Mustang specific problems?
Check the torque boxes. They are what holds the lower control arms of the axle to the car's body. If the car has been beaten with slicks, you may notice they have broken their welds loose.
Several people have complained of the front floorboards being weak and prone to rusting, you may want to check that area as well.
Oil leaking from the back of the engine is going to signal a leaky rear main seal.
Check the power steering fluid, if it looks grayish or milky the rack could be worn.
Check the back of the hatch, lift it up and look at the underside where the latch is. Those are prone to rusting more than any other place on the body.
Take a look at the exhaust, make sure it's not all monkeyed up. It's a total PITA if some guy has cut the H-pipe off before the flange connectors.
Moisture inside the headlights signals a broken seal, if they are yellowed on the outside you can fix that.
take a look under the instrament panel, always a good idea to find out if some reject has been wiring up the car.
Take a look at the wheel wells in the quarter panels. The quarter panel lip should be rust free, and you should pay careful attention to the area as it's the most expensive part to fix when it rusts.
If you can get a decent peak, take a look at the motor mounts and the tranny mount. The motor mounts are prone to cracking and breakage.
Run it up to operating temp with the radiator cap off and take a look for bubbles in the coolant. If you've got 'em, the head gasket is likely blown. (Not likely to happen)
Turn the defroster on and smell for the sweet tinge of antifreeze. The heater cores are a ***** to change!
Listen to the fuel pump when you turn the ignition on. It should be a quiet whirring sound. It shouldn't whine loudly.
I think that covers almost all of the problems that you might not think to look for. The Mustang is actually a reliable beast for sure, but it never hurts making sure you don't have to make up for somebody else neglecting it.
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