The first generation of the Mustang was a miracle. It propelled a whole new class of cars in the form of small, lightweight, powerful, beautiful and yet reasonably priced sports cars. The engines ranged from I6 to V8 that went up to 7 l of displacement providing serious power, sometimes reaching well over 400 hp, while being officially rated lower due to regulations.
Throughout every generation of its production the Mustang MK1 increased in size, until reaching the massive 1973 body. Moreover, there were numerous special edition models even including the Boss versions, as well as Mach 1 and Shelby beasts. Basically, whatever kind of a sports coupe you like, the MK1 Mustang can deliver.
The MK2, on the other hand, greatly suffered due to changing regulations and oil crisis, being relegated to a somewhat capable subcompact car that was far more insipid to drive and look at than the MK1. Still, both generations were sold really well, but if you are looking for a collector’s gem, you should definitely look for one of the many special edition versions of the first generation.