Current values
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Model overview
Current values
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Other models
Model overview

1988 Ford Mustang 5.0 GT

2dr Convertible

8-cyl. 5.0L 302cid/225hp SFI High Output

#1 Concours condition #1 Concours
#2 Excellent condition #2 Excellent
#3 Good condition #3 Good
$24,000 CAD
Value Decrease Icon-4.8%
#4 Fair condition #4 Fair

Forecasted Values

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Model overview

Model description

In 1987, the Ford Mustang received some crucial updates including design changes inside and out, as well as a bump in output for the V-8 engine. Given the drastic changes of the year before, the Fox body Mustang carried over into 1988 largely unchanged.

The base engine was a 2.3-liter four-cylinder, delivering 90hp and 122 pound-feet of torque. Power went through either a 5-speed manual transmission or a four-speed automatic.

The 5.0-liter V-8 received upgrades in ’87 and that carried into ’88, with an output of 225 horsepower and 300 pound feet of torque. You could get the 5.0 with either a 5-speed manual or a 4-speed automatic transmission. The LX 5.0 model shed 200 pounds of weight in the body, plus you could also get GT suspension components on the LX 5.0, making it a genuine sleeper.

The only big addition to the Mustang in ’88 was the exterior color Tropical Yellow. Only a few hundred of these bright Yellow Mustangs were built, making them somewhat collectible.

In 1987, McLaren started taking Mustang coupes and converting them into two-seat, high-performance convertibles. The convertible top conversion was performed by American Sunroof Company (ASC), and performance parts from McLaren were installed. The cabin is outfitted with attractive and supportive sport seats. The clean rear deck lid, rear lip spoiler, and more flush convertible packaging resulted in a more attractive look from the rear of the ASC’s when compared to GT convertibles.

In 1988, the number of ASC McLaren Mustangs grew to 1,015 units, marking the highest production year for the special edition. There were also ASC McLaren versions of the Mercury Capri, and any of them are pretty highly collectible.

Vehicle specifications
Wheel Base Shortest - Inches
100.4
Wheel Base Longest - Inches
100.4
Shipping Weight
3341
Drive Type
RWD
Manufacturer Name
Ford
Front Tire Size
15R225
Manufacturer MSRP
16610
Market Segmentation
Mid Size Sport
Manufacturer Code
C134
Front Tire Size Code
32
Equipment
  • StandardOptional
  • Transmission5 Speed Manual—
  • Power BrakesYes—
  • Power SteeringYes—
  • EntertainmentAM/FMAM/FM CASS
  • Air Conditioning—Yes
  • Power Windows—Yes
  • Tilt Steering WheelYes—
  • Roof Description—Manual Sun/Moon Roof
  • Restraint typeActive (Manual) Belts—
  • Security EquipmentNone—
Standard
  • Transmission5 Speed Manual
  • Power BrakesYes
  • Power SteeringYes
  • EntertainmentAM/FM
  • Tilt Steering WheelYes
  • Restraint typeActive (Manual) Belts
  • Security EquipmentNone
Optional
  • EntertainmentAM/FM CASS
  • Air ConditioningYes
  • Power WindowsYes
  • Roof DescriptionManual Sun/Moon Roof

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All prices shown here are representative of stock condition vehicles only and based on various data sources, as detailed in About Our Prices. Value adjustments for optional equipment are in U.S. dollars. More information on how forecast models are calculated can be found on Forecasted Values page. For additional information and a complete description of benefits, visit hagerty.ca/legal. Purchase of insurance not required for membership in HDC. Hagerty, Hagerty Valuation Tools & Hagerty Drivers Club are registered trademarks of the Hagerty Group LLC, ©2026 The Hagerty Group, LLC. All Rights Reserved.

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