When Ford’s next-generation Mustang arrives in another 20 months or so, it will come into a market devoid of competition. As General Motors gives up the pony-car fight, it leaves the American-built sports-car mass market to the people from Dearborn who created it some four decades ago.

So what do we really know about the 2005 model Mustang, due to market in fall 2004 (a delay from original plans that had the new ’Stang arriving next spring as a 2004 model)? First off, if spy shots are any indication, the traditional 2+2 coupe will get a stunning new retro-ish wrapper, drawing most of its inspiration from meaty late-’60s Mustangs as Ford design chief J Mays dips once again into the historic Ford styling well for cues. Envision a full-out version of the fastback Bullitt Mustang beefy-trim treatment for a strong mental picture, along with a convertible version. Alumi-num reportedly may be used in place of sheet molded composites for hood, trunklid and ground effects on some models.

Underpinning the new body is Ford’s best chassis, the DEW platform, already in use in the Lincoln LS, Jaguar S-Type and Ford Thunderbird. For the Mustang, engineers shorten the overall chassis but retain the long wheelbase that puts the front wheels BMW-close to the front bumper.
Then there’s the heart of the car—the engine. Sources say an affordable version will still be available with a V6, likely the 215-hp 3.0-liter used in other models such as the Taurus. V8 rip will come from the 260-hp 4.6-liter found in today’s Mustang, but engineers are busy boosting the engine’s output into the 280-hp range. SVT Cobras will pack a higher-output 4.6-liter V8—as do current Cobras—but the next Cobra could punch out 400 horses. SVTs are also rumored to be in line for F1-style paddle shifters linked to a six-speed tranny.

Look for some of this speculation to be laid to rest when Ford shows its Mustang concept at the Detroit auto show in January, and begins making final plans for a showroom debut timed to coincide with the 40th anniversary of the splash the original made back in 1964.