1985 ford mustang gt a reliable and smart purchase for a teenager?

the 1985 ford mustang has been my dream car for the past 3 years! Now im 17, i have a job where i can actually afford a car payment, well my father pays the original price tag and i pay everything as i go in a fixed monthly rate atop of the insurance so i am actually buying the car. And ive been looking at several of these 85 gt s, the one im looking at right now is 4 grand. With a rebuilt engine and an after market carb. And i was wondering if this would be a smart purchase for me? How much would the insurance run me? Currently i pay 100 dollars for a 2003 civic lx. And basic things i would have to watch out for while owning this vehicle? And i understand that with older cars do come certain issues but i am willing to deal with those as they come. Thank you!

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