2005 Ford Mustang Test Drive

2005 Ford Mustang GT

As the Mustang turns 40 this year, Ford has released a new GT version of its iconic sports car.

As the Mustang coupe turns 40 this year, manufacturer Ford Motor has released an overhauled 2005 version of its iconic sports car. The new model is one of the most dramatic redesigns in the Mustang's history, and its recent release is central to Ford's plan to get itself back on track.

Auto industry followers are familiar with the major problems of American automakers: significant declines in market share, decreased production and excessive inventories and incentives, among other issues. With General Motors and Ford experiencing bigger-than-expected market-share losses in this quarter, production continues to decline and profit-eating incentives continue to increase.

At the end of November, Ford dealers were carrying about 845,000 vehicles in inventory, or an 87-day supply -- 17% more than the company's end-of-November average of a 75-day supply. However, according to a Merrill Lynch report published yesterday, Ford should achieve its year-end inventory target of 775,000 to 800,000 vehicles, due to lower production and what Merrill calls "successful new releases" -- including the Mustang.

Some sports cars are designed to be low-volume vanity projects for their companies. Not the Mustang. In the first 11 months of this year, Ford sold 116,516 Mustangs in the United States. The vehicle is usually at or near the top of the list of best-selling sports cars.

Despite its business success and large following, the Mustang occasionally falls victim to picky driving enthusiasts, particularly those who see the car as more cute than capable. One reader describes the new, entry-level Mustang as a "slug" with "a 4.0-liter V-6 that wheezes out a pathetic 210 hp."

The Mustang therefore straddles two different audiences: fans who see its $20,000 price of entry and appreciate the affordable sports car, and enthusiasts who recognize the bargain but might feel like the car is a poor substitute compared to the pricier 400-hp Chevrolet Corvette, which was also overhauled for model year 2005.

To inject some excitement into the Mustang, Ford also offers the hotter GT version for around $25,000, which replaces that base V-6 with a 4.6-liter, all-aluminum V-8 engine with 300 hp. Because of the aluminum construction, the V-8 weighs 75 pounds less than a comparable cast-iron design, while delivering 40 more horsepower than the 2004 Mustang's engine.

The GT model does more to upgrade the budget-conscious components of the base Mustang. It makes available such features as bigger brake rotors (the circular components of brakes that rotate with the wheels), twin exhaust pipes of stainless steel, halogen headlights, a rear spoiler (an aerodynamic device), 17-inch aluminum wheels, a leather-wrapped steering wheel, a premium audio system and leather-trimmed bucket seats.

The overhauled Mustang also has a new chassis, and the car's wheelbase (the distance from the center of the front wheels to the center of the rear wheels) is now six inches longer, which allows the vehicle to have a better stance, as well as better balance and interior room. The car also features the industry's first available color-configurable instrument cluster, with which drivers can personalize their gauges' backlight colors in one of 125 options.

In terms of exterior looks, the Mustang's designers clearly do not feel that "retro" is dead. The new car balances modern touches with classic Mustang elements such as a long hood and galloping horse badge in the center of the grille. For 2005, Ford pushed the Mustang's wheels to the corners of the body, "better anchoring it visually and physically to the road," the company said in a statement.

Forbes Fact

For the first time, the Mustang is available with a five-speed automatic transmission. The standard transmissions for both V-6 and V-8 Mustangs are five-speed stick shifts.