Yes, that was me saying "Make it last before you make it fast."
Like others have said, rust is a major consideration when determining when money should be poured into a high milage Contour. So here is my take on what to look for on that issue:
173 k miles brings everything into question, especially if this is a car that spent its life in the Midwest and has been driven through many winters. If this is what you have, then rust is a very big concern as to whether you want to spend the money it takes to “make it last”. Given the known headaches with Contours that can bleed your wallet dry, just drive the car and maintain it until the wheels come off is the best advice if you don't have "deep pockets." If you want a CSVT with a lot of potential life left in it, look for one with very low miles and/or ones from the southern USA.
Let’s proceed with rust inspection:
1. Pull the sideskirts to see if the rocker panels are crapped-out. My opinion is that once a car has reached this stage, it is not worth restoring unless it is extremely rare. The sideskirts will likely be filled with tons of road dirt.
2. Inspect the rear subframe. The tabs where the sway bars are mounted tend to break off after excessive corrosion. Some people even have reported major holes opening up in the subframe. You can still get new reinforced subframes from BAT Inc. However, if your rear subframe is rotted-out in a major way, this begs the question of the integrity of the unibody construction around and especially just behind it. If the unibody is crapped, put minimal money into the car and drive it till it drops.
3. Inspect the gas tank filler neck. Several owners of cars that go through the brutal Midwest winters have suffered rotted-out filler necks. No new necks are available. If you see a lot of corrosion, the gas tank has to be pulled to remove the neck. The neck can then be grit blasted, inspected for integrity after rust removal and it is still good, paint it with POR-15 paint (great stuff). The rubber gasket and plastic lock ring that holds the filler neck into the tank are still available through Ford.
4. While you are looking at the gas tank filler neck, check the condition of the gas tank mount straps. If they are crapping out, you can get replacements from Rock Auto if necessary. The new straps will come unpainted so if you want them painted, you will have to do it yourself or take them to a powder coater.
5. Still sticking with the gas tank, if the tank has to come out due to issues with the neck, also inspect the tank where the fuel pump/sender unit is installed. The lock ring might be in very bad shape. I think you can get replacements off of Ebay but am not 100% certain because there were three changes with portions of the tank system during the whole CSVT production run. The lock ring itself still is not the big concern. What is the big concern is the metal ring that the lock ring interacts with. The metal ring I am talking about is embedded in the plastic tank itself. There will be some point where that ring will rot out such that the fuel pump / sender unit is no longer held firmly in place. You may get a leaking gas odor from the gas tank area although no puddles will ever be found on the ground. If the tank is pulled from the car and this ring is corroded but not a 100% goner, undo the lock ring so you can paint this portion of the tank with something like POR-15 paint. If this ring is shot, you need a replacement gas tank. Three different tanks were used on Contours during the 1998 – 2000 production run so it will boil down to the production date of your car to determine which one fits.
6. Remove the rear tires and the plastic wheel well liners to inspect the sheet metal (will get a better look at the gas tank filler neck too). Look very thoroughly for rust everywhere. Rust likes to start where those little screws secure the rear bumper to the rear quarter panel and all along the inner lip of the wheel well where spot welds were made.
7. Inspect the metal box that is bolted underneath the rear of the car just behind the rear suspension. This metal box contains the evaporative emissions control canister and purge valve. The bolts and stamped steel nuts that hold it to the car may be completely rotted out such that the whole box is ready to drop off the car. There will be only three bolts and stamped steel nuts. You may need to use a hammer and chisel to loosen them up so that the box can slip off in order to replace them.
8. I can’t say that I’ve ever heard of a front subframe rusting-out to the point that it needed to be replaced but it probably has happened. Thus, take a close look and poke around with a screwdriver on heavy rust spots to see if holes have formed that shouldn’t be there.
9. Do a general inspection of the underbody / floorboards. There are several areas where plastic plugs are installed and these are other spots where rust first forms. If you have noticeable holes in the floorboards from rust, just drive it till it drops.
I think that is a pretty decent shopping list of things you have to keep an eye on when using just corrosion as the measuring stick of determining whether it is worth the money and time to fix-up a Contour or Mystique.
I'll see if I can come up with a good shopping list of easy things to screen on the mechanical side later this week.