The median 2002 Mustang in the Canadian market sits at $14,990. That's your anchor. If a car is priced within a few hundred dollars of that, you're looking at a fair-market ask, not a bargain and not a rip-off.
Most listings land between $11,995 and $17,995. That $6,000 spread is wide for a 20-plus-year-old car, and it usually comes down to condition and history rather than anything mechanical. Anything under $11,995 deserves a hard look at the reason. Anything over $17,995 needs to justify the premium with documentation or a genuinely clean example.
What to actually pay
The median odometer reading here is 86,889 km, which is low for the age. A car sitting near that number at the median price is roughly what the Canadian market considers normal. If you find one well below 86,889 km still priced in the middle of the range, that's the kind of listing worth chasing.
My take: use $14,990 as your walk-in number and negotiate down from there on condition. Rust, service gaps, or a tired interior are all fair levers. Pay above the median only when the car earns it on paper.
Numbers reflect live listings across Canada over the last 90 days, filtered for outliers. Data as of . Prices in CAD.