT COBRA's.... SO for me it was worth it, as to the engine upgrades, I still have all the original parts if I ever want to make the car 100% stock again. Look, this 302 (5.0) block has been around since the early 60's, it comes from the 260 v-8, anyone that can read a book can repair the car, as for the ride... they are 15 years old! Replace ALL the suspension and steering parts and all the bushings... or just deal with it, parts for these are cheap, I replaces the shocks and struts (myself) K&N set less than 300.00! If you have the opportunity to pick up a 1987-93 5.0 GT/LX (ALWAYS HAVE THEM CHECKED OUT BY A PROFESSIONAL FIRST) the seller if they have nothing to hide will not object to this, most shops will charge you between 20.00-80.00 to check the car out, for 80.00 usually they will hook the car up to a scanner and check the a/c system as well as items you would check sor a state inspection! And remember these cars are already classics, better get them NOW because they ARE going to start going up in value as GOOD ORIGINAL CARS are harder and harder to find! SO BUY AND ENJOY