This is the second Mustang I have owned, the first being an '86 LX 5.0. Both cars are very similar and I have over 180,000 on each. They are rock solid reliable until about 160k mi when the TFI ($45), Heater Core ($40), and Water Pump ($45) should be changed. At 170k, you're looking at a rebuilt trans ($750). The engine and heads should exceed 200k mi. Struts and springs hold up well past 200k mi. The car easily revs past 5500 rpm and while the 220hp is matched by many modern cars, the 215lb/ft of torque at 4000rpm is not matched by many. Since torque is felt and HP seen, the fun is in the gobs of low-end torque.
I have a 92' LX Coupe and have never had a problem with this car. I have driven through rain, snow, and sand, and you would never know it. The car has a strong engine (as far as 2.3L/105hp go), is reliable, and has the best looking body (88'-93')of all mustangs. Its ok on fuel(370 miles per tank highway, 200 city or 24/13). Over the years maintenance has been affordable...and that is the key. Oil changes and fixing problems as they occur has kept this car in mint condition. The only problem that I have consistently is that the steering wheel vibrates over 60 mph. But lucky for me my 2.3L doesn't make it much past there.
The car runs great with a 2.3L, I had to replace the air pipe just for preference of air flow, the list of repairs: Starter, alternator, timing belt, battery, front brake pads, clutch cable, master cylinder (still don't know if it actually needed it though), Brake preassure splicer, door handle, center console peices, twice. The rotors are now warped and I think theres something wrong with the differential. I think whoever had the car before me didn't take care of it.