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First off there would be no v6 in it (not if it was stock anyhow), it would either be an inline 6 (I6) or a v8. A convertible in good+ condition can often go for $12,000 or more. I will not comment on whether you should or shouldn't as that's not for me to determine, but I will offer advice and give you some things to consider if you would like for me to. And more or less the same answer for your classic vs. new question.
 

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I'm just going to list cons for classic vs. new.
At 17 a classic car will be much higher to insure than another car especially since it is a convertible and even higher if it's a v8. If you were to get in an accident there's not as much safety gear incorporated into the car to protect you. Back then safety wasn't as large a concern as it is today and so cars weren't designed in ways to react well to a crash. And it being a convertible if a crash were to ensue and the vehicle rolled over your chances of survival would be minimal. Mileage will be fairly disheartening if you go with a classic v8 (especially if you get the inkling to upgrade or modify the engine. Remember 4 barrels will give you more joy at the jump, but less fun at the pump. lol) and if it's a 6 cylinder it will still get less mileage than a newer v6 due to technology and etc.
With a new mustang you will still have high insurance (as high as the classic you're considering idk, but depending on the trim level and details of both cars it could be higher OR lower). A lot of people have them so it's not like you're going to be really unique unless its a Cobra or a special edition 'Stang or you just put a lot of work/money into it. Oh and two words. Cop. Bait.
Am I trying to discourage you from owning a mustang? No, by all means. The mustang community is one of the greatest that a person can be a part of and associate themselves with. Honestly if you want my opinion, I say buy a classic, but look for a coupe (any year). They will save you some on insurance over the convertible and you can find them for MUCH less than that $12,000 asking price on the convertible. Drivable classic mustang coupes can be found on craigslist, in wheels for you, and in auto trader for $1500 (occasionally even less) up to $8-9000 (there are some that range even higher but that would defeat the point of buying a coupe over the mentioned convertible to save money). The extra money you could be put towards an infinite number of things, but I think the ones involving the car are the ones you probably care about most. You can put it towards the insurance, towards gas if you want a v8, to upgrading the car whether it be to the motor, appearance, or whatever, and things of that nature.
Hope that helped some.
 
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