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Like the GM pony cars, the Ford Mustang comes in many guises. There are V6 and V8 versions in both coupe and convertible body styles. There's also the Cobra, a super-performance model (available as a coupe or convertible) that competes against the Camaro SS and the Firebird Ram Air. You also get a choice of transmissions: 5-speed manual or 4-speed automatic.

The base Mustang is powered by a 190-horsepower 3.8-liter V6. Mustang GT models come with a 4.6-liter overhead-cam V8 that produces 260 horsepower. Both engines offer substantially more power this year. The limited-production SVT Cobra and Cobra convertible models come with special 32-valve double overhead-cam engines.

Prices for the Mustang coupes: base ($16,520), GT ($21,015), Cobra ($27,605). Convertible prices: base ($21,370), GT ($25,270), Cobra ($31,605).