I've been driving a 120k mile X reg 4.6 Vogue for the last week or so,
850 miles, (it belongs to a friend who's had it for about 3 years) and nothing at all is wrong with it. He's never had any issues with it other than one of the headlamp wipers plays up occasionally. The trick is to get them serviced by people who know how they work and know how to service them properly.The P38 is a car that cost £50k new. If you expect to be able to run one on a shoestring then give up now. It's not a Focus. Preventative maintenance is the order of the day with them, if bits are getting old you need to replace them /before/ they break. You can't skimp on them and then expect them not to break.
It's the same with buying used ones, I bought a 96 4.6 HSE in April for £1200, nice car, black with all the options, one previous owner, FSH, and 182k on the clock. I ran it for 3 months, serviced it properly and the only niggles it had were the switches on the steering wheel didn't work (meaning the cruise didn't either) and it needed one of the stereo amps replacing (£6 off ebay). The heater o rings were beginning to weep though, so I sold it... for £2k.