Introduced in 1965 and continuing to this day, the Ford Mustang is one of Detroit’s most enduring sports cars. It’s also one of the most notable — perhaps notorious — nameplates in America’s automotive history. The Mustang makes performance accessible to the masses, even though it’s also helped to change the notion of what a performance car or muscle car can be. To wit, the Mustang is the inspiration for Ford’s Mustang Mach-e fully electric crossover (which won’t be covered here but is noteworthy in relation to the legacy).
Ford Mustang Buying Guide: Cost, Reliability, and the Best Years to Buy
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The Mustang is both Ford’s longest-running vehicle and one that has endured as its notable competitors have wound down. The Chevrolet Camaro was discontinued at the end of 2023, as were the Dodge Challenger and Charger in favour of new electric versions (though gas revivals have since been announced). Together, these vehicles represented decades of innovation for Detroit’s automakers.
When you look back at the 1970s, 1980s, and 1990s, it’s kind of wild that one generation of the Ford Mustang spanned all three decades. Over the years, the Ford Mustang has been available in coupe and convertible forms. Often, these standard body styles were dressed up with special editions, even going back to the early years, and these retro touches were often brought back to simultaneously keep this two-door car modern and respect its heritage. Notable editions include the Mustang Mach 1 and the Mustang Shelby GT500, as well as numerous GT models. Here’s what you need to know if you’re shopping for one of the most iconic cars of the last 50 years.
Ford Mustang Buying Guide: Cost, Reliability, and the Best Years to Buy
- Frequently Asked Questions
- Ford Mustang Pros and Cons
- Ford Mustang Generations
- Seventh Generation (2024-present)
- Sixth Generation (2015-2023)
- Fifth Generation (2005-2014)
- Fourth Generation (1994-2004)
- Third Generation (1979-1993)
- Second Generation (1974-1978)
- First Generation (1965-1973)
Frequently Asked Questions
Which Ford Mustang years are the best?
If reliability is a big factor for you, stick with the fifth generation built from 2005 to 2014. That leaves plenty of options for savvy shoppers, but it’s worth remembering that models with the 4.6-litre V8 engine have a better reputation for reliability than the V6 options or the larger 5.0-litre V8.
What are the worst Ford Mustang years?
The second generation, colloquially known as the “Mustang II,” is widely regarded as the worst. It was sold from the 1974 to 1978 model years, and its smaller proportions were intended for better fuel efficiency (despite actually being heavier than its predecessor) as well as to compete with increasingly popular subcompact cars from Japan. This generation is known for its lackluster performance and polarizing styling, as well as relatively low horsepower for a sporty car.
Is a used Ford Mustang a good deal?
Like almost any collector car, a used Ford Mustang can be a good deal, but there are certainly bad deals out there, too. If you hold out for a Mustang you like, in good condition, at a price you feel is fair, then, yes, a Mustang can be a good deal and a great choice for a used car. Keep in mind that there’s a lot of variation in specs, not only between each generation but even from one model year to another.
Ford Mustang Pros and Cons
Pros:
- Tons of choices
- Iconic
- Fun to drive
Cons:
- Can be expensive
- Parts availability may be difficult for older models
- Small rear seat
Ford Mustang Generations
Seventh Generation (2024-present)
Ford introduced the seventh generation of the Mustang pony car in 2022, ahead of its 2024 model year launch. Like its predecessors, it’s assembled at Ford’s Flat Rock production facility in Michigan. It maintains the familiar front-engine, rear-wheel drive configuration, and is sold in coupe and convertible body styles.
So far, the current generation Mustang is available with Ford’s EcoBoost turbocharged 2.3-litre inline four-cylinder engine, powering base and mainstream trims. This engine is widely used across the manufacturer’s lineup in vehicles such as the Ford Ranger, Bronco, and Explorer. Upper trims are available with 5.0-litre and — in the case of the very limited-run GTD hand-built by Multimatic in Markham, Ontario — 5.2-litre supercharged V8 engines. A 10-speed automatic transmission is the most common, though some trims are available with six-speed manuals.
