Faults:

Alternator caught fire (fortunately I had some left over soda to put it out)

A/C Compressor sounds like it has marbles in it.

Right now it has a bucking problem that I can't figure out (maybe ignition signal/wiring)

Passenger power seat does not go forward.

Driver's side window fell out of the plastic channel that holds it (fixed with adhesive)

Power steering rack leaks.

Power steering pump whines.

Replaced rotors (pulsating) and they lasted about 2 months. Got new better quality ones and they have been good for about a year so far (Order Mustang rotors and transfer the antilock ring--they're $50 instead of $150)

Replaced '87 EEC with one from an '88--it lets the turbo go to full boost in all gears (87 limits it after second gear, although I don't know how the EEC knows what gear you're in)

Drive shaft has a slight vibration at 75MPH--output shaft bushing worn--notorious in T-5's.

Sunroof seal is bad--dealer wants $150 for a new one...

General Comments:

I've had a good amount of problems with the car, but it is 16 years old.

Nothing I had to repair cost too much--that's why I keep it.

It performs very well for what it is, and mechanically, it's a very strong car.

The 8.8" rear would hold up to a small block someday :)

In my opinion, this is a great car for those who like to tinker around--they are getting kind of old to be considered maintenance free.. I know a few people who have over 200k miles and they're still running fine.

Faults:

I replaced the battery, alternator, thermostat, and heater core due to failure.

I replaced the plugs, wires, cap and rotor as maintenance items. Also added a K&N air filter for a little performance upgrade with a maintenance item.

I replaced the Transmission, not because it failed, but because the 5th gear sync was going.

I have a new fuel pump waiting to go in, as I anticipate failure.

General Comments:

This car is extremely fun, and has excellent millage range, due to its small displacement. As long as you keep the fuel regulator switch on regular during every day driving, and keep your foot out of it, this car has great fuel economy. Particularly when compared with V8 versions of the same year, (which had less power, might I add).

The programmed ride control is a great asset in this car, as it keeps the car quite flat and under control when in the curves. The only problem I noticed in the handling department was a small amount of under-steer while powering through a turn. Though this may have been due to poor alignment at the time.

The power-train is solid. The hydraulic clutch is a trick to get used to, but becomes an asset after you master it. The 3.55 positive traction rear end makes 3G launches quite easy to stick. This has helped me very much, and so far I've yet to be beat. The spool surge is awesome. Though the 10psi limiting on the '87 model, in 3-5th gear, is a pain. This issue was dealt with in '88 however, so if you can find one of the later model engine control module you'll be laughing. The IHI Borg-Warner turbo on the Gen-II TCs are quicker spooling, but handle less boost than the Gen-I Garret T3. Thanks to the addition of an inter-cooler power is still upgraded in the later models.

Most people have no idea about these cars, so they can be found fairly cheap. Easy to modify, too.