Oil pan gasket needed replacement at 160,000 miles.
Water pump needed replacement when I purchased the car.
Drivers side seat was broken on one side when I purchased the car causing it to tilt to the left when I sat down.
The center console was off its hinges when I purchased the car.
All the lights in the car that indicate when a door is open malfunctioned and stayed on a few months after I bought the car.
When I purchased the car it had headers and exhaust done. Besides that it is completely stock.
This car is very fast with just over 220 horsepower and even more torque. It will leave most 6cylinder cars in the horizon and will keep up if not beat later model GT. The low end power is what I love most about this car. Drifting around turns in second or third is easy just watchout for wet or sandy roads.
Handling is good, but could be better. The car has a lot of flex, but if you have some money to spend it could be fixed right up. If your giving it gas arround a turn expect overstear.
The governor is set at a disappointing 120MPH keeping you at only 3000rpms in 5th.
It sounds like the previous owner brought a few lucky ladies for more than one kind of "ride" in you car.
It is actually 225 HP and 300 Lb. Ft. of torque... Is yours a convertible? You mentioned the flex in it and a governor. I had two 5.0 Mustangs and neither had a governor on them, but they were hatchbacks. They may have governed the convertibles I can't remember. I topped 120 easily in both of mine. If yours is governed and it is not a convertible maybe it isn't the original engine either. I also never had any handling problems. Could be due to the age of the car that you are experiencing these problems. You can bolt on a strut tower brace easily and cheaply to solve a lot of the twisting. My first one was brand new and the second one only had 17K on it when I bought it. They were a lot of fun and really cheap to maintain and operate. I averaged about 25 mpg and they ran great on 87 gas. By today's standards they are not as fast as they once seemed, but for a few thousand bucks you can bolt on a supercharger to get back up to speed. Seems like a lot of extra cash, but it would add around 100 HP. I am still thinking about getting another one, but it would have to have less than 20K on it and be MINT.
My last Mustang before my current '07 V-6 was a '90 5.0. It did have great low-end power, but ran out of steam way earlier than my new V-6.
My 4.0 V-6 is actually a tad faster to 60 than my 5.0 and MUCH faster to 100 than the 5.0 was. I'm surprised at how fast the new 6 is. Mine is governed to 120 (118 actually) but I have no place to safely go that fast anyway.
My wife also had a '96 V-6 and it was nothing like the new 4.0. With the savings in gas (my 6 gets 25 highway compared to 15 for the 5.0) and lower insurance, I'm sticking with the 6's now.
15 mpg with a 5.0? Both of mine averaged well into the 20's and around 28 mpg on the highway.
I'd have to run your "6" against a 5.0 to believe you about the faster to 100 thing. You may have had the 2.73 rear end in your 5.0, which did make them slower.
If you had the Traction Lok axle it would probably take a new V-6. They are getting a 6.5 second to 60 time with the new V-6, while the 5.0 was around 6.2 stock.
If I end up getting another 5.0, I will be putting a Vortec Supercharger on it so any 6 cylinder isn't even worth talking about anymore, let alone wasting race time on.
They were quick in the day out of the box though, and as durable as any car could have been.
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