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young buyers always tend to make the same mistake between two almost equal performance cars. They tend to lean towards the "prettier" one not realizing that appearance is one of the most subjective things there is about a car. What you think looks good may not be the same to another set of eyes. Performance on the other hand is PERFORMANCE.
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Why is it a mistake? It depends on what your intended use is for the car. How many times are you going to take the car down the strip compared to how many times are you going to walk out to your car and think to yourself damn that's a good looking car. Who cares if it is subjective. It's your car so all it has to do is look good to you.
Performance is performance, but streetability is important too. The live axle may be superior on the strip and Ford may have done a great job with it on the track. However, unless you spend your time on the track or strip you are probably spending your time on pot hole ridden streets where the IRS is much easier to live with.
The mustang also has less interior room. Depending on your likes or dislikes this could be a problem. I personally am more comfortable in the camaro. Your experience may vary.
I also believe the LS3 is a better engine on the street because it is a stronger performer throughout the entire powerband and not just peak performance.
If this is my DD I am much more likely to live a 3.5K rpm and below than I am at high rpm on the strip. Again, the frequency it sees the strip versus the street makes a difference.
There is much more to a car than 1/4 mile times.
When you look at a classic car do you admire it for its performance or for its looks? Performance will be antiqued by the next generation. Looks can be timeless.