At $10,997, Could This 1992 Mercury Capri XR2 Be An Excellent Investment?

Today's Nice Price or No Dice Capri may have lived in the shadow of its distant cousin, the Mazda Miata, but it has a few tricks up its sleeve (a turbocharger and a back seat) that mean it might deserve the spotlight. Let's see how bright an idea it is to pay this car's asking price.

Lancia — which, if you're Italian, you pronounce "Lan-cha," and if you're not, you most likely pronounce "Lan-see-a" — was once one of the world's most innovative automakers. Counted amongst those innovations are the first V6 and V4 engines in a production car, the debut of the five-speed manual gearbox in a street car, and the use of a monocoque chassis all the way back in 1922. 

Naturally, all that innovation cost the company, with finances becoming so dire in the 1960s that a buyout by Fiat seemed the only solution. Fiat ownership spelled the end of Lancia's innovation era, but not before the company built the 1975 Fulvia Series 3 Safari that we had the pleasure of inspecting yesterday. Our rally-race homage coupe was presented as mostly original and looked to be in great shape. Unfortunately for the seller (and the former owner's estate), too few of you felt it was worth its $27,500 asking price. That ultimately fell in a narrow but decisive 58% 'No Dice' loss.

Speaking of Italian, today we're going to look at a 1992 Mercury Capri XR2 that... checks notes... was built in Australia. OK, there's still an Italian connection here, so just bear with me. While Ford has employed the Capri nameplate across a number of different and disparate models, this is the only one designed as a dedicated convertible, and the only FWD car to carry that badge. It also returned the Capri to its status as a 'captive import,' albeit now from down under rather than the Continent.

I promised an Italian connection, and here it is: the Capri's bodywork was penned by Ford's in-house Italian design studio, Ghia, based on its 1983 Fiesta-based Barchetta show car. The Capri's interior was handled by another Italian designer, Italdesign. All that rides on a platform taken from the Australian Ford Laser, which was nothing more than a rebadged and slightly massaged version of Mazda's 323 economy car.

In XR2 guise, the Aussie Capri earned a turbocharger for its 1.6-liter DOHC four, imbuing it with a healthy 132 horsepower. On this car, that's backed up by the desirable five-speed manual, and has done a modest 26,262 miles, making it almost factory fresh. The whole thing rolls on a more aggressive suspension than the base car, and wears up-sized 15-inch alloys that are the most '90s design imaginable.

This clean-title Capri looks as good as its odometer implies. The Cardinal Red paint still pops, showing no sign of wear or damage. The seller does note that there's a flag on the Carfax report of a fender or bumper mishap, but that seems to have been repaired leaving no permanent sign. These are not handsome cars, but they are quirky and, this one, at least, is a time capsule of its era.

That continues in the cabin. You might not get that this was the work of Italdesign, but it's a clean enough look and comes with a driver's-side airbag, so it should feel at least marginally modern. It also amazingly has a back seat. Admittedly, that's tiny, but that's more than a Miata offers, and the seat back can be folded down, allowing access to the trunk. And that's in a convertible!

Craigslist

The top above that looks to be in as-new condition, and when folded, sits under a hard tonneau. Everything is said to be working on the car, right down to the premium sound Ford AM/FM/cassette stereo and the A/C. The upholstery, sadly not featuring a crazy '90s pattern, looks to be in great condition.

Other pluses include newish ('22 install) Hankook tires, a brake flush, smog certificate, and the seller's promise that the car is "an absolute Blast to drive!" Additionally, they claim the car to be "Very nice on the highway and rips through the corners like it's on rails!"

Craigslist

There seems to be some odd history between this Capri and its seller. According to the ad, the car's recent mileage has been racked up by another individual, and not the person writing the ad:

The odometer reading was 23,562 miles. I kept the car in my collection until November 1st 2023 when I sold it with 24,862 miles to Current Owner who has kept it garaged & only drives it on special occasions. Odometer now shows 26,262 miles.

After reading the ad a couple of times, it appears to make sense—the current owner is being assisted by a prior owner in the car's sale—but at first glance, it seemed kind of hinky.

So what we have here is what appears to be an almost-perfect example of a car that Ford threw into the market to do battle with Mazda's mighty Miata, and which failed at that task. Today, everybody knows what a Miata is. This Capri's seller admits that they get questions about what the heck this Mercury is on the regular.

That's not necessarily a bad thing. This appears to be a fun little runabout with an international history, making it a reasonably solid collectible for Radwood fans. The question, of course, is whether it's worth $10,997 to enjoy that quirky experience.

What's your take on this well-preserved alternate universe Miata and that not insubstantial asking price? Does that seem fair, given the car's condition and quirks? Or for that much, would you feel foolish not just buying an actual Miata?

You decide!

Los Angeles, California, Craigslist, or go here if the ad disappears.

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