How Ford hopes to win new buyers with 2024 Mustang

ARCADIA, Calif. — Ford Motor Co. officials are hoping to expand the 2024 Mustang's appeal to a new generation of buyers even as longtime rivals give up on the pony car segment.

Designers and engineers are betting new video game-style graphics — including the ability to customize digital gauges to mimic the 1980s-era Fox Body — and performance upgrades including an electronic drift brake will spark a sales rebound by wooing younger customers who crave personalization. Expanding the pool of potential buyers will be key to the seventh-generation Mustang's continued relevance, officials say, as fans of the soon-to-be-discontinued Chevrolet Camaro and Dodge Challenger could be tough to win over.

"There's a segment of the pony car set that is extremely brand loyal and might have a bowtie tattoo somewhere on their body. We're probably not going to be able to convert them," Jim Owens, Mustang brand manager, told Automotive News. "This is a basis to grow and bring in a younger audience. We feel there's a segment of the population that really enjoys sports car performance but enjoys it differently than the current generation does."

Still, Karl Brauer, an analyst with ISeeCars.com, said Ford could get some Chevy or Dodge loyalists simply because they have nowhere else to go.

"Some people still want a V-8-powered, rear-wheel-drive, made-in-America sports car," Brauer said. "Ford's going to cash in on the evolution of that segment, even without really targeting younger buyers."

The 2024 Mustang, which will go on sale this summer in coupe and convertible forms, is essentially built on the same platform as the sixth-generation model, in what Brauer termed a "restrained redesign" that keeps the same two engine options.

Still, the Mustang's standard 2.3-liter EcoBoost and optional 5-liter V-8 engine come with improvements that boost performance to 315 and 486 horsepower, respectively. The exterior has been redesigned with wider, more angular styling, as well as different front end design for each of the two engine options. And the interior boasts new high-definition electronics, including a curved digital display angled 10 degrees toward the driver.

Other new highlights include a "remote rev" feature that lets drivers rev the engine with a button on the key fob; an electronic drift brake that comes with the optional performance pack; and a new safety feature called "exit warning" that will help drivers avoid opening the door of their parked car as bicyclists or pedestrians go by.

The car also has a new steering wheel design with a flat bottom instead of a circular one.

While Ford said the Mustang is the bestselling sports car globally over the past 10 years combined, U.S. sales have fallen each of the past seven years, according to the Automotive News Research & Data Center. The Challenger, which sits on the segment's oldest platform, outsold the Mustang in 2021 and 2022.

U.S. sales of Mustang are off 2.9 percent through June to 25,471.

Still, Brauer said the vehicle is poised for a sales bump, although rising prices could affect that growth.

"Everything is really on its side to be successful in terms of the competition and plenty of people who still want a traditional car," Brauer said. "But the biggest challenge is inflation and cost of production driving the price out of range for a lot of buyers. The car should still appeal to mainstream consumers and if it gets too expensive, it won't."

Pricing on the 2024 model starts at $32,515, up a few thousand dollars over the outgoing entry-level model, while the high-end Dark Horse variant starts at $59,565. Both prices include shipping.

Owens said the price reflects additional content customers are getting, even on base trims.

"We're really confident in what's in that EcoBoost," he said. "It's a stout performance car."

Aside from appealing to younger buyers, Owens said Ford isn't altering its strategy with the Mustang as its rivals bow out and doesn't necessarily expect any new competition in the immediate future.

"We've been there without that competition before," Owens said. "We're there because this is a primary piece of Americana from a sports car segment we think the audiences will desire."