1965 Ford Mustang
Some argue that a collectible car must have been built in fairly small
numbers to make it exclusive, and thus more desirable and valuable. So
how do they explain why the 1965 Ford Mustang is such a popular
collectible? After.all, it attracted a staggering 680,989 buyers after
its early public introduction at the New York World's Fair in April,
1964.
The 1965 Mustang set an all-time record for first-year sales of any new
model. Today's auto market is too fragmented with different types of
cars for a single model to ever get the wildly enthusiastic reception
of the first Ford Mustang in America. The top-selling car in 2008 was
the Toyota Camry, which found 436,616 buyers.
Ever since its arrival, the Mustang has been a highly visible part of
the American auto scene. Owners have included everyone from former
President Bill Clinton and baseball star Reggie Jackson to Hollywood
celebrities Jay Leno and Cher. Most likely, you've either owned a
Mustang, or knew someone who did.
Americans had few foreign models from which to choose in the 1960s, so
domestic autos ruled the market. Lee Iacocca, who was the young, savvy
head of Ford Motor's Ford division, felt that a sporty, inexpensive
model would be hot because it would be youth-oriented and World War II
baby boomers were getting their first driver's licenses. Also, the
15-29 age group was expected to grow by almost a whopping 40 percent
between 1960 and 1970.
Young drivers had been snapping up sporty bucket-seat versions of
Chevrolet's Corvair with its European-style rear-engine design. Iacocca
felt that Ford--Chevrolet's main rival--could beat the Corvair with a
conventional front-engine sporty car, which would be more easily
understood by most Americans.
The Mustang had the long-hood/short-rear-end design of post-World War
II sports cars and initially was sold as a coupe and convertible and as
a semi-fastback model with a fold-down rear seatback, added in
September, 1964.
The first Mustang prototype was a small, low, slick mid-engine
fiberglass body two-seater powered by a European Ford V-4 engine with
90 horsepower. Iacocca took one look at it and said it wasn't what Ford
wanted to make because it was too "far out" to be a volume model.
Additional prototypes were made, culminating in the larger four-seat,
front-engine Mustang. "Now, that's what we want," Iacocca said with a
grin.
Iacocca then shifted Ford Motor's high-powered publicity and
advertising machines into high gear. The automaker had a sneak photo of
the Mustang taken March 11, 1964, and the picture was used by major
publications. About 100 reporters got Mustangs for test drives near the
car's introduction date in hopes of getting good reviews.
There was no internet or cable television, so time was bought on the
three television networks on the night of April 16 to showcase the car
for nearly 30 million viewers. And more than 2,500 major newspapers
contained announcements and reviews on April 17.
The Mustang made such a splash that Iacocca was pictured with the car
on the cover of Time and Newsweek magazines. That development didn't
sit well with Henry Ford II because, after all, he was the chairman of
the automaker.
But Henry couldn't be unhappy about the fantastic reception of the
Mustang, which had no serious competition until Chevrolet rushed to put
its first Camaro into production for 1967 as a Mustang fighter. Corvair
development was dropped because the Mustang buried it.
Despite styling that couldn't be better for the masses at the time,
there was nothing mechanically advanced about the 2,572-pound Mustang.
It was based on Ford's bland, reliable Falcon economy car, which Ford
had introduced as strictly a "basic transportation" vehicle in 1960.
But so what? Using the Falcon let Ford avoid the enormous expense and
time needed to develop a "ground-up" car. The Mustang used the Falcon's
simple construction and let Ford come up with a base Mustang price of
only $2,368, when many cars began at more than $3,000.
The base 1965 Mustang had bucket front seats, a 101-horsepower
six-cylinder engine and a three-speed manual transmission with a floor
shifter.
A relatively new compact, lively 260-cubic-inch V-8 with 164 horsepower
also was offered and soon was followed by a 289-cubic-inch version of
that V-8 with 200, 225 and 271 horsepower. Both the 260 and 289 V-8s
were so potent that they were put in racer/car builder Carroll Shelby's
legendary Cobra sports cars.
A larger 120-horsepower Mustang six-cylinder was added, but buyers
chose the V-8 by a three-to-one margin. You also could get a four-speed
manual transmission or a three-speed automatic, both with floor
shifters.
Besides the engine and transmission choices, the Mustang offered an
option list that covered nearly every aspect of the car and was a major
reason for its success and enormous profitability.
The Mustang could be tailored to individual buyers with the wide
variety of options, and many buyers loaded it with extras. It was
fairly easy to spend more than $4,000 for a Mustang, which made the car
look as if it were printing money for Ford.
Dealers loved the 1965 Mustang because less than 10 percent were bought
near the base price. Most had an average retail price around $2,800,
and the majority were sold at or above full retail price.
The Mustang's options included power steering, air conditioning, center
console, deluxe steering wheel, push-button AM radio, rear-seat
speaker, special wheel covers, tachometer and a clock. It could be
ordered with a front bench seat with a center armrest instead of
buckets, although few were.
Sexy option packages also were available, including the GT Package with
front disc brakes, full instrumentation, driving lights and special
identification. There also were a special Handling Group for V-8 models
and an Instrument Group with gauges for fuel, water, oil pressure and
amperes.
While the standard Mustang had a plain interior, with a cheap,
Falcon-based instrument panel, a variety of interiors was offered. They
included an Interior Decor Group with a five-dial instrument cluster,
woodgrain appliques on the dashboard and door panels, simulated
wood-rim steering wheel and unique duotone vinyl upholstery with a herd
of running horses embossed on upper seatbacks.
The Mustang had a chameleonlike ability to assume different
personalities. You could order a basic-transportation Mustang, a sporty
one, a small luxury liner or a high-performance version.
"It is a sports car, a 'gran turismo' car, an economy car, a personal
car, a rally car, a sprint car, a race car, a suburban car and even a
luxury car," Car Life magazine enthused with some degree of
exaggeration.
The variety gave the first Mustang enormous appeal to both young and
older buyers--although more than half of first-year buyers were under
34. Women bought as many Mustangs as men.
Of total sales, the 1965 Mustang hardtop coupe drew 501,965 buyers, the
convertible 101,945 and the fastback coupe 77,079.
While the general public was crazy about the Mustang, most auto experts
greeted the car with qualified enthusiasm because they knew that under
its sexy body was a humble Ford Falcon. But they also knew that
performance equipment was available to turn it into a serious driver's
car.
Iacocca even told Carroll Shelby to build an affordable, modified,
limited-production 1965 Mustang that could beat no less than Chevy
Corvettes on race tracks. Shelby did just that, using the semi-fastback
body.
Shelby's Mustang "GT-350" had a modified 306-horsepower version of the
271-horsepower V-8 and such things as a revised suspension, quicker
steering and special brakes. It was a "steal" at $4,547, although it
was essentially a race car that wasn't very comfortable for street
driving. Still, 562 were built.
The 1965 Mustang was chosen as the pace car for the 1964 Indianapolis
500 race, and a Mustang convertible was used in the popular James Bond
movie "Goldfinger," alongside an exotic Aston Martin sports car.
The 1965 Mustang was the type of car that auto executives and dealers
often dream about -- "the right car for the right time."