How much should I expect my insurance to be for a 2000 Ford Mustang?

shouldn't be too much. depends if u get full coverage or not shouldn't be more than 150$ with full coverage.

150.00 sounds way to low?

I got my first mustang (07) when i was 18, last year haha. My insurance was $282 a month. This was the cheapest and it was through Geico. But i did have one moving violation from 3 years ago, and it has since dropped like $80 in a 6 month period. Still its gonna be pricy, we're kids and its a sports car. Its going to suck, but the longer you have insurance the cheaper it gets. Try progressive or Geico for quotes exactly. Best of luck, welcome to the family.