In my opinion, the corvette is much better thought he mustang is cheaper. Corvettes are faster and come in better design, colors and looks. It has been classified among the greatest and best sports car in the world.
Mustangs were originally built with Ford Falcon running gear. All they were was a sexy looking body with the soul of a commuter car. Of course, things changed over the years, but the Mustang was never a purpose-built sports car. The Corvette, however, was always GM's entry into the sports car market. The straight 6 with Powerglide rapidly gave way to a variety of 8's, with 4 speed manuals and blistering acceleration. Mustang was always trying to be something it wasn't; Corvette was never anything but a sports car. The new Dodge Charger with the big V-8 might just peel the paint off of the Corvette, though. 0-60 in 4 sec., and top speed of 175. Ouch!