A 1998 Mustang GT for me is $2000 a year on insurance and I'm 16. And that had 225hp and is worth a lot more than the older ones. Right now I'm looking for a 1995 because that was the last year for the 5.0 yes it has the newer body style. I hate the pre 94 ones! They look like crudely sculpted dinosaurs and econo-boxish. That's just my opinion though.
If I had 8k (which I do) I'd get a 95 5 speed fully loaded from a private party. I would then throw some good heads, intake, and exhaust on it. And drop it an inch... their interiors are styled very well. The pre-94's were all boxy -- true culture shock from an RX7!