What's A Good Price For This Car?

[JL-KA]

I'm looking to pick up a project car and came across this on craigslist.

It's a 2000 Mustang GT 5spd Convertible
200k+ miles(didn't specify how many exactly)
Blown engine(seller didn't specify what exactly is wrong, emailed for details)
I'm assuming it's a little rough around the edges with the amount of miles but he says in the add that the body is in "good condition". I don't know if it has a good title or salvage.
He's asking $1300.
I don't have any pics, but I requested them in my email.

Here's my figuring. Let me know if I'm on the right track.
KBB says if it were operating that it would be worth ~$3000 in fair condition.
Without more details I can only assume that the engine is total garbage and needs completely replaced. So that will cost me ~$1500 for a used motor. With this high mileage it will undoubtedly need more work. What kind of work, I don't know so if you can tell me what else to look for and anticipate I would appreciate it.
So assuming a new engine the value is down to $1500. Miscellaneous other work could cost much more. It's going to cost me $100-150 to rent a truck and trailer to tow it so I'll factor that in my offer. Assuming that everything else looks good I'm thinking $800-900 is a good price to pay. I think I should walk away from anything over $1000.

So to reiterate...
What else should I look for and ask about?
What's a fair price to pay if it's only the engine that needs major work?
What would the OTHER things that are LIKELY in need of work be and what would they cost me(I'll do the work myself)?

I know this is a lot to ask (and a lot of hypotheticals) but if a few people can take some time and answer what they can I would appreciate it.
I'll update when he sends me more information.

Thanks

 

[wheelyman19]

Wat r the long term plans for the car?

 

[JL-KA]

Mostly a weekend car just for fun. Cruising, shows, autox, drag...in that order as far as frequency.
First and foremost is to get it running so I can get it out of the garage and onto the street so my dd can go back in.

 

[TeufelGt]

Depending on the condition I'd say 1300 isn't that bad...title and condition will be the determining factor I'd say..
ask about the engine and be specific...will it turn? When was the last time it ran? Has it been diagnosed?
Ask about the drivetrain...is the transmission usable? What clutch is on..stock...replacement..performance..
Has the regular maintenance been completed to the rear end?
Do all electronic items work. Lights. vert. Etc.
Does the convertible leak?
If the body is good, and the interior checks out...look for the obvious stuff like rust and look at the drivetrain as well for yourself..things like oil leaks. The engine rebuild will do you no good with a shot rear. 200k means this cars seen a lot haha. I'd investigate the crap out of it..it will.save you money and time knowing what you are up against.
Plus it's a vert...

 

[puma1552]

Wasted motor and 200k+? Don't bother.

 

[flstang65]

As long as it has a clean title, I would offer 1000 and call it good. If your plans are for a "fun"/project car, I say go for it after a thorough once (or twice) over.

 

[ramman999]

Wasted motor and 200k+? Don't bother.

I wouldnt go that far, but I'd be very much open eyed...

200k with a blown motor and no maintenance history - expect to do some other work as well - probably a minimum clutch replacement, suspension, all the components.. Factor this into your costs as well when you consider upgrades... You mentioned convertible so hopefully no tears in the top or motors needed.

Drivable = Engine,tranny, brakes, tires,tuneup and plugs - if you need suspension work, that makes a perfect time to upgrade.
If you are doing all the work yourself, great, if not don't forget labor costs..

Figure out what it needs, and what you'd be happy with spending after that - budget for "drivable", and then "upgrade".

 

[3ponyshow]

Experience has taught me that replacing mechanical parts will cause the other older parts (that appeared to be okay) to fail. I restore cars and it's like law; or maybe I just have perpetual bad luck. Example being replacing the motor and expecting the 11 year old drive train to perform without issue. Assume the worst. If the interior and body are in decent shape, you have something to start with as long as the car has a clean title. I can almost assure you that you're going to spend 6K (based on your info) on this car to get a reliable DD. Will it be worth 7K when you're done? For that kind of money, you could do better IF you have the money now. If this is an ongoing project to work on as funds come in, it may be worth it for you.