At launch, the seventh-generation Mustang was available in Canada in five trim levels: EcoBoost, EcoBoost Premium, Ford Mustang GT, GT Premium, and Mustang Dark Horse. A Dark Horse Premium trim was added for 2025.
So far, the 2024 and 2025 Ford Mustangs have been reported to suffer from powertrain vibrations as well as problems with inconsistent interior build quality, the limited-slip differential, and the electronic stability control system. If you’re shopping for a used example, consider finding one that has had these issues already repaired under warranty. Also bear in mind that, although the EcoBoost engine may get good fuel economy, it requires premium fuel.
As the current Ford Mustang is only in its second year at the time of writing, used examples are limited in Canada. Most Mustangs listed on CarGurus.ca don’t yet present an appreciable discount versus buying new. The exception is EcoBoost convertibles, which can be picked up for $7,000 to $8,000 less than new vehicle prices. Expect prices to drop once the earliest model years are three to four years old and the first round of lease returns hits the used car market.
Sixth Generation (2015-2023)
The crisply styled sixth-generation Ford Mustang, complete with a newly patterned grille, was revealed in late 2013 and began production in the summer of 2014, for the 2015 model year. Sleeker and smoother than the previous generation, the new Mustang carried over its coupe and soft-top convertible options, the latter with a new electric system to open and close the top. Notably, this was the first time Ford produced and marketed the Mustang for a global audience, and it was the first Mustang to feature Ford’s EcoBoost engine lineup. A new independent rear suspension system was a key part of the ground-up redesign.
Ford’s EcoBoost turbocharged 2.3-litre inline four-cylinder engine powers base Mustangs in this generation, while other available engines include a 3.7-litre V6, the 5.0-litre Coyote V8, and two versions of the 5.2-litre V8 exclusive to the Shelby GT350 and the GT500. Transmission options, depending on the engine, include two six-speed manuals, six- and 10-speed automatics, and a seven-speed dual-clutch automatic. As always, this Mustang is exclusively rear-wheel drive.
The sixth-generation Mustang might seem like a smart buy since it’s possible to find one that’s only a few years old, which should therefore be relatively problem-free. However, shoppers should also keep in mind that a Mustang from this generation could still be harbouring issues. Models with the EcoBoost engine in particular are known for problems with oil consumption and potential head gasket failure, while the transmission may be prone to slippage.
Shoppers in search of a sixth-generation Ford Mustang should budget between $25,000 for an early V6 and $40,000 to $55,000 for a late-model GT or GT Premium. Special editions such as the Mach 1, Bullitt, or 50 Years Limited Edition command a premium, in some cases up to $70,000 or more.
Fifth Generation (2005-2014)
Ford introduced the fifth-generation Mustang in 2004 for the 2005 model year. Though it carried over in coupe and convertible body styles, the overall look and feel were a significant departure from the previous generation with much bolder bodywork and chunky taillights. The 2009 model was the first Mustang to be available with Ford’s Sync infotainment system, and the whole car was refreshed for 2010 with updated exterior and interior styling.
The Mustang retained its customary rear-drive layout, though unlike previous generations, it offered only three engines. Base trims got a 4.0-litre V6, while upgraded trims and editions got either a 4.6-litre V8 or a 5.4-litre supercharged V8. Transmission options were five- and six-speed manuals and a five-speed automatic.
Special trim levels of the fifth-generation Mustang include the GT-H (exclusive to Hertz for rental cars), GT California Special, Boss 302, Bullitt, Shelby GT500, and Shelby GT500KR. Editions and packages included the Pony Package and V6 Appearance Package — both with suspension upgrades plus exclusive styling such as wheels and badging — and the 45th Anniversary and Iacocca Silver 45th Anniversary Editions (the latter to commemorate the Mustang’s original developer, Lee Iacocca). Not all of these were initially available in Canada, but early model years from this generation now qualify for importation under the classic car exemptions.
Fifth-generation Mustangs are prone to electrical problems, which can result in dead batteries and alternator failures. Carefully inspect the body, too, since peeling or chipped paint can lead to exposure that results in rust.
