The introduction of a new Ford Mustang is a cause for celebration among Ford fans, a point of interest for even the most casual car buffs. Likely we will never again see the kind of excitement that surrounded the introduction of that first Mustang 30 years ago, but Ford is trying hard to generate some enthusiasm.

And that enthusiasm is deserved. While it adds a certain level of cutting-edge technology, it retains that spirit that has made almost every new Mustang model a success. (Ford is willing to forget that little Pinto-size 1974 Mustang, if you will, too).Since this is the first really new model since 1979, it's easy to forgive the 1994 Mustang still sharing a few parts with its predecessor, among them the Mustang GT's 5-liter V-8 engine. (That may change for 1995, as a 300-horsepower, 32-valve V-8 may replace it.)

Still, there is certainly nothing wrong with this current, near-bulletproof engine. At 215 horsepower, it provides plenty of power, smoothly delivered through the optional four-speed automatic transmission. This transmission, while exceptionally smooth, is a bit slow-shifting, likely to help increase fuel mileage. Stomp on the accelerator, and the transmission pauses for a moment, deciding how it will respond.

While the powertrain may be essentially business as usual, the chassis and suspension are a vast improvement over the loose-feeling 1993 Mustang GT. While the old Mustang could be made to go around corners quickly, this new Mustang begs for the opportunity.

Rigidity of the body and chassis is much improved, and that's reflected in the car's competence at handling tight turns on rough pavement. That combination could send the old Mustang GT into a tizzy.

Also vastly improved is the Mustang's performance on wet pavement. Driving the previous Mustang GT on slick roads could be an adventure; our test car - fitted with a "traction-lok" rear axle, anti-lock brakes and fat P245/ 45ZR17 Goodyear radial tires - felt safe and secure in the rain.

Though the Mustang's styling is certainly a radical departure from the previous model, it is, nonetheless, oddly familiar. Parts of it resemble the Ford Probe, other parts the last-generation Toyota Supra. Likely this accounts for the surprising lack of attention our "laser red tinted clear-coat metallic" Mustang received from casual observers.

Inside, there is no denying that this is a completely new car. The leather-trimmed interior of our test Mustang had one of the most attractive, appealing looks of any vehicle we've tested, at any price. Instruments and controls are convenient, front seats are comfortable and rear seats are roomy enough for occasional passengers, though few will volunteer to ride back there for long.

Two minor problems: The driver's seat won't go back far enough to suit long-legged drivers, and the front seat belts, mounted far behind the seats, are hard to reach and moderately uncomfortable.

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The big test for the Ford Mustang is the same test it has faced since 1967: How does it compare with the Chevrolet Camaro? Chevy redesigned the Camaro last year, and it is also a leaps-and-bounds improvement over the previous model. While the Camaro is about a foot longer overall, the Mustang actually has a slightly longer wheelbase (the distance between the center of the front and rear wheels), and is 3 inches wider.

The Mustang GT's direct competitor, the Camaro Z-28, wins the horsepower war, 275 to 215. And while Ford has not supplied the total price for the GT model, it appears Chevrolet wins that one, too: The Z-28's base price is $16,779, while the Mustang GT's base is $17,280.

However, the regular Mustang, now with a version of the Taurus 3.8-liter V-6 replacing last year's wimpy 2.3-liter four-cylinder, has a base price of $13,365, about $600 less than the standard Camaro. Anti-lock brakes, standard on the Camaro, are optional on the Mustang.

Fully optioned, it's likely our test Mustang GT would list for about $21,000. A little pricey, perhaps, but considering the content - four-wheel anti-lock disc brakes, dual air bags, a tough engine, a wonderful interior and a striking, if familiar, exterior - the Mustang GT has to be considered a good buy.

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