Well, I've been driving the new GT for about 2400miles now. A few longer jaunts have racked up the mileage. I'm not overly impressed. It's a nice car, but not as nice as I expected. Here's how I'd rate it vs the 1987.
Styling: 02GT = 8, 87GT = 6
Engine Performance (low end): 02GT = 5, 87GT = 8
Engine Performance (mid range): 02GT = 7, 87GT = 8
Engine Performance (top end): 02GT = 8, 87GT = 7
Exhaust Sound (low rpms): 02GT = 4, 87GT = 7
Exhaust Sound (cruising): 02GT = 7, 87GT = 4 (drone)
Exhaust Sound (wide open): 02GT = 6, 87GT = 9
Engine Idle Quality: 02GT = 6, 87GT = 9
Transmission Shift Feel: 02GT = 5, 87GT = 6
Transmission Noise: 02GT = 3, 87GT = 7
Transmission Clutch: 02GT = 6, 87GT = 6
Transmission/Driveline Noise: 02GT = 3, 87GT = 6
Suspension/Tire (Drag): 02GT = 5, 87GT = 6
Suspension/Tire (Corner): 02GT = 8, 87GT = 6
Suspension/Tire (response): 02GT = 6, 87GT = 7
Suspension/Tire (ride): 02GT = 7, 87GT = 4
Brake Feel (normal braking): 02GT = 6, 87GT = 7
Brake Feel (hard braking): 02GT = 7, 87GT = 2
Brake Performance: 02GT = 8, 87GT = 2
Interior Appearance: 02GT = 7, 87GT = 5
Interior Comfort (driver): 02GT = 6, 87GT = 7
Interior Comfort (passenger): 02GT = 7, 87GT = 6
Interior Comfort (rear seats): 02GT = 4, 87GT = 5
Ergonomics: 02GT = 7, 87GT = 7
Interior Noise: 02GT = 7, 87GT = 3
Seating Position: 02GT = 6, 87GT = 7
Outward Visability: 02GT = 8, 87GT = 3
Interior Versitility: 02GT = 8, 87GT = 5
Fit and Finish: 02GT = 5, 87GT = 6
Cargo Capacity: 02GT = 6, 87GT = 8
Overall Versitility: 02GT = 5, 87GT = 7
Headlights: 02GT = 8, 87GT = 6
Taillights: 02GT = 9, 87GT = 5
Foglights: 02GT = 6, 87GT = 7
Brake Lights: 02GT = 9, 87GT = 6
Personality: 02GT = 5, 87GT = 7
Fun to Drive: 02GT = 7, 87GT = 8
Chick Magnet: 02GT = 9, 87GT = 6
Total: 02GT 247 out of 380, 87GT 231 out of 380.
Average Score: 02GT 6.5, 87GT 6.1
Here's the why.
As far as styling, I really like the 02GT appearance. The 1987GT is looking obviously very dated at this point, but it's still a handsome car in my opinion. The 2002GT seems very muscular, and quite a bit more aggressive than the 87GT, but those wheel gaps certainly look out of place. The 1987GT has a smooth function about it's appearance to me. It also looks as menacing as anything the Earth has ever seen when viewed from a rear view mirror, or in the reflection of the car in front with the headlights on.
The 2002GT is flat below 3500rpms. The 3.27 gears make launching a breeze, but it just doesn't have a lot of oommph down there. The midrange, which I would say is 3000-5000rpm is marred by the weak 3000-3500 rpm performance. The top end charge of the 2002 is quite good though. It pulls harder and harder as the rpms increase and seems to continue right up to the redline and then some. On the other hand, my 87GT has a ton of low end power. It'll pull at 1500rpm. The midrange is also excellent where the 5.0 packs a serious wallop. Top end is weak past 5600rpm or so, and after 5800rpm it's drops off like a rock.
The 87 benefits from it's Dynomax exhaust and BBK H pipe, obviously, but it has a much deeper, much more powerful sound to it than the 4.6L. Actually, I find that the 02 sounds a bit like a cross between a vacuum cleaner and very much like a school bus at lower rpms. Very disturbing that I can actually make it sound exactly like a school bus if I want it to. Midrange the 5.0 is still just awesome, you can hear that thing begin to make exhaust rap like NASCAR, and by top end, it's scream is awesome. There are VERY few people who would argue that the 5.0 doesn't sound just about as good as any American muscle. The 4.6L picks up points for the top end mechanical whirrings and Ferrari-esque sound to it. Too bad the redline cuts so short, it would really sound great at say 7000rpm. It's definately got a refined European flavor to it, and I like it.
