Hey,
Just thought I'd add my two cents to this thread. I found a guy selling an '87 LX Convertible (2.3 N/A automatic, 88 pitiful hp) for $325 cash in my neighborhood. (I'm in FL)
It has some minor rust on the bottoms of some panels, and has light accident damage. (It looks like someone tapped it in the back, the bumper is at an angle downward, but no obvious marks or broken/misaligned lights) and as for the front, I can see that the panel that holds all the front lights and the air dam is not the original one for the car, but one from another color Mustamg, the paint is beginning to peel off of it. (Shoddy repaint work) The hood looks faded, and the cowl panel is bent and has surface rust on the corners, as if the hood flew up or the car was hit in the front end.
Other than that, the EGR system is inoperative, the engine cooling fan as well. The A/C worked up until about a month ago, I believe it may have a leak somewhere. The tranny and engine cooling system could both stand to be flushed and refilled, and the engine needs a tuneup as well.
Some power stuff in the car doesn't work, such as the courtesy lights, power mirrors, and while the convertible top motor runs (I can hear it) but the top doesn't move, making it a manual top for now.
So as you can see, she needs some TLC, but then again, what did I expect? She had 203,000 miles on the clock as of last night. She run and drives fairly well, even for all the problems.
Was it worth it? You bet!