Low-Mileage Indy 500 Pace Car Fox Mustang Barn Find Rescued

Have you ever dreamed of finding that elusive car of your dreams hidden away under a blanket of dust and debris? The elusive “barn find” is still one of the legendary tales of the automotive world. For some, it is classic ’60s muscle cars, and for others, it is exotics, but whatever dream machine you are seeking, finding a low-mileage model hidden away for decades, like the Fox Mustang barn find seen here, is usually a dream left unfulfilled.

We may put a mile on it to make sure all is well with the trans, etc., but we will try not to get it beyond 35 miles… — Jeff Jacobucci, Owner

That isn’t the case for Jeff Jacobucci. He is a fan not just of Fox Mustangs, which are having their automotive cultural moment these days, but of all Mustangs. He owns six other stallions that range from classics to S197 — they include a 1966 Mustang Coupe (with a 1971 full crate Boss 302), a 1970 Boss 302, a 1990 Mustang LX 7-Up Edition, a 2006 Shelby GT-H rental car, a 2008 FR500S Mustang Challenge race car, and a 2013 Boss 302 — but his latest pony car checks all the barn-find boxes that a blue-blooded Ford Mustang fan would appreciate.

“I’ve been a major Mustang fan since my teenage years in the ’80s. I had an uncle and cousins who had multiple ’60s Shelbys in their garage and shop that got me completely hooked. I converted my 1986 Mustang street car into a SCCA American Sedan racer when that class came out in 1989,” he said. “Through the ’90s, I worked weekend races for SCCA Pro Racing and got to be a technical and pit lane official for Trans Am and World Challenge. This was a great time to be a Mustang fan in racing, with the Roush Trans Am Mustangs, Saleen-Allen RRR World Challenge Mustangs, and many more.”

Friendly Find

He went on to work as an official for IMSA and currently acts as a tech official for the today’s Mustang Challenge series, where competitors mix it up in Mustang Dark Horse R spec racers. He is also a stalwart in the Denver Mustang Club, having served as its Treasurer since 1992. To say he loves Mustangs would be an understatement, so it’s no surprise when a friend gave him a heads-up after spotting a special Fox Mustang.

“I learned about it through a friend of a friend who is a home inspector who came across this car, and others, in a building he was inspecting,” Jacobucci explained. “My friend who found out it was a low-mile 1979 Pace Car Mustang knew I was the right guy to go look at it with him. The day after we learned that it was available, we went to take a look at it. It’s good to have a lot of friends who understand your passion! Without those friends, I would not have learned of this car.”

His latest acquisition is one of the earliest Fox limited editions. Not only did he track down a 1979 Mustang Indianapolis 500 Pace Car replica in storage, but he added this special Fox Mustang to his corral. This is no mere barn find that has suffered from years of storage. Rather, it was put away and never sold. The odometer only tallied ridiculously low mileage before he acquired it, and after a quick wash, the car appears to be in great shape for its age.

Time Capsule

“This Pace Car was found with 34 original miles on the odometer. It was owned by the original Ford dealer’s family. The owner of the dealership liked this car when it came in, so he ended up taking it home and putting it in his storage building for himself,” Jacobucci explained. “According to the grandson, from whom we purchased the Mustang, it was driven a couple of times to go out for ice cream when he was young, and then was never driven since.”

Finding a rare Fox is also a treat, but you might expect a vehicle that sat uncovered in storage for more than 45 years to have deteriorated to the point it would need a full restoration. However, this one is a real unicorn that is largely untouched by the capricious hand of Father Time.

“It is in absolutely amazing condition with absolutely no body rot and the smallest of surface rust on the normal completely unprotected steel parts like brake lines, etc. Even the unpainted rearend has little to no surface rust. The exhaust system is still shiny new with original stickers on the cat converter that normally would burn off in no time,” Jacobucci said. “The tires are still original, dated December 1978. They show minor signs of some dry-rot cracking, but they will be just fine for rolling around on. It will not be driven. We are still so early in this process that we have not yet cleaned the fuel system to even attempt the first start in what we know to be about 25 years.”

What’s Next

When you own a special and rare machine like this low-mileage Pace Car, the question is what to do with this barn find? The brazen would modify it, the bold would drive it, and the sensible would restore it. Its new owner falls into the latter category.

“Our plans for the car are to get it fully detailed to new and just get it fully up and running to be perfect. We may put a mile on it to make sure all is well with the trans, etc., but we will try not to get it beyond 35 miles, so we are giving ourselves one mile!  We will then enjoy getting it out to some larger Mustang and Fox-body shows so that others can enjoy it also,” Jacobucci added. “Down the road, we may consider a sale, but as of now, that is not on our minds. I may end up falling in enough love with it that I may have to buy out my partner to keep growing my Mustang herd. The car did come with its original set of Indy decals in the sealed cardboard sleeve. I have acquired a second set of original 1979 decals also sealed (or were), which we plan to go ahead and put on the car, keeping the originals sealed to stay with the car.”

Not only did he rescue a 1979 Mustang Indianapolis 500 Pace Car in great shape, but it even had the build sheet intact under the rear seat. If you were lucky enough to find a rare Fox Mustang barn find like this one, what would you do with it? Restore it, drive it, or modify it?