I avoided admitting my appreciation for late-model GTs for a long time just because it was so un-P.C. But when the '99s came out I was intrigued. I bought my black 2000 5-speed as a lightly-used and nicely-equipped example (leather, Mach 460 stereo, etc.) in mid-2001.
Words cannot express how much I loved that car. I drove it for 12 years and nearly 180,000 virtually trouble-free miles before trading it in on my current 2013 GT 5.0.
The good: great performance, chunky masculine style that turns heads, cheap to maintain, very reliable, just the right touch of attitude, the sound of a 2-valve V-8 roaring through an H-pipe, reasonable economy for the performance, a good level of practicality for what it is. My kids fit in the back. Limitless aftermarket modifications and go-fast parts supply. My dealer is great. You're the coolest dad at your kids' school. Keeps everyone at church guessing.
The bad: not much. There are cars with better quality interior trim, more refinement, and nicer fit and finish. But anyone buying a Mustang knows it's no Lexus.
The ugly: the backwards-hat crowd in bespoilered front-drive compacts with fart cans always wants to show off in front of you. Your neighbors may hate it, especially if you install Flowmasters and do a full-bore romp on the gas pedal at 6 a.m. Or at least they'll think you're a hoon. Self-righteous European car owners may think you're tacky (full disclosure...my wife has a newer BMW X3, we're just not full of ourselves over it). Cop bait.
Bottom line: If you want a fast car that is reasonably practical and has just the right dose of good-natured obnoxiousness built in, you've come to the right place. For any pre-2005 Mustang I recommend welding in a good set of subframe connectors to stiffen up the body structure for the long haul, and then driving the heck out of it.
This car won't stop.I've had it for 15 years and had no major problems besides recalls. I call it 'ol reliable. It always starts and runs like new. I've had no degradation of gas milage or performance. It's too bad that the resale value is so low for such a reliable vehicle.
I love this car, is beautiful and durable, the guy who sold it to me did not take care of it but the car response under pressure overpasses my expectatives, ford did good; was running with no oil and until I realize it, it last! a truly horse of the road.
I bought my 2000 GT with 147,000 miles on it and have put another 30,000 on it since. The only mechanical failure was the throwout bearing went out on the clutch thats it. This is my 3rd mustang and my favorite one. This car just keeps getting better.