Images: IAAI

The Fox body rescued the Mustang from the low performance days of the Mustang II, and set it motion a high performance craze that has endured to this day. While the Fox is not without its flaws, it remains one of the most versatile platforms in the Mustang realm. Fox body Mustangs have proven they can be adapted to virtually any road going duty, from daily drivers and weekend fun cars, to full-tilt drag racers, or corner carving road machines.

We recently ran across this insurance auction 1990 Mustang LX 5.0 convertible for what we’d consider pennies on the dollar. Insurance Auto Auction stock number 13725731, is located in Iowa, this one has a little damage to the rear of the car. From the photos, the rear bumper, passenger tail light assembly, and possibly the trunk lid need replacing. There could be more, the price however, is what makes us look deeper.

The current early bid for this car is $175. You read that right, under $200. The car will go up for auction sometime this Tuesday according to the insurance auction site. While it’s rough, and definitely needs some work, if you could snag this convertible for a few hundred bucks, get it transported to your home for a few hundred more, you’d have an excellent foundation for a project car.

Keep in mind that even with a salvage title, a straight, good running, good looking Fox body 5.0 convertible, will typically go for $5,000 or more on today’s market. Would you snatch this bruised vert for a few hundred dollars, pour in some TLC, and make it something worthy of the Mustang name again, or would you pass? Tell us what you’d do in the comments below.