I purchased my 98 Mustang GT Auto Vert in the spring of 2006. I got the car because my dad passed away and I couldn't afford to ride my motorcycle anymore (2005 Suzuki GSX-R 750) with 3 sisters, my mom, and a wife to be (currently, my wife). This is the main reason why I wanted a convertable, had to have some sort of freedom...
The car was bone stock, exactly how I wanted it. Stock, the car ran a 15.3 at the track, which is standard for this year car. The 96-98 Mustang GT 4.6L's came with 215-225HP (not much), but 290ft lbs torque. So far, with the mods listed below, my dyno came out to 244RWHP and 281FT LBS TRQ. Not bad so far. The trans is slowly dying, so in the up coming spring, I will be doing a manual swap (5spd).
New update. installed a 3.73 gear with a auburn posi unit and ran a 13.9 without my drag radials.
Newly installed end of 08 was:
Comp 268ah cams, trickflow 70mm throttle body, and bbk plenum. Waiting on a tune, hoping to see around 275-290rwhp. We shall see though.
Waiting to be installed: UCA's/LCA's. With these and my other mods i'm hoping to hit a low 13. It should be possible.
Future mods (hoping to buy within the next year or so): Vert light bar, Cobra R front bumper.

Mustang mods
Suspension:
Eibach Lowering Springs
Styling:
Clear Tail Lights
White Face Gauges
99 Cobra Rims.
Smoked Head Lights
Engine/Performance:
Full PI Swap + Port/Polished Heads
Mac CAI
Mac O/R H Pipe
Flowmaster 40 Series Mufflers
Diablosport Tuner
Steeda UPD
Drag Radials (for the strip)
3.73 Gear
Auburn Posi Unit
Future Mods in order:
Trans Swap to a 5speed
Vortech Supercharger
Finally... NEW PAINT JOB! Boy does it need it.
Before Suspension:

Check out Page 2 for more pics