And hes probably right. I can only speak for myself, but I get really tired of hearing you and GreyBeast bitch about your Dad. Your Dad isnt always going to do things that you like, but thats because he knows better. It might be a hard concept to grasp that most times your parents know best and they have to place limitations but they do it for a reason - because they care, so maybe you should cut him some fuggin' slack. I know for god damn sure that when my kid (when I have kids) turns 16, or in your case 14, he won't have a V8 Mustang. He'll have a corolla or some econobox with decent safety standards.
On topic, it sucks that you're out your Mustang, but you are only 16 and you have plenty of years ahead of you to buy, sell, work on and modify as many different Mustangs as you so choose. In the meantime, you have an Explorer I'm told so if nothing else you already have a DD/Winter vehicle that you dont have any payments on, so you can start saving now without having to worry about wheels.