I've got both, a 95 GT (5.0) and a 2002 GT (4.6). I am quite impressed by the 4.6L V8. It pulls all the way to redline, unlike my 95 5.0.
However, when I pop the hood, I can atleast tinker with my 5.0. The 4.6 is nothing but a bunch of wires and electrical connections!! Add in the fact that parts for the 5.0 are much cheaper and if you want a car to work on, I'd say go with a 5.0. If you want a nice stock performer, go with the 4.6 (99+).
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