The 5.0-litre V8 will be upgraded to 500bhp within 18 months of the car going on sale. In launch specification, the V8 emits 299g/km of CO2 and can return a claimed 20.9mpg, while the Ecoboost option emits 179g/km of CO2 and returns up to 35.3mpg. US markets will also get a 3.7-litre V6 option.
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The first right-hand-drive models are already rolling off the production line at Ford's plant in Flat Rock, Michigan, with first deliveries expected in November. Buyers have been told that it will take around 12 weeks for the car to reach them once it has left the plant.
Ford of Britain boss Andy Barratt said: “We are now sold out beyond July next year, although that’s not a reason not to go into a dealership and buy one. I will do my very best to ensure we look after every single customer in the right way."
The pricing means the new Mustang substantially undercuts perofmance rivals such as the Nissan 370Z, BMW 4 Series and Audi A5.
Ford has launched the new Mustang in both convertible and 'Fastback' bodystyles. The convertible body style is around £1500 more expensive than the equivalent Fastback, which 80% of customers have chosen.
Standard kit in the UK includes 19in alloy wheels, a performance brake package, xenon headlights, LED tail-lights and a rear diffuser. Inside it gets dual-zone climate control and Fords latest Sync2 infotainment system with nine speakers an 8.0in screen.
There are 10 colours to choose from, including yellow and orange hues that are bespoke to the Mustang, while the options list includes upgraded seats. 'Race Red' is the most popular colour among UK buyers so far, accounting for 23% of all orders.
The new Ford Mustang made its public debut at the Detroit motor show in 2014. It is the latest global model developed under the ‘One Ford’ plan, but Ford claims that the character has not been altered as a result. “We didn’t decide to do a global Mustang,” said programme boss Dave Pericak. “We decided to take the Mustang global. Everything we do is to make a Mustang, and then take it global with homologation. We didn’t change the recipe.”
According to Pericak, the fact that the hugely successful outgoing model was the conceptual starting point is partial proof of that, even if “the only commonality is the wheelbase - every sheet metal panel is different and only two fasteners are retained”.
Most significantly, the new Mustang now has independent rear suspension, a move that comes 30 years after most manufacturers jettisoned live rear axles. The change in set-up greatly improves ride quality, while the front suspension has also been redesigned to help make the car suitable for a global audience.
Even so, Ford has admitted it is looking at improving the low-speed ride comfort of its new Mustang ahead of its 2015 European launch.
Autocar test-drove the Mustang in Los Angeles in 2014. It received praise for its performance and high-speed handling but there was criticism of its low-speed ride, which was rated as being short of the compliance needed for UK roads. “As soon as we play with the low-speed damping we risk harming the car’s handling,” said global engineering chief Raj Nair. “Even so, we’re about to begin testing and there are some things we can do.”