Faults:

The only thing that has gone wrong with the car is leaky T tops, but that's almost a 100% chance that your T tops will leak on something this old, so I just don't drive it in the rain :)

The car does leak a little oil, but that's only because I took the engine apart to put in a better cam, and the oil pan seal is not seated right around the timing chain cover.

General Comments:

This car is a very good looking and is a soon to be classic.

The car stock is actually pretty decent on performance. Although I did put some mods in it, cause mods never hurt.

This car has never let me down (knock on wood), and it does take a beating since I do ride it hard, definitely after some mods.

This car has never had a problem, even though the first time I ever took an engine apart was on this car, and I did things like mess up the timing, and it still fired right up with no problems after.

The deepest I went into the engine was just a cam; every other internal piece is stock, pistons, crank, etc.

It might also only be this reliable because it has only 42,000 original miles on it.

Faults:

Idler puller seized up, causing the serpentine belt to break. Overall a cheap task. 20 minutes and $40 to complete.

Clear coat is starting to peel, but honestly, this happens to everyone. Especially us owners of red 3rd gens.

Minor rust on the door.

Exhaust hangers broke, currently fixing.

Passenger window motor doesn't go down all the way.

Drivers side interior door handle doesn't work haha. Must open the car from the outside. Bought a handle from a junkyard, just need to put it in.

General Comments:

I love this car. It's fairly quick (in normal Drive), great gas mileage (in Overdrive), great handling, easy to work on, and replacement parts are all over the place. Cheap too.

Mine is red with T-Tops. Such a fun car to drive around in on nice days. I've put the black alloys from an '88 GTA on mine, looks amazing and the car rides and handles great.

The interior is really quite comfortable. Noise really isn't that bad because in '92 the frame was strengthened to reduce pops and rattles like the previous years. They were testing out the design for the 4th gen models.

Speaking of the 4th gen, the seats bolt right in to a 3rd gen F body and are a great improvement. Actually, a lot of the 4th gen interior pieces will fit in with only medium effort.

I've only driven the car for about 10k miles, but really its been great.

Not really a muscle car with a V6, but ya know what? That is a good engine and it gets the job done. I simply love this body style. Well worth the $1,950 I paid for it.

Faults:

Well when I bought the car with 100k miles and the previous owner said that the trans was rebuilt, but the throw out bearing in the t5 trans went it was squeaking like no other. My friend offered to fix it because I bought the car from him so we replaced clutch pressure plate, throw out bearing then 7k miles later the clutch assembly snapped didn't go bad from like riding the clutch it snapped. Trans shop said that happend with beating on it or high performance. I got all new clutch assembly this time with a warranty. The fuel pressure regulator went out at 107k miles no big deal fixed it myself, water pump started leaking at 110,000 miles replaced that myself.

General Comments:

Other than some fixes which I expected. This is my daily driver and this 305 5.0 tuned port injection puts out pretty good. supposed 2 have 230 horsepower stock I don't belive it has that anymore, but she does some nice burnouts the 5.0 mustangs are just a tad bit faster. the gas mileage in the city I get about 11 mpg. But other than a little more gas this car is well worth it. I've had it for 2 years already and I will not sell it and with it pushing 112,000 miles it still performs as it should. The piston rings are worn and doesn't hold the perfect amount of compression anymore, but its normal for the mileage and it doesn't leak oil or trans fluid, leaks a little power steering, but who needs power steering lol. The car looks sweet. The comfort is the least of my worries. The worst part is the t tops they leak like no other like if it pours rain I honestly think its dryer outside then inside I need all new weather stripping.