Business: American as All Hell

One of the hottest cars in the U.S. these days is neither a Japanese import nor one of Detroit's new front-wheel drives. It is the Ford Mustang of the early breed: the slim, economical and sporty little models built between 1964 and 1968. Suddenly they are more sought after than any other classic. An early model in only fair shape sells for $6,000 to $8,000. Low-mileage convertibles in top condition have fetched as much as $18,000. In California, old Mustangs rank near the top on police lists of most-stolen cars.

Automen have no firm explanation for the renewed popularity of the...

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