Looks like rust in a couple places that would be concerning, front of the rocker below the door on both sides, rear quarter behind tire, and that stain running down the rear quarter coming from under the trim.
could be a 500 dollar parts car. Depends on how extensive the rust is.
Check the usual spots for rust. Pull the fenders and look on the aprons underneath the windshield. Check the Shock towers, hinge pillars, floors, etc. If you can see the rust on the outside, its probably hidden somewhere else. Like Karthief said, could be worth as much as you can sell the parts for.
I had a notch exactly like that a couple years ago, sold it due to rust. The dude who bought it was aware of it by the way.
On a more serious note: Have you run the car through the NADA website yet? It is not the end-all be-all but it gives you a good idea of where the ballpark [is].
Nicely done mods sell good
OEMs sell better
Resto-mods Sell great
Rare OEMs sell BEST
Anything above this has more love and detail in it to ever be worth selling.
Sold my super-clean, all original (except wheels) '88 GT with T-Tops (one of about 250 made that year), black with a gray interior that looked several notches cleaner for $4800 a couple years ago and had to try for 6 months to get that. Have these things increased that much? Or are coupes more sought after?
Yeah, coupe are the cars in demand now. If competively priced, they go fast. GT convertible automatics are the ones nobody wants.
Anyway, I think location is key. In the south, with the rust, that's probably a $3-5K car depending on how extensive the rust is. In the northeast, if the strut towers are decent it's probably a $4-6K car as fox bodies are a little harder to come by due to most of them rusting out years ago
The rust makes it a little on the questionable side. I am with General karthiefif it has a good drive train swap it into a 4 Cylinder body. The V-8 bodies are usually beat up from years of abuse and monster torque launches. The sub frame rails and the torque boxes take a beating. If they are extra rusty they might flex and fatigue more so than a rust free model. The baby brother 4 cylinder cars have the best body to start with structurally. Years of abuse from a wimpy 4 cylinder won't twist and damage the body as much as its big brother.