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Yeah other than pissing off the neighbors you're not going to see any real damage. I don't even think an mpg drop would be substantial if it's even there
Do you have state inspections? I know here in VA, your car would not pass without mufflers.
You know there is a good loud and a nasty loud. I imagine your stang without it's exhaust sounds nasty loud. Why not get a dual conversion kit and have it sound good loud?