Shopping for a Used Mustang: Affordable, awesome performer

For 45 years, many Americans have longed for the style and performance of a Mustang. Today, that stout performance and eye-checking style is available for under $15,000.

Every recent Mustang offers plenty of power. A $9,000 2005 V6 Mustang makes as much horsepower - 210 - as an '84 Corvette. For about $13,000, a 300-horsepower 2005 GT is yours.

Beginning in 2005, the fifth-generation Mustang was based largely on the Lincoln LS and Jaguar S-Type. The Mustangs continued with McPherson strut front suspension and a solid axle rear, rather than the setups on the Lincoln and Jag. Despite its heritage, the '05 Mustangs rattled and creaked almost as much as the fourth-generation, which was based on the Ford Fairmont from the late 1970s. The new car doesn't handle much different than the previous cars.

2005 V6 convertibles are available for about $10,000. The tire smoking GT can be had for around $13,000. Moving up to '07 models raise prices by about $2,000.

Another deal is a '01 to '04 Fox-chassis 260-horse Mustang GT. We loved it - and many hated it - during track day events. It's rewarding for those who like to drive cars a little, or a lot, loose: To go fast, it has to be on the verge of spinning out. If fitted with 275/35R18 Viper front tires, which have race-tire-like tread compound, a dead-stock '01 GT is as fast around a road racing course as a '99 Porsche 911 on stock tires. 2004 Mustang GTs go for about $8500. Consider the pricier Mach 1 and Bullitt editions, but avoid the Cobra: Its independent rear suspension handled worse and broke a lot.

As with any performance car, have an expert check for signs of abuse. Limited slip differentials fail on Mustangs that have been driven hard. Get a car history report to make sure it was never a rental car. Check recalls and technical service bulletins.