Cruisin’: 1978 Mustang 302

Q: Greg, I own a 1978 Ford Mustang that is supposed to be “one of a kind.” It has a Boss 302 V-8 engine and only 37,000 miles. I am told if it was factory built, it could be worth a few bucks. How do I go about finding the value of the car? I have included my car’s VIN number. — Bert, Tecumseh, Okla.

A: Bert, according the vehicle identification number (VIN) you supplied, your Mustang Hatchback came equipped with a standard 302-inch V-8 that puts out 139 horsepower. This is not a Boss 302 factory car, so you are basically sitting on a car that either had a Boss 302 engine installed by someone other than the people at the Ford factory, or your standard, non-high-performance engine was dressed up with Boss-style valve covers and other bolt-on high-performance products to mimic a Boss 302.

The factory Boss 302 models were built in 1969 and 1970, and the engine developed 290 horsepower. The original Boss 302s are worth big money, with fully restored 1969 and 1970 Boss 302s listed at $44,000 in Old Cars Price Guide Magazine.

Unfortunately, the 1978 Mustang II model is not one of the popular collector cars, with the top price of only $6,300 listed for a professionally restored 1978 model. If your Mustang has a true Boss 302 engine in it (which I doubt), it should easily burn the rear tires down.

I recommend taking your Mustang to a respected speed shop in your area and have the proprietor look and listen to the engine. He or she will be able to tell right away its true Boss nature. If it is, then your car is worth more to the right buyer, but nowhere near what true Boss 302s sell for.