I have to share something with you which is that I want to put on new seat covers & would like to take the headrests off first. There are no buttons to push, all leather.

 

You're 48 years old and talking like "****'s" and "fekker"? Its seriously not needed. It was funny at first but now its just annoying.

Stay away from the v6. If you think you are going to be disappointed, then you will be.

Given that you've now been told to stay away from the v6, the reliability of the 4.6 engine and drivetrain in the GT is very good. Looks like you are finding some good options and as long as they are driving well, I would consider them. 20k US dollars for a GT convertible is not bad in europe, so I'd say go for the purchase when you find a good one.

While the subject of the water leak keeps coming up, it isnt as common as you'd think. There are also plenty of threads on how to solve that on this website, so if you buy one, just search for the solution and you'll be fixed in no time.

Your specific questions about the lifters, chain instead of belt, etc...those can be found by again doing a search. Bottom line is that you had a bad experience with the Fords in the 90's that were built by Ford in Europe, not Ford in the US. The mustang has good build quality and will serve you well as long as you take care of it. But as with any car, if you treat it poorly, it's going to give it right back to you.

Also you have asked about repairing the leather. The answer is no. There's a lot of kits and claims that you can do this, but the reality is once the leather starts doing that, there's really no going back. You can buy replacement take off OEM seat covers (i.e. http://www.ebay.com/itm/OEM-Take-off...f4cfae&vxp=mtr) but over time these are going to get more rare. Eventually someone will start making replacement OEM style covers, but I have not seen them yet. If there is an upholstery shop in your area, you can get the covers replaced. Consider a good marine vinyl. My 1997 Mustang GT was reupholstered. My wife insisted on leather for the front seats but didnt care about the back seat, so I put a good marine vinyl in the back. You can't tell the difference between the leather or the marine vinyl and it was half the cost. The marine vinyl will also hold up much better and longer than the leather will.

 

up date
bought a 2007 v6 gt with only 9k miles.mint one lady owner..as brand new condition from the factory..i am so happy ***** i tell ya...

 

even has the original tape under neath on the susspension and exhaust from when built.
the brake calipers look like brand new...once i have detailed it i'll post some piccies

 

the exhaust looks brand new....wow i am happy i tell ya all..piccies tomorrow i'm gonna grab a beer tonight

 

congrats on the new ride bud hope all the work was worth it haha

 

cheers tommy me ole mucker...i bagged meself a brand new car at a knock down price dude..only v6 though..if i wanna go quick i got a zx1200r ninja..that bike will destroy almost any car..well no car has ever beat me on it..

 

mint condition aswell

 

2005 models are full of first year productions glitches.
Avoid the 2005 models like the plague.
get a mid year 2007 or newer stang.

My 2007 mid year is worth 11,600 according to www.kbb.com.

Suzuki Hayabusa GSX1300R for the win...

 

wow look underneath dudes...