One problem related to transmission not engage has been reported for the 2002 Ford Mustang. The most recently reported issues are listed below. Please also check out the statistics and reliability analysis of the 2002 Ford Mustang based on all problems reported for the 2002 Mustang.
Transmission will drag on deceleration and then freewheel. Example: going 60 mph, taking foot off accelerator the car will freewheel until it hits 50 mph, the transmission then engages, like the brakes were put on lightly, at 40 mph the transmission disengages and the car than freewheels again. A vibration is felt in the drivers seat when the transmission engages( at 50 mph ) and is more pronounced at higher speeds. This has been a continuous action since the car was purchased. I have had it to the dealer 3 or 4 times and I am told there is nothing wrong, that is how the transmission works. I have no confidence that the dealer knows what he is talking about. I think the warranty of this transmission should be increased beyond the three years as provided by Ford. This Ford Mustang was purchased on oct. 30, 2001 and the warranty runs out in oct. This year(2004). The car only has 6500 miles on it at this time. This is a 2002 Ford Mustang, VIN # 1fafp404x2f102766.