I just bought a 1995 mustang gt with a cobra conversion. I test drove it and drove it home fine, but as soon as I drove it the next time it started overheating and white smoke started pouring from the engine. It was leaking a little bit of oil when I bought it but after this happened it was leaking oil really bad. I put more oil in it and drove it home where I left it. The oil leak went back to minimal. I continued working on it and decided to try and take it for another drive. It lasted longer this time but the same thing happen. This time my coolant level was really low. I believe that my head gasket may be blown, but I was looking for a second opinion.
My car has a manual transmission.
You did most likely blow a head gasket if you are blowing white smoke out of the tail pipe. Remove throttle body inlet tube to see if there is coolant in intake indicating cooler behind throttle body is leaking. If not then it is sure to be the head gaskets or cracked heads.
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