It looks like a really nice car! The bottom line is that 116k is a HUGE amount of miles, and if you pay the right price for it, you will probably be happy. What are your needs? If you are looking for a daily driver to get to work or school, this might be a poor choice, but if this is going to be a project car or just a second car, and reliability is not a big issue, then this car might be a better fit for you.
You will never really know how the car was driven or taken care of unless there are meticulous records. You sound like you are doing all the right things as far as checking the car out.
If I were you and you wanted the car, have it checked out. Pay to have it checked out including a compression. Make sure the mechanic finds a few things wrong so you can use this info to leverage your offer. And above all else, don't seem overly interested...there is always another car out there.
To address your earlier question about the year of the car, I prefer 99+ if your going with a 4.6. But, if it is a BOSS I think that would really add some special value to the car.
Again, if you pay the right price and the car fits your needs, then it is a smart decision.
Good luck!
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My Stang:
2000 Mustang GT Vert - Steeda Tri-Ax Shifter; C&L Plenum; BBK 75 mm TB; Steeda Strut Tower Supports; Black "Deep Dish" Bullet Wheels; FRPP 4.10's; Steeda Subframes; SLP Catback & SLP Catted X-Pipe; SCT 4 Position Chip with 3 custom tunes; Steeda CAI; Venom-1000 Nitrous; Roush Stage 3 Body Kit; Bullet Suspension Package (on the way)
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