The Mustang and the Mustang-inspired cars from other manufacturers that followed became known as pony cars; over the years, the Mustang's leadership in the group was rarely threatened. Today, however, when the class is reduced to three players - the Mustang, Chevrolet Camaro, and Pontiac Firebird - Ford's innovator faces its most serious challenge.

All three contenders are well-built, offer the latest in safety features and are backed by solid dealer networks. As a result, the principal weapon in this pony-car battle is horsepower. Although the Mustang offers 215 hp in its high-end GT model, the General Motors cars up the ante considerably with a healthy 275 hp apiece in their high-performance versions, the Camaro Z28 and Firebird Trans Am. (Later this year, Ford will offer a special limited-edition Mustang Cobra that will close the power gap. However, buyers will have to pay a premium for the Cobra and there won't be many of them thanks to the limited production.)