Used mustangs go for about $13,000, now....for one as nice as I had. I guess it depends on where you are? I am in the southeast US. I worked nights, weekends, and three summers saving for mine. I drove it for 11 years, until I got married...it was my dream car since elementary school. ; )
Since the economy crashed we are seeing lots of cars in the $2,500 range, though...especially ones with high fuel comsumption. It seems the bigger they are, the less the cost of purhase.
I have also noticed a lot dealerships are not listing a set price, just a monthly payment price for "buy here, pay here" with huge banners saying "no credit check". Not sure I would like to fall in that well.... I am about to start shopping for my daughters first car with her. I am dreading it, she is excited...ha!