Looking for a Mustang but could use a little help.

Hey all, new guy here. I’m posting because for a long time I’ve been wanting a Mustang and this summer I plan on purchasing one. Specifically a GT (s197 because the s550’s are too expensive). I already have a couple requirements: must be manual, V8, around $10,000 give or take but the cheaper the better, and reasonable miles on it. The V8 is the primary subject I’m asking on; I want to know about the 4.6 compared to the 5.0. What are the true differences with both being stock, and then how much potential and modding capacity do they both have? I want good power stock, but I also want to be able to go even further with my own touch. Thanks for the help everyone!
 
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Ok, here is my advice, it's not worth much, maybe 10-15 cents but I'll give it to ya free. Of course you want the best bang for the buck, that would be the 5.0 but there are trade offs, go fast parts are expensive but you already have a jump on a 4.6 though, the used ones are getting long on miles so buy the best one you can. Avoid ones that have a lot of mods, watch for flippers, they rarely know anything about modifications done and they tend to bandaid repairs. New car dealers and original owners are your best bet.
and check out the forums here for the model you are looking at and welcome to stangnet.
 
Ok, here is my advice, it's not worth much, maybe 10-15 cents but I'll give it to ya free. Of course you want the best bang for the buck, that would be the 5.0 but there are trade offs, go fast parts are expensive but you already have a jump on a 4.6 though, the used ones are getting long on miles so buy the best one you can. Avoid ones that have a lot of mods, watch for flippers, they rarely know anything about modifications done and they tend to bandaid repairs. New car dealers and original owners are your best bet.
and check out the forums here for the model you are looking at and welcome to stangnet.
Thanks, now how about their reputation? I’ve heard that there’s a lot of “Oh It’s just a 4.6, not a 5.0” but I’ve also heard that the 4.6’s are great and crank out a lot of power and have just as good modding capacity as the 5.0’s. I know with both modded the 5.0 would win but I’d still like to know.
 
Thanks, now how about their reputation? I’ve heard that there’s a lot of “Oh It’s just a 4.6, not a 5.0” but I’ve also heard that the 4.6’s are great and crank out a lot of power and have just as good modding capacity as the 5.0’s. I know with both modded the 5.0 would win but I’d still like to know.

They are at total different ends of the spectrum when making power. A 5.0 makes all its power down low. Low end torque, with a little mid range. While the 4.6 makes its power up top. Revs higher. 5.0's make no power above 5000rpm. Also, stock 5.0 blocks cap out around 400hp. Anything above that and your chancing splitting your block. So it all depends on how much power you wanna make.
 
My 2 cents. Buy a 99-04 gt. You can find them cheap on craigslist. Under 3 grand and under 100k miles. The block can handle up to 400 rwh without forged internals. With forged internals and your talking 1000 horsepower capability. The blocks can handle almost anything when built. Just ask around and people will tell you. I know this from talk with people who race mustangs. Plus you can find it everywhere on forums. You can't go wrong with a built 4.6. Take your 7 grand rebuild forged internals and use the rest how you want. Then again I don't know what your expectations are. I wouldn't go spending 10k on a mustang and not have anything left to customize as I see fit but that's just me.
 
My 2 cents. Buy a 99-04 gt. You can find them cheap on craigslist. Under 3 grand and under 100k miles. The block can handle up to 400 rwh without forged internals. With forged internals and your talking 1000 horsepower capability. The blocks can handle almost anything when built. Just ask around and people will tell you. I know this from talk with people who race mustangs. Plus you can find it everywhere on forums. You can't go wrong with a built 4.6. Take your 7 grand rebuild forged internals and use the rest how you want. Then again I don't know what your expectations are. I wouldn't go spending 10k on a mustang and not have anything left to customize as I see fit but that's just me.
Yeah I was looking at those but I definitely appreciate the styling of the 05-09 Stangs. Probably a stupid question but is the 4.6 the same in the S197s as they are in those? And as for power expectations I’m not looking to beat the top of the line Muscle cars (obviously) but I want a good amount of power with the capacity to improve (and hopefully to not be considered second rate like in the 4.6 vs 5.0 scenario).