When the Mustang arrived in April 1964 it quickly became a hit by offering stylish performance at a price most buyers could afford. Within two years Ford had sold a million examples thanks in part to shared Falcon components that kept costs low. Today the Mustang remains a flagship performance nameplate rich with history, yet an alternate path existed from the start in the form of a compact mid-engine convertible powered by a four-cylinder engine.

The Mustang I prototype carried a 1,500 cc V4 mounted behind the two-seat cockpit. The high-revving unit produced roughly 100 horsepower while the entire car weighed just 1,148 pounds. Although Ford never planned a production version without a roof, the layout could have aligned the brand with its later GT40 racing program and created a very different sports-car direction.

Contemporary reports indicate the car served mainly as a promotional tool for Lee Iacocca aimed at younger buyers. Still, Ford mounted an extensive campaign that included track demonstrations at Watkins Glen and Laguna Seca with Dan Gurney at the wheel. The prototype was also loaned to Car and Driver, Road and Track, and Sports Car Graphic for instrumented tests, suggesting the company was measuring real interest in a possible production model.

Dan Gurney's publicity tour

In the early 1960s Dan Gurney ranked among the world's top drivers with victories across NASCAR, sports cars, and Formula 1. Ford selected him for the demonstration runs because of his prior success with Holman-Moody NASCAR entries and his presence at both events. The appearances formed part of the company's growing Total Performance motorsport push that would later yield wins at Le Mans and Indianapolis.

The Mustang I offered capabilities unmatched by most rivals in 1962. While it could not have challenged Ferrari's larger prototypes at Le Mans, a racing variant might have pressured Porsche in the 1.6-liter GT class and steered Ford toward a lighter, lower-cost sports car for years to come.

Ford should revive this idea today

After driving the concept, Car and Driver concluded the car deserved production and could inspire other manufacturers. That endorsement proved insufficient, and the lone prototype now resides in the Henry Ford Museum. Current Mustang models exceed 4,000 pounds, offer up to 815 horsepower, and carry base prices above $42,000, with top variants reaching six figures.

A different development path might have preserved a smaller, more affordable two-seater in Ford's range. With no passenger cars left in the lineup, the brand lacks an entry-level performance model that could attract new drivers. A modern lightweight mid-engine four-cylinder sports car focused on simplicity, efficiency, and low cost could fill that gap without luxury features or complex electronics.