The transmission's feel quite a bit different. Much is probably related to the stock shifters. The Tremec 3650 feels notchy as hell, moreso than the T-5 by a fair margin. It's also extremely noisy in 1st gear, lacks refinement, makes clunks and bangs, just altogether a POS in my opinion. I hate the dumb thing. The only thing better than the T-5 is the lack of grind into reverse. Otherwise the Tremec is a total heap in my opinion. The clutches are just completely on the opposite sides of the fence. I've had problems with my 02's clutch releasing, and pedal feedback is poor through the hydraulic beast. My 87 has crappy sliding clutch cable feel, is unpredictable, but provides adaquate feedback. The 2002's driveline continues to be clunky and bangy, much more so than the 87GT. Helping the driveline out would do WONDERS for the 02GT. I can't believe what a POS the setup is. I'll take the 1987GT any day for this category. 15 years of progress.
When launching or accelerating, the new GT has a LOT of pitch going on. Aim the nose for the sky. The shocks don't seem to help the suspension under hard acceleration either as I can catch rubber into 4th gear at 100mph. The car is definately not much, if any quicker than my 87GT, so there is just no reason for that crap. In the corners, the fox body feels sure.... sure it's going to slide of the road any minute now, LOL. Seriously, the feedback from the Fox is vastly superior to the new car, but the new car's capabilities are just sooo much greater. Turn in and the cars response to aggressive manuevers leave me wondering what the new GT has in store for me. It's not as quick, as tossable, or as predictable as the Fox. Though a lot more capable, the new cars suspension has been poorly setup for driver feedback. The ride is vastly superior though.
Brakes. I don't really think much needs to be said here, except I'd like the 2002 to be less mushy. The 87GT's pedal is superior only when normal braking is occuring. After that shakes, rotor warping, and brake fade make the Fox GT the worst braking car with that much power since the Musclecar days, if it's even that good. Brakes stop the 02GT with authority, and without fade that I could notice on a single stop.
Interior. The 2002 looks a lot nicer, obviously. It's clean, attractively styled, doesn't have a LAME-O 85mph speedo, and it's far more modern. Ergonomically, the shifter knob feels like you're trying to grab a softball, and it's kinda uncomfortable. The 87's is nothing to brag about either as shifter location is too high, and it's got too long of a throw. The 87GT high back buckets are superior for comfort and support, but they block visability like crazy. I feel like I sit tooo high in the new car. The Fox is more comfortable, and lower slung. Passengers in the rear will appreciate more room in the Fox as well since there is almost none to begin with. The layout of both cars is good for me. Nothing is out of reach at all. The cupholders and cargo net on the headliner give the newer car a distinct advantage, although I really miss the cell phone cubby (what I use it for) below the stereo. Fit and finish in the new car sucks. There is no other way to put it. A total joke. Even the Fox had superior fit and finish in my opinion. Plasticky parts not formed properly, gaps, and fitment irregularities abound if you know what you're looking for in the 2002. My Fox is actually pretty damn good in this regard.
How can a coupe possibly compete with a hatchback? The trunk is suprisingly large in the new car, and the rear seats fold down, but I've hauled 5.0 engines in the back of the hatch with the lift door off, and a papasan chair with it closed. No contest. As far as overall versatility, the even smaller rear seat, lack of cargo space hurt the new car, while I love the hatchback. It's like a mini SUV if you want it to be.
The exterior lights have jumped leaps and bounds in performance since 1987. You can actually see your backup lights, and your taillights when you aren't on the brakes are reflected off objects in the rear view mirror. Headlights are also much more powerful. It's a nicer car to drive at night. They are just all around superior, except for the lackluster foglights. I'm not at all impressed with them.
For personality, the 1987 has a victory hands down. All the squeeks, rattles, and thunder make it a blast to drive. It's got power everywhere and it allows you to toy with your opponent where the 2002 makes you get on it if you want to play. I can outrun most cars shifting at 2500-3000rpm on the fox, and it's just a blast to see their face when you downshift and blow them off the road. The 2002 is a better commuter car. It's quieter, more refined, less demanding, and well, more like a commuter car. The 87 does feel more like it's going to fall into pieces at high speeds though. I was actually scared to really run it up the other night. Felt like all 4 wheels were gonna fall off, hahaha.
Last, the all important chick magnet score. If I could count the number of girls that drool over my car, well I can, but that wouldn't be as much fun as just saying girls REALLY REALLY love the car, LOL. The 87GT has a bit of the chick magnet ability too. Even looking a little run down. It's not a bad looking car, and "Mustang GT" seems to score points with the ladies as long as it's not what they consider to be "butt ugly." Hehe.
So there you have it. I like the style, the engine is good, the driveline sucks, the interior is okay, and it's bascially a nice car. It has it's flaws, though.
The real question, which would I rather have for an everyday car? The 2002GT or a mint, lightly modded 1987GT? The answer is very, very tough. The Fox body is more fun, more versatile, less expensive, more reliable, easier to maintain, and easier to modify. The 2002GT looks a lot nicer, as a general rule is faster, more comfortable as a cruiser, easier to drive, less intrusive, and you feel very proud to own it. It's a special car. Turn that 1987GT into a 1993 Cobra and my choice is hands down the Cobra. Sorry, but it's a better car than the 2002GT for what I've always thought the Mustang GT should be.