Individual cars are different and have different quirks.. you can never really know a car until you've been married to it for a little while..
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At first, i turned down my 88 M7 .. it was mis-diagnosed by Lincoln as needing a complete new brake system at a cost of about $3,500. I didn't want to deal with it and had nowhere to put it.
Eventually I took the car.. Since I had the time and means to actually investigate the brake problem, the problem cost me $6.50 to fix (a junkyard fluid reservoir). From there on, while minor problems continued to expose themselves on occasion, it was a joy to own and well worth preserving...
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The air-ride is far from "weak". 20 year old rubber air springs are weak, just as 20-year old rubber anything is weak. Ozone and ultraviolet exposure take their toll on rubber.
New ones are available for about $50 if i recall. Mine came from a low-milage junker and were practically new and considerably cheaper.
The air suspension is one of the best things about the car.. simple to fix.. almost no tools required.. and the ride is great almost regardless of load.
I once packed about 1000# of crap in the trunk and, while steering was noticeably squirrely on the freeway, the car stayed level and drove straight all the way to the dumps..
Damage? When my front springs were leaking bad, I'd sometimes park over a concrete wheel barrier, curb or similar, and then the car would settle to the ground.
I'd back away and it scraped and bent the plastic trim under the radiator, but that's about it. I had to remember to let the springs pump up before driving off. Finally got new springs and all was well. You don't want to drive without any springs on any car. That's begging for trouble...
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afaik, the engine is the mustang high performance engine.. 88 and later has electronics that can automatically adjust to improvements in fuel and air intake.. correct air-fuel mix is easy to retain and i guess it'll still pass smog.. but i never messed with it..
(The high performance people around here are welcome to correct me if i'm wrong.)
All i know is i opened the hood and saw headers!!!! on a stock car... and the freakin thing took off like a rocket ship.. left my brother in the dust when i first drove it to my home..
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I never had a transmission problem of any kind.. never noticed any problems.
One weird thing that's not bad enough to mess with is a strange flat spot that happens only at 70MPH and only while climbing a hill at steady speed. It only happens rarely.
It feels like a clutch slippage that lasts a quarter-second or less.. not long enough to lose any speed.. the tachometer doesn't jump any RPMS.. I'm not even sure it's the tranny at fault.
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imo, $1500 is about $500 too high.. other than that, you can't go far wrong, especially if you really like the car's style, understand it's got 140K on it (mine has 250K), have some mechanical ability, and are somewhat committed to keeping it going.