I did pretty much what you're talking about--spent nearly $20,000 converting a nice '89 745, with a new Ford crate motor with a full 3yr/36,000mi factory warranty, a good T-5 trans, and practically every component--accessories, EFI system, driveline, exhaust--totally restored or professionally built to top quality or bought new.

It has basic suspension mods, and stock alloys with good tires. The motor now has 2400 miles on it, and runs absolutely perfectly. It's very fast and smooth. I did the work myself, so I guess it's not professional, but did it with quite a bit of help and advice from a longtime Ford technician, who helped me get every little thing with the installation right (even down to wiring up the check-engine light!) and making it work like stock. We also had it checked out by a reputable independent Volvo shop and a nationally-known Mustang race shop (Brad's Custom Auto--search on the internet), because we were dependent on it as a daily driver, and they checked everything and pronounced it sound.

It's a wagon, but there are hidden benefits to wagons--far more sleeper quality, greater cargo and people carrying capacity, better handling balance, and, at least in my opinion, better looks than the 700 sedans. The body is in great shape, no accidents or rust whatsoever, and has all the luxury options (power sunroof/mirrors/locks/windows, leather, airbag, ABS disc brakes with 80% material left, third row seat, good stereo, etc). It looks good, the paint is shiny, and it has low miles for the year (153k). The one and only issue is that the heater core is blown, but it is only a $110 part that can be replaced in a solid weekend. We're asking $7950 OBO. Let me know if this interests you.
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FOR SALE 745 with Ford 5.0 V8, awesome car, 2300mi engine, email me