With the 74 Mustang Ford had finally gotten things on the right track. This was by far one of their greatest models they have ever produced and it finally had things going the right direction. The first thing that engineers worked on was the design and they really seemed hit the nail on the head this time! So it was that the new 1974 Ford Mustang managed to finally get people’s attention.
Iacocca was of course, the man behind this and he said to himself that this model really must meet and exceed some of the features and requirements of other cars in its class, and they had to be adapted to the Ford Mustang brand. He said that this new model had to be a fastback coupe or sporty notchback and considered that the convertible was not even an option as it was already dead. He thought of Chrysler and the next thing that came to his mind was that this car must have an engine packing at least 4 cylinders or just a 6 cylinders small engine with a 4 speed manual gearbox. He also considered the holster and he demanded that this particular model would be manufactured in high quality materials which were to be stitched very carefully to provide a very classy and appealing look.
Iacocca was also interested in the upcoming styling of the Mustang 2 and corporate planning chief, Mister Hal Sperlich declared that Iacocca had in mind a different kind of Mustang that would be different from all the other cars on the market and it would target a different type of customer. He also wanted a fuel-efficient vehicle to meet the demands of the American consumer who was greatly concerned with gas prices.
Easily the biggest change to this model was that a v8 engine was not offered. As this type of engine was a pretty big gas hog. There were basically two options available, the 2.3L 4-cylinder engine which rated at 88 HP and the 2.8L V6 engine which rated at 105 hp. Not exactly impressive numbers, but again consumers were demanding more fuel efficiency and Ford had to keep up with the times.
The 1974 Ford Mustang rolled out 385,993 units and had a starting price of $3134.