Just got my first Mustang

No, they will last through anything pretty much. I have an 02 mustang base model and it has 186600 miles. The only issue ive had is the engine has destroyed two alternators and one rear main seal. Other than that I have only put in money into the motor out of convenience and for my enjoyment. Good luck on the buy.

Thanks to the both of you. I bought it from a used car dealership. It was a refurbished one that had been totaled with 155000 miles on it. Of course I'm noticing things I missed before buying it now, like the hood latch not fully closing ( I bungie cabled it while I work on getting a replacement latch), the passenger door having a gap between the window and door frame, having to close the passenger door just right or it doesn't fully close and having to pour gas just right or it won't fill completely. It has its quirks like all cars but I like quirks as long as they aren't hurting the vehicle.
6Stang02, I don't feel like I'm actually getting the 19mpg city. Do you know if the 19 is about right or if I'm not iimagining it? I filled up yesterday and am going to see exactly what I'm getting but I'm curious in the mean time.

Congrats man! My first Mustang was an 01. I had it for 5 years and never had to do anything other than typical maintenance. Great car. I did notice the hood in mine back then didn't shut right either. I realized I had to make sure the hood release latch inside the car, was pushed back into place after pulling to release it, (as if the spring was broke), then slam the hood shut. Good luck with your's! And welcome to the club!

Welcome!

The 3.8's, as 6Stang says, go forever. They're really workhorses, and the 99-04's don't have the head gasket problems that the 94-98's do. I drive mine in winter, as well, and even modified, the engine is just over 200,000 kms and there is nothing hinting at being on death's door.

Things to look for/ know:

--the seat belt retractors in these cars are terrible. Your seat belts likely hang, and that's normal for these cars
--as the cars age, there's usually a couple of gremlins in the fuel system, somewhere, in the fuel pump/ fuel pressure regulator, etc. where it feels like a power/ compression problem
--the PCV's are very aggressive, and carbon/ blowby/ oily gunk build up in the intake and you may hear some mild pinging because of it

16/17 MPG in the city is about what can be expected. They're not incredibly great on gas, but they're still fun, because they have good low end torque.