Pros: V6 Power, Style, Price. NO LONGER MADE.
Cons: Little things, very few.
Can you beleive it! They are no longer making this car... after only 4 years with this design. That's a good thing I guess, I think it will keep the car more original (fewer of them on the road). I hope it keeps the car resale value at a decent level, too, because nobody is going to be able to buy them new. Hey, If you like the style, this is it.
I bought my Cougar about three months ago. Its a V6 with automatic, and jet black. I came across the car used, for a good price at less than $13,000 and low miles (20K), with a year left on the manufacturers warranty. Now that I've put a few months and over 5K on it, I have to say I'm still impressed with the car.
The car has a quite a few of the standard options of in-dash CD player, air-conditioning, power drivers seat (no power seat for the passenger, unfortunately), alloy wheels, cruise control, fog lights, rear windshield wiper, and rear spoiler. Before I bought the car, I read some bad reviews on the premium sound system, but I found the stereo system and speakers in the car to be excellent and loud, and I'm very happy with the CD player.
I looked at a lot of cars before I bought this one, mostly Toyota and Honda, but let me tell you, neither Toyota or Honda can come close to this style, power, or amount of options for this price. I also wanted to buy a car that would have a respectable resale value, and with the cougar I've found it. This car has a unique style, that will keep the price high for a number of years (as long as the car doesn't turn into another Ford Probe). I looked into buying a Mercury Cougar new, but the dealers tack on a few thousand dollars extra because the car is unique, has a lot of options, and is pretty hot right now.
I am excited with the style, I love the light blue and silver Cougars better, but beggars can't be choosers. I love the power of the V6, again, I wanted a manual, but... All in all, this car is sweet. It gives me the comfort of a (smaller) sedan, with the performance of an average sports car. The price was the best aspect of the car, though. You can't find any other car that looks and drives like the Cougar in this price range. I like the Celica and the Eclipse, but to get one with a larger engine, you're paying too much. Then again, maybe the market will collapse and the price of decent foreign cars will come down to below $20K. Who knows?
I am a little worried about the Cougar having so many Ford parts in it, but as long as the car continues to run as good as it looks, the resale value will always remain high (think 90's Toyota Celica). With that, I'm very happy with this car... and my girlfriend is happy with it, too.