This would be my first mustang. But I've been waiting since 2005 to afford one. And now I'm ready. Please give me advice.
What's your budget?
If you're set on the early S197 body style, I'd recommend you choose an '09 model for the following reasons:
1. It'll have the later one-piece spark plugs that don't break.
2. It'll have the more reliable Denso alternator.
3. Models built after May '08 will also have the redesigned fuel filler neck with a vent tube, so filling the fuel tank will be a breeze.
4. All the other TSBs that Ford issued for the earlier models were already fixed.
Things to look out for:
1. Signs of previous accident damage.
2. Water leaks into front passenger and driver footwells due to blocked cowl drains or rotted cowl cover retaining grommets.
3. Cold start engine rattle (failed timing chain tensioner, broken chain guide), ticking (seized cam follower), or knocking from the front end of valve cover (broken cam phaser). Engines with over 150k miles should have cam timing system and cam followers/lash adjusters replaced.
4. Worn tires. Uneven wear is especially a problem as that indicates misaligned wheels. This could be simply a sign of at least one worn suspension component but it could also be a sign of previous accident damage that was improperly repaired.
5. Worn brake pads & rotors.
6. Suspension clunks & squeaks due to worn bushings, ball joints, tie rod ends, shock mounts, shocks/struts.
7. Perished rubbers and hoses everywhere.
8. Worn clutch disc or grinding gears due to worn synchromesh.
9. Loose or sloppy manual shifter due to worn bushings or linkages.
10. Oil, coolant, or other fluid leaks.