Im 17 and have saved up enough money to by my 2ND car and decided on a mustang gt, looking for any and all input and advantages and disadvantages on BOTH styles of the mustang gt, thanks, please include all info you know.
Well on the 2000-2004
It has a 4.6 2v engine which comes stock with 260 hp and 300 lb/ft. pretty good for a daily driver, but nothing to brag about with today's cars. It also has the awesome "terminator" body style which I personally love. The best looking mustang in this time period is the bullit or one styled like it, with a darker color, bullet rims, and no spoiler. These engines have many performance parts in the aftermarket and respond quite well to forced inductions and gear swaps, but not as good to bolt on parts.
As for the 2005-2007
These beasts come with a 4.6 3v engine that lays down 300 hp and a whopping 320 lb/ft of torque which can get you in some serious trouble =)
They are by far the best looking between these two groups and have a higher resale value. This engine has loads of torque all the way through the rpms and loves exhaust and intake mods as well as a 93 octane performance tune. The aftermarket for these engines is loaded with heads, cams, exhausts, and bolt-on parts. With 2000-3000 in bolt ons you can have a 360hp/370 lb/ft. car that will run with any car on the road (new Camaro SS especially). To really liven these cars up though, swap the stock 3.31 gears with some 3.73s (manual) or 4.10s (auto) and watch your 0-60 time drop by half a second!
Either are great cars, the only downside would be gas mileage, but believe me you wont care once you drive one. Just drop that sucker into first and plow your way to 5500 rpms while wasting a set of tires =).
The 2005+ model has the 4.6L 3V which is a better engine than the 4.6L 2V in the 1999-2004 model (although in my opinion the 2V sounds better, but thats just opinion).
The 1999-2004 model seems to get better gas mileage than the 2005+ model though