Affordable Horsepower: Buying a Used Mustang

From the moment it rolled onto the automotive scene in 1964, the Ford Mustang has been an emblem of aspiration for every car enthusiast—but the Mustang was never just a car; it was a dream accessible to the masses. This iconic American muscle’s appeal lay in its ability to bridge the divide between performance-oriented driving and affordability, as drivers could slake their desire for speed without breaking the bank.

Fast forward to the present day, and the automotive industry is in a state of flux, leaving car shoppers facing an unprecedented challenge. New Mustang models—as well as most other desirable new cars—can sometimes be hard to find on dealer lots. So, if you’re thinking of buying a Mustang, why not consider buying used? If you’ve perused our lot, as a used car dealer near Carmel, then you’ve seen a ton of reasons to consider a well-loved pre-owned Mustang.

The Mustang’s legacy ensures there’s a rich variety of models from various eras available, each offering a unique flavor of the Mustang experience. There’s an undeniable benefit of cost savings, too; a used Mustang can offer tremendous driving fun at a fraction of the price of buying one new. Furthermore, purchasing used can often bypass the wait times and uncertainty inherent in the present-day new car marketplace. With a bit of research and patience, one can find a Mustang that perfectly balances history, performance, and value.

We’ll take a look at two main categories of Mustangs dating back to its retro redesign in 2005, which covers the fifth and sixth generations of this beloved pony car. To turn practical around-town driving and commuting into some of the best hours of your day, we’ll look at V6-powered coupes and a surprisingly potent four-cylinder; for spirited high-performance driving, we’ll look at the Mustang GT and special editions—and don’t forget, V6 models and most V8 models of the Mustang are available as convertibles for those fine summer afternoons.

A V6 for Frugal Fun

You might be wondering if you really want a V6 in a muscle car. If you want to blend driving fun with fuel economy, then you probably do. Going all the way back to the 2005 redesign, V6-powered Mustangs produced 210 hp and a respectable 240 lb-ft of torque for spirited everyday driving. With four-wheel disc brakes as standard equipment and with optional antilock brakes and traction control, the 2005 Mustang V6 still offers a modern driving experience.

Its retro redesign continued into the interior, where a dual-hooded dashboard recalled the dash on the original 1964 model. Other nostalgic touches included round gauges with a retro font and a throwback steering wheel with the airbag packed into a round center hub flanked by old-fashioned metallic spokes. If you can find it, there was an interior package that set red leather seats and accents against a charcoal gray interior.

The V6 was available in two editions, Deluxe and Premium. The Deluxe sported 16-inch alloy wheels and all the interior appointments you would expect from a premier sports coupe, such as power windows and locks, A/C, and a CD player. Stepping up to the Premium edition got you upgraded wheels, a power driver’s seat, and a 500-watt audio system.

The 2010 Mustang saw a refresh of the Mustang’s exterior, and the next year brought the first major powertrain update of the fifth generation. For V6 models, this meant an all-aluminum 3.7L six-cylinder that now produced a very enjoyable 305 hp—almost as much as the previous year’s V8 Mustang GT. (The GT got a power boost in 2010, too, as we’ll soon discuss.)

Perhaps the most remarkable thing about the 2011 Mustang’s V6 was its fuel economy. Despite cranking out horsepower that would have made some old-school V8 muscle cars turn green with envy, this power plant achieved 31 MPG on the highway—though some said this was a significant underestimate.

So on June 23, 2010, some Ford engineers put the new V6 to the test by driving it around a test track for 776.5 miles on one tank of gas, averaging an astounding 48.5 MPG. Of course, they did that at an average speed of just under 44 mph with almost no stopping, so it wasn’t a realistic reflection of real-world driving, but it demonstrated that mighty horsepower doesn’t have to mean stopping to fill up two or three times a week; it means that a used V6 Mustang can be a very practical yet pulse-quickening car for your consideration.

Turbo Horses on Four Cylinders

In 2015, as part of a total redesign of the Mustang, Ford added a turbocharged EcoBoost four-cylinder rated at 310 hp to the Mustang’s engine lineup. This actually made the four-banger a premium upgrade over the V6, and performance matched its new position. With a manual transmission, Car and Driver achieved a 5.5-second zero-to-sixty time; it actually achieved 5.2 seconds with an automatic, too, but—let’s face it—with a spirited Turbo I-4 under the hood, you absolutely want the manual.

Beginning in the 2018 model year, Ford dropped the V6 from the Mustang’s list of engine choices, leaving the turbo EcoBoost as the new base engine, which remains true today. So, from 2018 through the present, Mustang buyers looking for speed and fuel efficiency have had one choice. Horsepower has grown slightly over that time to 315, while torque has grown to a tire-smoking 350 lb-ft (up from 320 in the 2015 model).

Handling All These Ponies

Another consideration when looking at Mustangs from the fifth and sixth generations is their handling. While the fifth generation (2005-2014) was a huge improvement over its predecessors due to being built on a new, much more rigid chassis, it still featured a solid rear axle that was a point of criticism from some folks who otherwise loved the car. This changed with the sixth generation in 2015 with the introduction of an independent rear suspension, giving the Mustang handling on par with the best sports coupes on the market. So, if handling is important to you, you may want to limit your search to these models.

The Thunder of a V8

Many driving enthusiasts will tell you that the only real Mustang is one powered by a V8. Certainly, if you’re looking for all-out power (and fuel efficiency is way down on your priority list), then a V8 is the way to go, and you’ll want to look for the GT trim on our lot. There are also some special edition Mustangs, most of which have V8s under the hood and which have the added bonus of collectability.

The 2005 Mustang GT featured a 4.6L V8 with 300 hp. While relatively modest for a V8 by 2020s standards, considering the affordability of these models from almost 20 years ago, this power plant still represents a pretty good performance bargain.

Over the years, the GT’s V8 grew in size, power, and sophistication. In 2011, displacement grew to 5.0L, and power jumped to 412 hp. This engine carried over to the sixth generation model in 2015 but with a bump to 435 hp. Power has continued to grow ever since, up to today’s 486-hp GT trim. You can find used GTs all along this horsepower distribution.

Today’s Prices for Great Used Mustangs

Used Mustangs remain excellent bargains compared to today’s new cars. For fifth-generation models, expect to pay an average of around $13.5k for a good 2005 example (and maybe a few thousand less for a V6) up to around $18.5k for a 2014 model. For the sixth generation with the independent rear suspension, average prices jump to nearly $24k for a 2015 and rise to somewhere north of $30k for an early 2020s model. But remember, V6 and Turbo I-4 models are cheaper than the average, and a well-loved higher-mileage model can be quite a bit cheaper still—and those should be easy to find since people do love their Mustangs.

V8 engines can be found under the hood of a wide variety of special edition fifth- and sixth-generation Mustangs, ranging from the 2006 Mustang Shelby GT Hertz edition to the Bullitt edition (2008-09, 2019-2020) that pays tribute to the iconic green Mustang in Steve McQueen’s movie, Bullitt. These can be harder to find and usually cost quite a bit more than even well-preserved Mustang GTs, but owning one is owning a piece of automotive history.

History is as much a part of the Mustang’s legacy as performance, so come by Pearson Ford and make the Mustang’s legacy part of your future.