I'm not surprised about the comments of the Mustang owner's maintenance list with O2 sensors, struts etc... I have a 1998 Mustang that I bought with 34,000 miles, thinking it was a good buy 2 years ago.
I now have 65,000 miles on it, and the gas tank connection from the fill tube to the tank is leaking severely, the power windows on both sides go up about 1/4 of an inch higher than they should, so when you close the door it can shatter the glass from hitting the metal jamb, (first hand experience).
The factory CD player stopped working, the O2 sensor needs to be replaced, and the car has a constant hesitation local and highway driving.
It has a 5 speed manual trans, which so far seems OK, but I have a squealing noise coming from the engine compartment. I don't know if it's the throw-out bearing or some other component.
The power seats don't go up anymore, and the handling in wet weather is terrible, even with $700 worth of new tires.
I am disappointed with the car on the whole, and probably will not buy another one.
I have owned a 1967 GTO back in the early 70s, a 71 Cougar, and various other American muscle cars and still own a 70 Chevelle Malibu, which is a dream machine with 425hp. The Mustang can't compare with the muscle cars of old.
To start I would like to say that I think that if you want to drive a Mustang, the first thing you should do is to buy a V8. V6 Mustangs are not reliable at all, I had one a couple of years ago and I had so many problems with it that wasn't even funny. Motor mount worn out. A/C was a constant issue, lack of power, for a 3.8 V6 150 hp is extremely poor.
Now I have a Grand Prix with a 3.8 with 210 hp that's a lil more acceptable. My advice, don't buy this car.
I've owned V-6's and V-8's and don't find any difference whatsoever in the reliability. I actually had more minor maintenance issues with my V-8's than my 6's (although ALL were just about flawless). The new 4.0 V-6 provides very good performance and is an excellent engine as for as reliability is concerned. Also, the A/C system on the V-8 is no different from the 6, nor are the motor mounts.
I test drove several 2007 Grand Prixs before buying a Mustang. The Grand Prix was EXTREMELY slow. I have easily beaten 3.8 Grand Prixs with my Pontiac Grand Am Quad 4. The Grand Prixs extra weight more than offsets any power advantage. Pontiac did well to drop it. The G8 is a very good car and performs well even with the V-6.