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For 2024, the Ford Mustang will change. A lot. The new Mustang will be more luxurious, have a bigger screen, and much more. But, there’s not a lot to complain about on the 2023 coupes and convertibles. Traditionally, when a new or refreshed model comes out, dealers can’t wait to get rid of the old – read outdated – versions of cars. That often means that you can get a deal on a new car.

There will be a new Mustang in 2024

A new 2024 S650 Ford Mustang convertible shows off its drop top.
2024 Ford Mustang | Ford

Ford’s new 2024 Mustang will usher in the seventh generation of the coupe and convertible. It will still look like a Mustang, with a big hood, a small hatch and a 2+2 layout inside. But it also gets a revised chassis that should be stiffer and help it handle better, two new engines, and (thank the car gods) an available 6-speed manual transmission. Inside, though, Ford made the biggest changes with a wraparound screen for the driver and some upscale touches that will help it stand out.

The new car will also get slightly upgraded versions of its base and GT motors. The base 2.3-liter Ecoboost four-cylinder engine will make 315 horsepower, while the V8 in the GT package will make 480. The current car’s similar engines make 310 and 450. Though all of these upgrades may make for a nicer, faster, car next year, the current one is hard to beat.

The 2023 Mustang is the last of the S550 cars

A pre-S650 S550 2023 Ford Mustang GT shows off its Ice White paint and rear-end styling.
Ford Mustang GT | Ford

Ford calls the current Mustangs S550 cars, while next year’s will be called the S650. Ford kept the car basically unchanged since it debuted as a 2014 model. Unlike Mustangs of yore, the S550 has an independent rear suspension that the traditionalists scoffed at, but everyone else loved because it gives the car a handling prowess that no Mustang had before. It also has an interior that, while not luxurious, is comfortable and it comes with most of the features most buyers want. With its twin gauges and vintage air ducts, it certainly makes you feel like you’re behind the wheel of a special car.

But if you’re buying a pony car like the Mustang, it’s all about going fast. The GT package with the V8 is Mustang classic cool and fast. The car can go from 0-60 mph in 4.5 seconds, and it sounds good doing it, too.

What Ford Mustang incentives are available for a 2023?

The interior of an S550 Mustang | Ford

Ford is offering a few incentives on the current Mustang. If you’re a college student, Ford offers a College Student Recognition Exclusive Cash Reward Program that offers $500 on leases and $750 if you buy the car, according to Edmunds. There’s also a $500 offer from Ford for First Responders and active military. See your dealer for details.

Can you get a deal on a new 2023 Mustang?

A silver 2022 Ford Mustang parked outdoors.
2022 Ford Mustang | Ford Media Center

Traditionally, when cars are getting a refresh, dealers want the new ones on the lot  — not the old ones. That often means that you’ll find a deal on a closeout car. Many dealers are offering special rebates now on the 2023 cars that vary on market. You can be sure that collectors will try and snap up the special versions of the Mustangs, such as those with Shelby badges or other special goodies. But once these are gone, next year’s cars are expected to see a slight price increase.


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