I'm pretty sure the Fox bodies will get better fuel economy in town, just because they weigh a couple hundred pounds less.
My 87GT gets 19-21cty/27-29hwy.
I'd expect a 94GT in good tune to get about 17-19cty/27-29hwy. They have a better coefficient of drag than the Fox cars, so their hwy economy should be better. My hwy mpg is best at about 70-75mph with 2.73's.
Keeping your car in tune will make a big difference in the amount of fuel you use. Many times using a higher octane fuel will HURT your fuel economy. Lot's of gas with the super, and premium label's are blended with 10% ethanol. Ethanol blend will cost you 1+ mpg right there. Keeping your O2 sensors working well by replacing them at recommended schedules can really help your fuel economy too. I've routinely seen people pick up 3mpg by changing them when they are getting old. When they aren't functioning at all, you'll lose TONS of economy. Making some light mods like a K&N filter, and hiflow exhuast can give you another mpg or two, plus make your car sound and feel more powerful.
All in all, when it's tuned right, and not heavily into N/A performance mods, the Mustang does a lot better for fuel economy than what most people think.
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1987 GT 5spd.
D&D Performance "Z" spec T-5
Dynomax 2.5" Super Turbo system
BBK 2 1/2" H-pipe with cats
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