The affordable performance vehicle is a small market, but one that is dominated by a fierce rivalry between two classic vehicles: the Ford Mustang and Chevy Camaro. These cars are tuned for performance, and while slightly expensive, they can both be found at used Ford or Chevy dealers for a fraction of their dealer price.

Motorists have debated the merits of the cars since the Mustang’s debut in 1964. The car’s popularity caused competitors to introduce similar vehicles, known as “pony cars,” which were closely related to their larger brethren, the muscle car. These cars were defined by their sporty characteristics and emphasis on performance at a non-luxury brand price.

Direct competitors to the Mustang included the Plymouth Barracuda, Dodge Challenger and Chevy Camaro. While pony cars and muscle cars began to fall out of favor over the years, they have seen a recent revival. Ford’s redesigned Mustang has enjoyed critical success and big sales, and Chevy has reintroduced the Camaro in order to compete. The Dodge Challenger, while lagging behind in sales, has also made a comeback.

Those who are looking for a sporty car without paying Mercedes or BMW prices are frequently turning to new Mustangs and Camaros in the same way that drivers did forty years ago. In fact, the battle of the pony cars has led to a war of words between Ford and Chevy, who tout their model’s superiority over the other.

When Ford recently debuted the new 2011 Mustang to the automotive press, they were sure to have a Camaro on hand to point out all the ways the Mustang improved over its rival. And when the May sales figures came out showing Mustang’s triumph over the Camaro, Chevy responded with a press release detailing how many more Camaros they had sold over the previous months.

So drivers might be wondering – which one to buy? The cars are very close in price and both offer either a V6 or V8. MSN Auto recently did a point-by-point comparison between the two ponies and found that there wasn’t a striking difference in performance and handling. Instead, they found the difference came down to styling. MSN praised the Mustang’s slightly roomier interior and trunk space while favoring the Camaro’s sleek, eye-catching appearance.

Once drivers have made the decision, they should hit the used car market before paying the dealer’s inflated price. Buying a used Ford Mustang is an especially good idea right now, because Ford will be selling off the late-model Mustangs to make way for the redesigned 2011 model. These late-model cars can reach used car dealers with a slim amount of mileage but a huge amount of savings off the manufacturer’s price.

There will be plenty of Camaros, Mustangs and Challengers to be found at used car dealers, but those who want a true American pony car might want to scour the internet for some of the classic models of the sixties and seventies.