Hey Johnny, I own both vintages of Mustangs - a 65 coupe and a 91 LX 5.0. Both are modified and I would like to give my 2 cents.
BABE FACTOR: The classic definitely wins this category, IMO. Then again I'm married and this isn't important to me, so I have been told.
DRIVEABILITY: Almost all late models with 5.0 engines came with A/C. Many Classics were not so equipped. If gas mileage is important, the late models are better by a big factor. Also, I would not feel totally comfortable about using a Classic as a daily driver. Too many idiots out there.
ENGINE MODS: The engine in the Classic Stang is much cheaper to modify. For example, upgrading the induction means replacing the carb and intake ($400-$500). For a late model, you get to spend megabucks for bigger injectors, a bigger throttle body, TWO intakes, and a bigger mass air meter ($1100 to 1500+).
CHASSIS/SUSPENSION: Both early and late models (i.e., fox chassis) could use a lot of help in this area. The classics have a stiffer unibody, but the late models are more performance oriented.
BRAKES: Late models are better in this area, but not by a lot. If you get a 65-66, I'd really suggest upgrading to front discs if it doesn't already have them.
WHEELS/TIRES: Well, bigger is better, and the late models win this one.
DRIVETRAIN: The T5 is more user friendly because it has a fifth gear which is good for highway cruising/mileage. However, the T5 will break if you ask too much of it. On the other hand, a vintage toploader is indestructible.
To sum things up, I'd say if you want a daily driver, you're probably better off with a late model. If you want a weekend driver, then the Classic is the best choice.
Again, my 2 cents...
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'91 LX
Procharger, 3 row intercooler, extrude honed Cobra intake, Mac full Length Headers, 30# inj., 73mm C&L, 75mm tb, E303 cam, 289 rods, ported E7 heads, MSD, T-Rex w/255 lph Walbro, 5 lug conversion, Cobra R wheels, 3.27 gears and Moser Axles.
[This message has been edited by NO SLO PK (edited 12-22-2000).]
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