For about $8000 you can get a 2001 camaro Z28 or Firebird with 320ish hp, and it'll blow the doors off of any mustang under $40,000.
The $32,000 you save will go a long way towards cutting off the mullet and making you feel good about giving the finger to any mustang fanbois 

I wanted a mustang until I saw how badly the post-1998 f-bodies beat them on the track.
Oh yea, I'm beating a dead horse but holy cow those mustangs and other retro boats suck.  Every time someone says "yea buy a mustang!" I can't help point out that my '98 f-body with 125k miles STILL beats any production stang on the track.
Just look at any SCCA solo2 nationals results in F-Stock class.  The mustangs are either non-existant or get their butts kicked by cars built 8-14 years ago.  Even the old LT1 F-body camaros beat the stangs on the track.  That's pitiful.  And the new round of retro musclecars are even worse.
Adding insult to injury, my TA gets a solid 28 mpg on the highway and 22mpg around town, without driving particularly carefully.  Vettes without the optional short rear end gears will get about the same mileage.