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Engine replacement or no?

I have an 89 mustang 5.0 lx convertible that I recently bought. I was told it has over 200,000 miles on it. Originally from north Carolina and Florida. I'm curious to know if it's worth it to pay for a compression test or should i just have a new one put in. Taking into consideration it runs very well. No smoke or ticks. No overheating.
 

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If I were worried I'd pay for a test first.
It all depends on how the pervious owner or owners maintained the car and how hard it was driven.
 
I believe it has only had 2 owners before me. And just with the way it looks. I would believe that the owners were pretty meticulous on taking care of it. It already has alot of new parts.
 
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