the 5.0 or newer 4.6

Im 17, and I think im ready for my first stang.. but Im torn between a 94-95 with the 5.0 or shelling out for a 99+ with the PI 4.6. The 5.0 is cheaper to buy and modify, its easier to work on, and its got pushrod low end torque. The only bad is that it is underpowered stock (some lightweight ricers may be faster) and that its fuel economy isnt the greatest.. but its a v8 so im expecting that. The 4.6 costs a little more, but you get a newer car with a newer technology engine (better economy and more power stock) Ive got a small tutoring business, and I make some good money for my age, but money is always tight. Ive been saving for a long time in hopes that Ill eventually get a mustang or camaro. What do you think is the best choice?

(I considered insurance as well.. and its torture no matter what car you get.. so im going to pay using my parents plan, its only slightly more to insure a stang than the old '86 hyundai this way)

Thanks for the quick helpful replies, and thanks for not saying "your too young for a v8" As far as body styles goes.. im torn as well. I really like the front end of the 99+, especially with the smoked style lenses, but I prefer the streamline look of the 94-98's (and the rear ends). I think I lean more towards those ones, but honestly, either one Id be very happy with, they are both beautiful cars. I dont know what sound I like better.. I havent heard enough of both yet. I love a 5.0 with flowmasters. Personally, when you do out a 5.0 with h/c/i there is no comparison, but Id leave the car mostly stock for awhile. Ive heard really mean sounding modulars too (again, id be happy with either).

My goals for the car are to make a fun street car thats not too expensive to maintain/gas up. I want it to sound nice and have some power to back it up and hold its own against pesky rice and keep up with some fbodys. Eventually as I get older, Id like to invest in the suspension, nothing road race level.. but something better than stock. Id also like to do an h/c/i swap or forced induction when im older, but thats not priority at my age now.

What I would really like to get is a 96-98 cobra.. its got the body style I like.. the dohc would be more than enough power for me now, the hand built engine, more attention to detail.. it sounds amazing, and its a cobra .. its an attainable dream.. but i doubt itl happen haha

(Also, since you guys are the 4.6 experts, how hard is it to work on your cars? Has/does anyone own a 5.0 and 4.6, how much harder is it to work on the 4?)