2004 Mustang - $4000

I'll preface this by saying that ever since I was a kid, I've wanted a Mustang. I'm now 20 years old, in college, and have been looking at used Mustangs casually over the last couple months. Today, I stumbled across a 2004 Stang with 106,000 miles for $4,000. This seemed like a steal to me... What do you all think? Should I hold off until I'm out of college and look into getting a new(er) one instead? The benefit of going used is I could pay with cash (have accumulated savings from working) and maintenance, whereas I would need to finance a new one. I'm sure there's a lot of variables to all of this, but if the car is hypothetically in excellent condition (which the pictures seem to convey it as, although I'm fully cognizant that it doesn't mean much beyond aesthetics), is the price fair or should I hold off?

Forgive my ignorance. To put it into perspective, I've been driving a 1996 Buick Regal that my parents scored from a neighbor for $600 since my 16th birthday. I haven't ever really been a car aficionado so to speak, I've just been happy to have a set of wheels, however, I feel like a Mustang is something I've always wanted deep down.

Also, I'm sure this varies state-to-state, but the car insurance for my Regal's been ~$80/mo. I have great grades, have never been in an accident in my four years of driving so far, or even so much as having been pulled over. I'm sure it's fair to assume though that my monthly rate would increase substantially though?

Thanks in advance for any input you might have.