If you're gonna stick to that price range, you're better off looking for a reliable 94-95 5.0 GT. They are very hard to find in nice shape now, but the engine is a workhorse you can expect 120,000-150,000 out of before it could really use a rebuild. Some people push them to 200,000mi+ My 87GT 5.0 has 161k on it. Never had an engine problem.
How often stuff breaks depends on maintanence, driving style, and modifcation.
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