Would buying a used 2006 Ford Mustang with 161,500 miles on it be a good idea?

I just wanna use it for college. (2 years)

That depends on what type of shape it is currently in, how well it has been maintained ( does the seller have the service records/history for you to see ) and finally, what is the price?

If the price is right and it's in good shape, sure, it can still be a good buy.

If the body is straight & the interior is clean & complete, you could drop-in a 'new' engine in a day.

Buying ant car with that many miles will probally cost6 you money in the short term and long run