A lower-kilometre fifth-generation Mustang should run you between $12,000 and $30,000 in Canada, with V6s being more affordable and GT models landing at the top end of that range. Of course, there are notable outliers, primarily low-odometer Boss 302 models, with listing prices that start around $50,000 and can approach six figures. In other words, there are some deals to be found in these years, but collectors in search of a unique Mustang should expect to pay a lot more.
Fourth Generation (1994-2004)
By the time the fourth-generation Mustang rolled around, it was long overdue for a redesign. It rode on the same Fox platform as its predecessor, but the platform itself was updated. It was available in coupe and convertible body styles with a more straightforward line-up than in previous years, and it was facelifted for the 1999 model year with sharper body lines and new wheels.
A variety of V6 and V8 engines were available. The V6 was primarily a 3.8-litre unit, but in 2004, the generation’s final year, it was replaced with a 3.9-litre version. Meanwhile, GT and Cobra trims across the model years were available with different V8 engines, including 4.6-litre, 5.0-litre, 5.4-litre, and 5.8-litre versions. Transmission options included five- and six-speed manuals and a four-speed automatic, all paired, of course, with rear-wheel drive.
In addition to the Mustang’s base, GT, and SVT Cobra performance versions, this generation was also available in Spring Feature Edition, 35th Anniversary Edition, 40th Anniversary Edition, 100th Anniversary Edition (celebrating the Ford brand, not the Mustang itself) and Bullitt edition models. If you’re looking for one of these special editions, know that all fourth-generation Mustangs now qualify for import under Canada’s classic car exemptions.
Fourth-generation Mustangs can be prone to engine issues, while fragile clear coat and paint is also a hallmark of this generation. Get records for any engine repairs, or ensure you’re comfortable fixing potential problems, and inspect the body for rust.
In Canada, there aren’t a whole lot of Mustangs of this vintage kicking around anymore. Road-worthy units start in the $5,000 range, but prices can climb as high as $30,000 for a well-maintained Mustang GT. For a SVT Cobra or Mach 1 in excellent condition, expect to pay $40,000 to $50,000 or more.
Third Generation (1979-1993)
The third generation of the Ford Mustang is a fascinating one, for reasons that weren’t even reasons when it was new. Available in coupe and convertible forms, and oddly as a hatchback, it was born in the 1970s, persisted throughout the ‘80s, and wrapped up in the ‘90s — talk about an identity crisis.
Ford planned a redesigned fourth-generation Mustang for the late 1980s, though consumers protested when they found out it was based on the front-wheel drive Mazda MX-6. That model instead became the Ford Probe, and designers went back to the drawing board for the next Mustang. A Mercury clone of the Mustang, the Capri, was available through 1979 to 1986, so it's worth including that model as part of a Mustang search if you want to broaden your horizons.
The Fox-body Mustang retained its rear-wheel drive layout, paired with 2.3-litre inline four-cylinder, 2.3-litre turbo-four, 3.3-litre inline-six, 2.8-litre V6, 3.6-litre V6, 4.2-litre V8, and 4.9-litre V8 engines (commonly referred to, however, as a 5.0-litre). Manual transmission options were four- and five-speeds, and three- and four-speed automatics were also available.
The third-generation Mustang included Ghia and Cobra models that carried over from the second generation. Other special editions included SVO (Special Vehicle Operations) and Cobra R trims, as well as a Pace Car replica to commemorate the 1979 Indianapolis 500.
Early models equipped with the turbocharged inline four-cylinder engine suffered from reliability issues, such that the powertrain was pulled from the market until it was rectified, then reintroduced in 1983.
Fox-body Mustangs are prone to rust, so these are now rare creatures in the Canadian market. Most of these cars that have made it to the used market today have not been winter-driven. Ensure any surviving example that catches your eye has been well care for before buying. Expect to pay a premium to own one in driveable condition, with prices ranging from $13,000 to $40,000 as of this writing and likely to increase going forward.
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Second Generation (1974-1978)
Colloquially known as the Mustang II, the second generation of Ford Mustang was designed to be smaller and lighter to respond to what Ford perceived as customer demand. Based on the Ford Pinto, it was smaller than the first-generation Mustang and as such had lighter and less powerful engines. This smaller platform and its new notchback coupe and lift back body designs exposed the Mustang to a different set of competitors, including both sporty domestic subcompact cars such as the Pontiac Gunfire and imports like the Toyota Celica. The Mustang II sold well at the time, but in retrospect is perceived as the least popular generation.
