not sure....but my buddie has a Jalopeno Red 86 GT , 347, c-4, 4.10, 4000 stall, cage, etc.......completely show quality inside and out and runs low 10's for $9000.oo
Sounds like a VERY cool car---us 30/somethings still worship a good late 80's stang. 86 was a great year--final year of that body--just added FI--o the memories!!!!
I have seen cars as you described anywhere from 7500--to---14000.-----Somewhere between 8k and 11k sounds fair.
This mustang came with a 8.8 rearend, T-5, hyd roller cam and was speed density. The heads on this car don't flow as good as the 87-93. It has flat top pistons and a smaller TB than the 87-93. The intake on the 86 is a little more restrictive than 87 up. The good thing is that anything from a 87 up will bolt right up. The parts are very cheap. I would not pay more than $6000 for this 86 GT. If it was an 87-93 with that kind of miles it could be worth between $7000 to $12000. A 1993 Mustang Cobra with those miles is worth around $15000 - $20000. I have owned 5 Mustangs 5.0. My stangs were (86 GT, 87 conv GT, 87 coupe, 88 GT, 89 GT)
ONLY 1 Turbo Buick
The 86 5 speed had only 200 HP (285 lb-ft TQ) but DID get the 8.8" rear.
Had a roller can, too.
The '86 was a very good driver. My convert ran 14.8's stock, 14.5's with a pulley, so about 1/2 second slower in the 1/4 vs. an '87 up.
I wouldn't give more than $5K-6K for this car, unless it was a convert. There are ALOT better cars out there. I couldn't wait to trade my '86 (I special ordered) on an '89 (I just bought off a lot).
The performance and ergo improvements of the '87 up's are much better.
If I had the choice between a low mile '86 Mustang for $6K and a low mile '86 GN for $12K, I know which one I would chose.
Actually if your looking for a mustang like that....Go for the 85Gt....It had the 7.5 Rear in it,But also had a roller cam,And just ran better than the 86's....I had a few 85's and 2 86's....The first year of the FI. in the mustang didnt run too strong...I think the 86's actually had a lower horsepower rating than the 85's...(Maybe a bit more torque though).I wish I still had my last 85GT...40k mile car...Bone stock except for the Gutted single cat.Even still had the 2.73's in it..Ran 14.0 all day long..On slippery Goodyear Gatorbacks,(Not at all fast,But a fun car..)
The T5 Trans in the 85 was also better...(Better Gearing).
Oh and for your original question....I wouldnt pay over 7k for the car...And It better be absolutely mint for that price.