I'm about to get my first car pretty soon, and I'm planning on getting a Mustang. However, I'm not really sure what year I should go for or whether I should go for a GT or not. The main reason I'm not too excited about the GT is that with the rising gas prices, I'm not sure if it's going to end up leaving me homeless but with a fast car. I'm also concerned about getting an older Mustang with more mileage, and then having to pay more for maintenance, etc. In your experience at what mileage does a Mustang really start not being worth the cheaper price? Is it cheaper in the long run just to purchase a new/relatively new car from a dealership?

I'd also appreciate being told any specific information you all think someone about to get a Mustang should know.  

If you want bang for your buck go fast than a 1989-1993 5.0l is ideal lots of people around have extensive knowledge and experience with them and all the parts and incredibly cheap.  If you want something more reliable and easier on gas than a low mileage 99-present 6 cylinder would work great.  Their no 5.0 or 4.6 but their becoming more and more popular and mods are relatively easy to perform on the 99-04 models but don't expect the same power gains.  Hope this could help in your decision.

Rooney

P.S. watch the head gaskets on the 3.8L  

A lot depends on how much you drive and how you drive. A lot depends on the individual car, too. I've had 5.0-liter Mustang that pulled 23mpg around town, a 2003 V-6 that barely saw 18mpg on the highway, and my current daily driver is a 5.0-liter that was getting about 18mpg, but the engine was very tired. i expect the new engine to deliver closer to 20-22.

The car payment versus used car debate can only be assessed on a case by case basis. Figure a car payment to be around $500 a month, plus full coverage insurance at about $1500-2000 per year. With a used Mustang, you can get away with the minimum insurance because there is no lien on the vehicle. Estimate $400-700 a year for insurance. The good news is, no car payment. The bad news is that maintenance and replacement parts can cost hundreds of dollars, not to mention you have to add in the labor cost if you're not doing the work yourself. In my experience, i don't think you'll go through $500 a month in expenses, and if you do, it won't be for 36, 48, or 60 months. More like a few months at the most. Buying a used car is always a crap shoot. Also, the few car dealers that i've dealt with have always tried to stick it to me, and i get a sleezy feeling when i step foot into one anymore. Warranties aren't all they're cracked up to be.  

I'd buy the GT.  I have owned both varieties of Mustangs, high performance and stock daily drivers. The GT will have a mildly higher fuel consumption than the lower hp stock engines, but I doubt that you will notice too much difference in the pocket book. If you use it for local driving, you might spend an extra $ 100 a month in fuel. Most people can afford that. As far as new vs used.  I always buy used.  Fixing the occasional items that need repair are usually less expensive over the long haul than paying the $ 500 + a month for the new car.