The first Ford Mustang debuted in April of 1964 and was met with rave reviews and long waiting lists at dealer showrooms. Mustang, with its long nose, short deck, rear-wheel performance drive and affordable price, started the ponycar stampede with cars like the Camaro, Firebird, ’Cuda, Javelin and Challenger. Now, more than 40 years later the galloping pony is the only one left. And for 2005 it’s all new and by far the best Mustang ever.

While it is “all-new,” Ford designers have beautifully brought back the look of the 1960s fastback. It’s retro without trying to be cutesy á la PT Cruiser. The exterior styling cues — like the long hood, short rear deck, side C-scoops, three-element tail lamps and a chrome galloping horse badge on the grille — honor classic Mustang heritage. Its menacing shark-like nose is reminiscent of the 1967 model, stationary windows in the C-pillar panel above the trunkline pay tribute to the ‘66 Shelby Mustang.

Inside, Ford has carried over the retro-futurism look with a dual-hooded instrument panel with huge coffee-can size speedometer and tachometer gauges neatly lifted from the ’60s. One other neat touch is the changeable backlighting for the dash gauges. At the press of a button you can change the color to white, blue, green, orange, red or more than 125 different hues to suit your mood or personality.

Another nostalgic interior feature is the pinstriped-brushed aluminum trim that spans the entire length of the dashboard and surrounds four large chrome-ringed air vents. The three-spoke steering wheel has a center hub marked by the original Mustang horse and red, white and blue tricolor bar logo. For 2006, an additional darker aluminum interior trim upgrade package is available.

My tester, the Torch Red GT coupe Premium featured an optional interior color accent package ($175) that added red leather seats, red door inserts and red floor mats over the dark charcoal carpeting and interior trim.

Ford added six inches to the wheelbase for ’05, dramatically maximizing interior comfort. For a tall driver, the ’04 just didn’t have enough leg, head or shoulder room. The new interior takes care of that problem and I found the front bucket seats to be comfortable and supportive. Forget about asking any adult to sit in the back seat because they just won’t fit. Because Ford didn’t include air bag protection, I would be hesitant to put my grandkids back there either. It’s a serious oversight.

While I’m at it, my other complaint is the unavailability of stability control for the Mustang, even as an option. Some safety experts believe accident avoidance is as, if not more, important as air bags, rendering stability control mandatory. This is a real problem on wet and icy roads, especially for the rear-wheel-drive high performance Mustang with a 300-horsepower engine.

Ford is offering the Mustang in two body styles — a fastback coupe or convertible — and five major trim levels: V-6 Standard, V-6 Deluxe, V-6 Premium, GT Deluxe and GT Premium. Base prices range from $19,835 to $31,865 including shipping. A new 5.4-liter 475-horsepower Ford Shelby GT500 Mustang is planned for 2007. Availability and pricing has not been announced.

The standard engine is a new 4.0-liter that replaces the 3.8-liter in the 2004 model. The 210 horsepower is 23 more than the ’04. GT models come equipped with a 4.6-liter V-8 generating 300 horsepower and 320 pound-feet of torque. It is the first standard Mustang to break the 300-horsepower barrier. All Mustangs come equipped with a five-speed manual or can be ordered with an optional five-speed automatic transmission ($995).

One of the best features of the new Mustang is its affordability. Getting a 300-horsepower GT for under $25,000 is about as good as it gets. It is the least expensive 300-horsepower car you can buy. Essentially loaded my test 2005 GT Premium had a list price of $27,630.

For 2006, a new Pony Package gives V-6 Mustangs the looks of the GT, including a grille with GT-styled round fog lamps and a chrome bezel surrounding the chrome prancing Mustang horse. The package also includes 17-inch wheels, front-fender badging, a lower side door stripe and a rear spoiler.

The GT, with its design-engineered sound, provides a rich attention getting rumble from its dual-exhaust and might be a few decibels too high for some drivers. You can hear this car coming from a distance.

Car and Driver magazine tested the GT and clocked zero to 60 times of 5.1 seconds and a standing quarter-mile time of 13.8 seconds. Those are serious times for not-so-serious money.

At cruising speeds the Mustang is everything the older version was not. It’s quiet, comfortable and rattle free. The driving dynamics are impressive with flat cornering and no excessive rear roll. The P235/55ZR 17-inch performance tires provide exceptional lateral grip and the larger brakes will outbrake any number of more expensive sporty cars.

Front passenger side air bags are a $370 option and no rear or side curtain airbags are available, a distressing oversight by Ford. Antilock brakes and traction control are standard on the GT, but a $775 option on the base model. The 2005 Mustang has not been crash tested.

Ford did a fantastic job of capturing the best of the classic Mustang and matching it with performance, handling and drivability, while taking out the squeaks, rattles and harsh aspects of the previous Mustangs. All that at a price less than expected makes it hard to beat.

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