Please Help!!!

I have a 1991 5.0 Mustang GT. I got it a couple of months ago in excellent condition for $8500. I was driving it a couple of days ago and the Check Oil light came on. I pulled over and found that I was way low on oil. I have been smelling something (which I am now guessing is oil) every time I floor it. I also noticed yesterday that when I started it, there was a little cloud of oil behind the car. The car also has a miss in it. When I change my spark plugs, I'll look at them. The previous owners waited too long for a tune-up and I havn't done it yet. Could this be part of the problem (hopoefully)? I think that it could be a bad piston ring or a bad valve seal. Any suggestions or ideas? Does anyone know how much something like this costs to get fixed? Any input wouold be appreciated.

sounds like the rings. That would mean you would need a rebuild, which would cost however much a rebuild would cost. 1g for a decent one..maby not the best. 2g's for a decent rebuild where its done decently.

I changed the plugs today. Cylinders 1, 4, and 8 have oil on the plugs. Does this help anyone? I hope three rings didn't go at the same time.:(

sounds like they have, this is really bad. This will make the cars overall performance die fast, and you run risking loosing too much oil and thus eating your bearings. (been there...done that)

How much does it cost to get three rings fixed?

well, 1000 to 2000 for a rebuild...if you wanted you could put some cash into it and add cams, better forged crank, fordged pistons or whatever you felt like. But 1000 for a rebuild which may not be that good, 2000 for a good rebuild most likley, call a ford dealer, would cost a lil extra, but you'd get quality with a warrenty! :bandit:

$8,500 for a '91 GT!? Are prices high in Ohio? I see real nice ones for $4-5500. And your rings are gone, how many miles on the car? I used to love 5.0s, but a bought a Talon instead. What about swapping a motor? I know replacement motors from Japan w/low miles for my Talon are $1500. I wouldn't buy a rebuilt motor unless is was a build-up. You should look into getting a replacement from a 88-95 5.0.
Just my 2 cents.

Never said buy a rebuilt, I said rebuild it. Leaking rings means he -needs- to do something.

Prices are high here. I couldn't find one in halfway decent condition for under $6500.

I'm saying it would be more cost effective to buy a replacement 5.0 than to rebuild it to decent quality, unless of course your a mechanic and have the time to do it yourself.