The second-generation Ford Mustang maintained its rear-wheel drive layout and came with a choice of 2.3-litre inline four-cylinder, 2.8-litre V6, and 4.9-litre V8 engines. Notably, it was not available with high-output V8 options like the first generation. Transmission options were a four-speed manual and three-speed automatic. The Mustang II is also recognized for being the first American car to use a rack and pinion power steering system.
Appearance packages included the Stallion, Cobra II, King Cobra, Sports Appearance Group, and Fashion Accessory Package. Each variant offered different colour combinations, which may have included specific exterior and interior colour pairings, exterior and interior trim, and racing stripes or graphics. Other variants included the Ghia model, distinguished by the flair of the famed Italian coach builder, and in 1977, a T-top version of the fastback was introduced.
The second-generation Mustang was not nearly as popular as the first generation. Some see its styling as the worst of any Mustang generation, and performance was poor relative to the first generation. However, its unloved status isn’t the result of any widespread reliability or quality issues.
This vintage of Mustang is now exceptionally rare in Canada, and it’s not a common find south of the border, either. The only two examples for sale in Canada as of this writing are a $10,000 barn find and a $45,000 1978 Mustang King Cobra. Expect to assess the price and value of any car that comes up for sale on an individual basis.
First Generation (1965-1973)
The Ford Mustang was introduced in 1964 as a fun yet affordable line of coupes and convertibles. It was derived from existing Ford vehicles, though it’s credited with popularizing the long hood and short deck (or greenhouse) that characterized this new genre, soon to be known as the pony car. The Mustang, which was developed in just 18 months, was an instant hit, meeting sales targets within three months of hitting the market.
The first iteration of the first-generation Mustang was available with a 2.8-litre V6, a 3.3-litre V6, a 4.3-litre V8, and two versions of a 4.7-litre V8. Transmission options included three-speed and four-speed manuals and a three-speed automatic. The powertrain lineup for 1967 and 1968 added 4.9-, 6.4-, and 7.0-litre V8s, including the infamous Cobra Jet version of the latter. The engine lineup was pared down for the last few years of the first generation. Production first-generation Mustangs were rear-wheel drive, though some aftermarket companies modified a few examples to all-wheel drive configurations.
Ford did not introduce trim variants other than the GT for the first-generation Mustang until 1969, when it was clear the lineup needed more differentiation to generate interest. The GT featured a V8 engine and racing stripes. At that point, Ford introduced the Mach 1, the Boss 302, and the Boss 429 performance configurations, the latter two being for racing compliance. A coupe-only Grande trim went for luxury customers with a softer suspension system and extra insulation. There was also a Shelby Mustang (which we cover separately) in 1965, and this marked the debut of the Mustang’s fastback body style.
A couple of Canada-only special editions were released during this era and are especially prized among collectors, including the Player’s Special, the 1967 Third Birthday Treat, the 1968 Double Feature, and the 1969 Winter Sports Special.
The most common noted issues with first-generation Ford Mustangs are the cramped cabin, which can make it difficult for larger or taller drivers, and that outward visibility is compromised. In terms of reliability, as with any collector car this age, maintenance and condition are far more important than any problems the car may have suffered when new.
First-generation Mustangs have long been sought after by car collectors. As a result, there are far more examples of this vintage of Mustang on the used car market in Canada than the version that followed. Don’t expect to come by one cheaply, though. The most affordable first-gen Mustangs that won’t need work to put on the road start at roughly $25,000, and prices can climb past six digits for ultra-low-kilometre and special edition specimens.
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by Stephanie Wallcraft
Stephanie Wallcraft is a multiple award-winning professional automotive journalist based in Toronto, Ontario, Canada. In addition to CarGurus Canada, her byline has appeared in major Canadian publications including Toronto Star Wheels, Driving.ca, and AutoTrader.ca, among others. She is a Past President of the Automobile Journalists Association of Canada and was named 2024 Canadian Automotive Journalist of the Year.
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