The Ford Mustang is a well-known success story. It was a revolutionary new design introduced in 1964 that spawned an entire "pony car" segment, going on to inspire rival car manufacturers to create their own models to compete, and 57 years later remains a popular seller.

Offered at an attractive base retail price of $2,320, General Manager Lee Iacocca and other executives at Ford expected first-year sales for the Mustang to reach 100,000 units.

Sales exceeded all expectations when buyers ordered 22,000 Mustangs on the first day alone! Total sales in 1964 topped 121,000 and in 1965, the first full year sales, demand skyrocketed prompting the production of 559,500 units. The 1966 model year was even better with 607,568 units sold.

American car manufacturers scrambled to produce their own Mustang Pony car, including the Chevrolet Camaro, Pontiac Firebird, Dodge Challenger, and AMC Javelin.

Here are the features of the first-generation Mustang that made it one of the most influential cars in automobile history.

1965-1973 Ford Mustang (first generation)

7.60 / 10
Key Features
  • Aggressive styling
  • Best acceleration in the Pony car segment
  • High-performance Shelby GT350 and GT500
Specifications
  • Engine/Motor: 289 cu. in. V-8 plus 30 variations
  • Horsepower: 271 hp
  • Torque: 312 ft.-lb.
  • Drivetrain: RWD
  • Transmission: 4-speed manual
Pros
  • Iconic Pony car
  • Uses Ford's best performing engines
  • High power to weight ratio
  • Wide selection of models
Cons
  • Excessive flex in unibody frame
  • A rusting chassis can cause problems

Mustang Performance Engines

Red 1965-1973 Ford Mustang (First Generation) Fastback
via Bring a Trailer

During the eight first-generation production years, Ford offered the Mustang in a wide range of variants, most notable were the Boss 302, Boss 429, and the legendary Shelby Mustang.

The pony cars were all rear wheel drives and came in hardtop, fastback, and convertible configurations with more than 30 engine variations (albeit some with only minor differences).

Related: Here's How The 1965 Ford Fastback Mustang Compares To Its Rivals

First-Generation Performance Shelby Mustangs Focused On Power

1965-1973 Ford Mustang (First Generation) engine
via Bring a Trailer

Although Ford produced Mustangs with an inline 6-cylinder, the V-8 engines that powered the Mustang high-performance machines are more intriguing. The best known are the 1965-1971 Shelby Mustang GT350 and the GT350R racing version.

In 1965, Lee Iacocca believed the Mustang needed a sports car image. After failing to get the car classified by the Sports Car Club of America (SCCA) for the production car racing class, B Production, Iacocca asked Carroll Shelby to get involved.

Shelby made modifications to the Mustang to compete against the Corvette both on the road and track, and the engine was a top priority.

Shelby's engineers added a bigger carburetor, special intake manifold, and exhaust headers to boost the Mustang Hi-Performance 289 cubic inch V8's power from 271 horsepower to 306 horsepower, then mated it to a Borg-Warner T-10 four-speed gearbox.

For racing, Shelby fitted the B Production competition models produced from 1965 to 1971 with a blueprinted engine producing 350 horsepower. The results pleased Iacocca: for three consecutive years the GT350R was the B-Production Champion, beating the Corvette and officially (according to the SCCA) converting the Mustang into a "sports car."

Making its debut in 1969 and only produced through 1970, the Boss 302 got its name from the original 302 cubic inch V-8 engine.

However, shortly after its introduction, Ford upgraded the Boss 302 to the Windsor 351 cubic inch engine adding oversized Cleveland heads, a 780 cubic feet per minute Holley carburetor, an aluminum intake, and a forged steel crankshaft.

The production version of the Boss 302 generated 290 bhp with 290 lb-ft of torque, mated to a Toploader 4-speed manual transmission while the track variant achieved a remarkable 470 horsepower.

In the late '60s, Ford developed the 429 semi-hemispherical engine for NASCAR racing, and to compete with Chrysler's 426 Hemi. NASCAR's homologation rules to qualify a new engine required that the manufacturer produces a minimum of 500 cars equipped with the same powerplant for sale to the public.

Ford decided to use the Mustang and the Boss 429 was born.

The 429 cubic inch engine produced 375 hp and 490 ft-lb of torque sending power to the 4-speed manual transmission.

Related: Bring A Trailer Find: 1968 Shelby Mustang GT500 KR Convertible

The Shelby Mustang GT 350 Led The Pack

Red 1965-1973 Ford Mustang (First Generation) convertible
Via: Bring A Trailer

The Shelby Mustang GT 350 is arguably the best performing first-generation Mustang.

The Carroll Shelby mods produced an acceleration from 0 to 60 mph in 5.4 seconds, a quarter-mile time of 13.9 seconds, and a top speed of 129 mph.

Furthermore, Shelby made significant handling improvements to the 2-door fastback coupe making it a Corvette killer. At his Cobra production facility in Venice California, Shelby and his engineers removed the rear seat to comply with B Production competition requirements and added a host of chassis and suspension upgrades.

The Shelby American staff also installed Koni shocks, rear override traction bars, and quicker steering to improve cornering, and a Cobra steering wheel, three-inch racing seat belts, tach, and oil pressure gauge gave the interior a high-performance race car functionality.

While the Boss 302 performance is respectable for the '60s, accelerating from 0 to 60 mph in 6.5 sec, reaching the quarter mile in 15 seconds, and topping out at 133 mph, it falls short of the Shelby Mustang.

With its massive engine, the Boss 429 Mustang edges out the GT 350 with an acceleration from 0 to 60 mph in 5 sec, a quarter mile time of 13.7 seconds, and a top speed of 111 mph.

Related: Here's What The Boss 302 Mustang Is Worth Now

The First-Gen Mustang's Interior

1965-1973 Ford Mustang (First Generation)
via Bring a Trailer1965-1973 

Typical of cars manufactured in the late '60s and early '70s, the stock Mustang interior was simple with none of the technology found in today's automobiles.

The Mustang stock interior included a wood-rimmed steering wheel with three chrome spokes and low-back bucket seats. Ford also offered a front bench seat, but buyers rarely choose it.

The best-known optional deluxe interior was the "Pony" trim with embossed horses detailed on the seat covers. Ford didn't offer a leather interior for the early Mustangs. However, a persistent buyer could take delivery of a new car with factory leather.

1965-1973 Mustang Pricing

1967 Ford Mustang front third quarter view
Via: Ford

As one might expect, with so many first-generation Mustangs variants available, sales prices vary greatly.

According to Classic.com, recent sales prices for 1965-1973 Ford Mustangs range from $1,600 to $3.7 million with an average of $49,009.

The high-performance Mustangs fetch the highest prices. A sample of recent listings shows a 1969 Boss 302 Mustang for sale at $16,616, a 1969 Boss 429 Mustang at $291,500, and a 1965 Ford Shelby GT350 at $479,999.