There may be no better symbol of the American muscle car's 1980s comeback than the Fox-body Ford Mustang GT. After a decade of emissions regulations, fuel crises, and shrinking horsepower numbers had drained the muscle car of much of its swagger, the Mustang GT helped remind enthusiasts that affordable, rear-drive, V8 fun was alive and well. A freshly listed 1987 Mustang GT 5.0 Convertible on Hagerty Marketplace is the perfect lens through which to look at this exciting and increasingly collectible corner of the hobby.
The 1987 Refresh: A New Face for a New Era
The 1987 model year brought a major styling refresh to Ford's third-generation Mustang. Gone was the boxy front end of earlier Fox bodies, replaced by smooth, aerodynamic headlights and a cleaner nose that gave the car a more modern, confident look. Under the hood sat the legendary 5.0L high-output V8, rated at 225 horsepower and 300 lb-ft of torque — figures that felt genuinely thrilling at a time when many performance cars were still recovering from the malaise years. The GT package added its own distinctive bodywork, badging, and a sport-tuned chassis that made it a true driver's car.
This Black-on-Gray Convertible
Finished in black with a red accent stripe and a black soft top, this particular GT convertible pairs the 5.0L V8 with a rebuilt four-speed automatic. It rides on 15-inch aluminum wheels and carries period-perfect details like front fog lights, louvered taillight covers, and a rear luggage rack. Inside, bolstered front sport seats are wrapped in Medium Gray leather, complemented by color-coordinated door panels and a matching lower dash. The car also came equipped from the factory with the Handling Suspension Package, featuring variable-rate springs, a Quadra-Shock rear setup, and front and rear stabilizer bars — a reminder that the GT was built to corner, not just to cruise.
Acquired by its current owner back in 2008, the convertible shows around 62,500 miles and comes with a clean CARFAX report, a clean Michigan title, a handwritten service log, and a top boot. Honest and well-kept, it's exactly the kind of driver-quality classic that makes the Fox-body so approachable.
The 1980s Muscle Market: Affordable, Fun, and On the Rise
For years, 1980s muscle cars sat in the shadow of their 1960s and early-1970s ancestors. That's changing fast — and it's great news for enthusiasts. The Fox-body Mustang, the third-gen Camaro and Firebird, the Buick Grand National, and Chevy's Monte Carlo SS have all earned a devoted following, driven by the millions who grew up with these cars on bedroom walls and dealer lots. As that generation reaches its collecting years, demand and values for clean, original examples have climbed steadily.
What makes this corner of the market so appealing is its accessibility. Where a numbers-matching 1969 muscle car can command six figures, a sharp Fox-body GT remains attainable, easy to maintain, and endlessly modifiable thanks to a massive aftermarket. Convertibles like this one carry extra appeal for their open-air character and relative rarity. With strong fundamentals, broad nostalgia, and an active enthusiast community behind them, '80s American performance cars look like one of the most fun and sensible ways to get into the collector hobby today.
This 1987 Ford Mustang GT 5.0 Convertible is currently up for auction on Hagerty Marketplace, where you can browse all 60 photos and follow the bidding. You can view the full listing here:
See it here.
