Faults:

The transmission went out. I lost 5 and reverse. This was shortly after I bought the car. To fix the transmission was expensive. There is a limited supply of parts. The parts are expensive. A used transmission was expensive. That was a big one.

General Comments:

This car is a hoot to drive. With the top down, driving on a sunny day, it is nice.

The motor has a sweet sound at about 4000 rpms. 60 mph in second gear makes getting on the freeway a blast.

The car is also not too bad to ride in. The mileage it not too bad either. I had a Buick Regal that only got a mile or two more per gallon that this. This is a lot more FUN!!!

Faults:

Nothing has gone wrong with this car yet! Everything on this car is original, and it still runs like new and better than my Mom's 2000 Monte Carlo with only 90,000 miles.

I have put about 5,000 miles on this car since I bought it back in March, and no problems yet.

General Comments:

This car is good on gas, and is a still a quick car. I get about 20MPG city and 32MPG Hwy, and it does 0-60 in about 8-9 seconds; not bad for having no mods.

Also this car handles like a dream, and it is a comfortable ride.

And for having 125,000 miles, this car is still showroom condition.

Faults:

Headlight lenses became yellowed and crazed w/minute cracks by 60,000 (six years).

Clutch wore out and required a change at 75,000 miles.

Driver's door power door lock actuator/switch broke at 85,000 miles (nine years).

General Comments:

This car is well-built and a reasonable size (I feel the "new" 2005+ model is way too big).

I like the layout of the interior and find it convenient, although one modification made all the difference. I had an after-market shifter installed, and it is fun and easy to shift AND it gave me back the use of one cup holder that was useless with the stock shifter!

It has 305 stock horsepower and is sufficiently quick to be fun and not outrageous. My wife likes the stock sound of the exhaust and describes it as "purposeful" - given it's sudden acceleration. She enjoys driving it and used it as her daily driver for over a year.

I find the 1998 Mustang Cobra Convertible amazingly good on gas, although it requires premium. If I am careful, I can wring 23-26 mpg if some freeway driving is mixed with in-town errands. Too much fun results in mileage dipping below 20 mpg.

Faults:

Spindle and hub right side had to be replaced. Approx: 60,000 miles.

All four O2 sensors had to be replaced at 85,000 miles.

Replaced serpentine belt at 50,000 miles.

I bought this car new, drove it to work for 3 years. Gave to my daughter in high school. She drove it to high school and is now in her senior year college. Very few problems. The car now has 95,000 miles on it.

General Comments:

Very good car for the money. Been in the family 10 years. Would not recommend for a first car for teenager. Had to go with BF Goodrich tires, because this car would lose traction in the corners when it rained.