Take this as an opportunity to get an engine with a roller cam instead of flat tappet.  Look for a good deal on a 5.0L at a pull-a-part.  Ask if they offer the service of pulling the engine for you for a fee.

Bullet Bob gave great advice................I've been in your boots before. 
Just put it away.........give it a few weeks. (I call it "punishment-of-the-Mustang"!!) PUNISH that pile of iron for a few weeks!!!!

With our help and YouTube there is PLENTY of help out here. The big plus fo owning an old/classic car is their simplicity. They were made to work on....they really were! That was one of FORD's selling points.  (putting the distributor in the FRONT of the engine was for conveinence  and ease of service for THE CAR OWNER!) No kidd'in!
So........sit down.....drink a brew....smoke a cigarette...have a chew/dip....paint the bathroom...whatever.   Just don't do something you'll regret.
6sally6

Bullet Bob wrote:

I'm very sorry to hear of your troubles...but it isn't something that many of us haven't been through. Close the garage door and give it a week or so to think about things and get your mind right.
I would suggest that once the emotion settles down you could pull the head and see what's what.  If you've never rebuilt an engine you won't learn any younger. If it's just a blown head gasket it might be fairly easy to fix.  What were the circumstances when it let go...were you romping on it or did it just quietly pass in it's sleep?  Did it make any hammering noises?
If the bore isn't buggered up you may get away with a hone and rings.  That is significantly cheaper than a total rebuild and for a car that only gets driven a couple of K a year   Third, get some sound advice and make a sound decision.  You are not all alone out there.

BB1
 

I agree with BB1, except to more strongly suggest (If your not comfortable completely rebuilding an engine) take your short/long block to a local rebuilder. It's then relatively easy to take a basic rebuilt short block install; oil pump &pan, heads (could also be refurbed) pushrods, set valves, intake & exhaust and Viola, Bob's your Uncle!!
You can talk with your local rebuilder about "how built" you want it to be. Want a different cam?? ARP head bolts?? Do that your self. You may not be able to say "I did from scratch" butt you will have the pride of having put your engine together.

Tubo

Really stinks when this happens. I rebuilt a 5.0 roller engine for my FB. Fired it up and it ran ok but later, ran terrible. Did a compression check and had 155 psi on 7 cylinders and a big fat zero on number 6. After some head scratching and phone calls to Bullet Bob, MS and my Dad, discovered that the lifters on number 6 had crapped out. Point is as Bob stated, take a break, regroup and we'll help you get it back on the road far cheaper than what a mail order rebuilt engine would cost you. Let us know where you're located too. I sold my first mustang and have regretted it....don't be a mini-me!!

Well I bought this car 9 years ago.  Lots of ups and downs since then with the car and life.  I've put in so many hours and so much money I just thought I was so close to the finish line with the major items.  

I'm going to take some time and get the audio system finished and installed  to take my mind off of things.  Then sit down and see what my options are for the engine.
Even just replacing the rod and gasket this engine is in bad shape.  No way I would get top dollar even in a normal economy.  But if I spent another 3-$4k i'm not sure I'd see much of that back either.  I'd do anything to be able to just sit at a bar and have a few drinks right about now.

What I have found about these cars after owning mine for 40 years is; They gobble money when least expected and when you think you're done, you're not. I always find a way to pour money into my baby.

As everyone has said, hang in there and we'll all help you through this.

Last edited by RV6 (4/20/2020 1:07 PM)

TW, one other thing to consider. Look for a 98,99 2000 Explorer or mountaineer with a running 5.0.  Harvest that motor, tear off the explorer accessories, squirt some paint on the engine and transfer your foxbody stuff to the explorer engine. These engines run forever and can be found for reasonable $$. Bullet Bob and I were discussing this and both agree that this would be your least costly option. Of course, you'll want to do this after the two week cooling off period.....

Yea, I was never in this for the investment.  I'm not new at this.  I bought this for $15k and took be about a month to realize it was only work about $10k.  Damn near 10 years later and another $10k and it's still not on the road.  Not I'm looking at even more cash.  

It's not about the cash, but it's also not wanting to be a fool, especially not in this environment.  I'm taking a few weeks to develop a plan.  I'm making a list of shops in the area that specialize in motors, also my motor options if I go the crate option  and lastly taking a realistic inventory of what I'm capable of doing.

The hardest thing will be sticking to a budget.  Right off the bat if I pull the motor it's going to be really tempting to not go ahead and switch to a larger radiator to avoid this disaster again.  And if I'm going to get a crate engine I can't go w/ anything less than 300hp for biblical reasons.  lord help me.

TW

1966 Mustang Coupe, 1988 5.0 HO Swap, T5z, MAF EFI, 4 wheel disc brakes, 245/45/r17, full subrfame kit, painless harness

If you can do this to your car, I believe you can tackle this with no problem at all.
Frustrating...heck ya!

I have a 92 factory EFI swap as well.
I can understand it after having to partially disassemble the upper intake to get to my coolant leak.
I had just capped off the EGR coolant line on intake with RTV , cap, and hose clamp.
Of course it leaks this spring while taking it on maiden voyage with new brakes.
I had coolant burning off on intake and obvious puddle minutes later.

I looked at the bright side...my power steering and my brakes that I had apart this winter we’re good.

I confirmed it was coolant...then called it a night before something BROKE.😂

I looked at it next day after dinner...two days later.😁

Glad it didn’t sell it a few years ago.

Last edited by Nos681 (4/21/2020 6:22 AM)

Bullet Bob wrote:

I'm very sorry to hear of your troubles...but it isn't something that many of us haven't been through.  Old cars are...well, old.  They will constantly have some issue either minor or, sometimes major.
First of all, you bought the car 'cause you apparently wanted an early Mustang...good decision.  Please don't unload it in a panic.  That's the worst way to sell anything.  Close the garage door and give it a week or so to think about things and get your mind right...as Luke would say.
I would suggest that once the emotion settles down you could pull the head and see what's what.  If you've never rebuilt an engine you won't learn any younger.  It really isn't rocket science and there is lots of help/advice and borrowable tools available here.  If it's just a blown head gasket it might be fairly easy to fix.  What were the circumstances when it let go...were you romping on it or did it just quietly pass in it's sleep?  Did it make any hammering noises?
If the bore isn't buggered up you may get away with a hone and rings.  That is significantly cheaper than a total rebuild and for a car that only gets driven a couple of K a year will probably last for many years.  Back in '90 I did a quickie like that for a friend on a 350 Bowtie.  He just wanted to get another 20k or so out of the truck.  Well, he sold the truck in 04 to a fellow worker and I still see it around town from time to time.  Far as he knows his friend has never touched the engine. 
So...first don't panic.  Second, find out exactly what you have.  Third, get some sound advice and make a sound decision.  You are not all alone out there.

BB1
 

I agree with you Bob. dont bail. I was going to make the 7K road trip to the Bash with 130K on my motor. A motor is always repairable, you just have to take it apart. now with the bash not happening I am planing the next chapter. Doing the block. I never could aford the shops so back with my first car I learned how to fix everything. And now 50+ years later I am glad because I can save that hard erend money I would have spent at the shop on better parts for whatever I am doing at the time. Everyone on this site are the best.
 

Last edited by Cab4word67 (4/21/2020 11:04 AM)