The Ford Motor Company introduced its new Mustang at the New York World’s Fair in April 1964, as a 1965 model. With more than 22,000 units sold on the first day, the Mustang was Ford’s most successful launch of a new vehicle since the Model A in 1928. By the end of 1965, Ford had sold nearly a half million Mustangs and the demand for more was barely slowing. The four-passenger, long- hood, short rear-deck pony car was born and has been in steady production since its inception.
Through the decades, the Mustang has undergone several transformations to reach its current sixth generation. Except for the 1974-78 second-generation models, the Mustang remains a steadfast collectible. I’m often asked what is the next big thing in collector cars, and while my crystal ball does get a bit foggy at times, I see a definite opportunity to score a future classic in the 1994-95 fourth-generation models.
The 1994 model was a definite break form the 1979 to ’93 Fox platform. A major redesign, it remained true to its roots and gave buyers the 5.0 V-8 GT until the 1996 introduction of the 4.6 modular V-8. Don’t get me wrong, the modular motor makes great power, but these early 5.0 offerings all respond to the same tuning and performance upgrades of the earlier models and aside from the electronic ignition and fuel injection, it’s the same pushrod V-8 Mustang used for 30 years. That’s what makes them different and, with just a two-year window of production, I see some potential appreciation.
For Paul Greenaway of Winnipeg, his 1994 Mustang GT has been a member of the family since 1996.
“My father Bruce bought the car used with 25,000 kilometres on it and used it as a summer driver until 2000,” Greenaway says.
At that time, his father wanted to sell the Mustang and purchase a Harley-Davidson motorcycle. For 21-year-old Paul, the only way he could afford to purchase the car was to take on a 16-hour part-time weekend job on top of his weekly full-time job. Greenaway says, “I had to do that for a couple of years and it was hard at times.”
The Mustang came finished in Canary Yellow, later referred to by Ford as Chrome Yellow, with a black and grey cloth interior. Outside, the Mustang sports a Saleen rear deck spoiler, matte black chin spoiler and clear Cobra headlamps. Getting the road stance right are Eibach, one and a half-inch lowering springs, front and rear sway bars and KYB adjustable gas shock absorbers. The wheels have been upgraded with the popular 17-inch Cobra R wheels shod with B.F. Goodrich Comp T/A radial tires. Under the hood, Greenaway has upgraded the cylinder heads, throttle body, mass air-flow meter, cold air intake and installed a performance camshaft, Ford Racing ignition wires and chrome strut brace. It’s all backed by the factory-equipped five-speed manual transmission.
Inside, the factory cloth and vinyl interior has an AM/FM CD player with billet aluminum shift knob and pedal trim. Factory options include power steering, power disc brakes, power windows, power door locks, air conditioning, tilt steering wheel and cruise control.
With only 55,000 kms on the odometer, this is probably one of the cleanest and most well-maintained 1994 Mustangs out there. Greenaway, a member of the Manitoba Mustang and Ford Association since 2002, considers it done, with plans to just continue enjoying it as a summer driver.
Those of you out there ready to discover a future classic Mustang should look for the usual things. A well-maintained, low-mileage, rust free vehicle with a clear collision history is a must-have. The performance industry for the 5.0 is solid and parts availability for this year of car, as with all Mustangs, are easy to find. Look for a slow annual appreciation in value, but remember, this is an RRSP you can take out for a sunny, summer drive.
Photos by Larry D’Argis / Winnipeg Free Press
This 1994 Ford Mustang GT in Canary Yellow was purchased by Paul Greenaway’s father in 1996, who sold it to Paul in 2000.
The fourth-generation Mustangs (1994-95) remained true to their roots with a 5.0L, V-8 GT engine, which, other than the electronic ignition and fuel injection. was the same engine every Mustang had for the past 30 years.