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For 2011, Ford issued a mechanical overhaul of its popular Mustang:
new engines, quieter interiors, better gas mileage. The lineup’s
granddaddy, the Shelby GT500, sees smaller improvements.

Officially called the Ford Mustang Shelby GT500, the car caps a
Mustang lineup that includes new V-6 and 5.0-liter V-8 drivetrains.
Though the GT500’s supercharged V-8 has the same displacement as
the 2010 GT500 did, a new aluminum block makes it 100 pounds
lighter. Combined with better aerodynamics and new electric power
steering, the GT500 is slightly more fuel efficient.

Sizing it up

Available as a coupe or convertible, the GT500 trades the Mustang
GT’s galloping emblems and driving lamps for a taller grille,
shapelier bumpers and lower fog lights. It ends up looking more
similar, particularly up front, to the V-6 Mustang.

Our press car came festooned with nearly a dozen cobra, Shelby, SVT
and GT500 icons. (In fairness, you can remove a few, along with the
racing stripes, if you want.) The decals signal the car’s myriad
influences: racing legend Carol Shelby, Ford’s Special Vehicle
Team, the resurrected GT500 moniker, the original 289 Shelby AC
Cobra.

Ford lowered the car’s ride height by nearly half an inch this
year. The GT500’s standard 19-inch wheels wear high-performance
tires; our test car had an optional SVT Performance Package that
includes thicker, 19-inch front wheels, 20-inch rears and Goodyear
Eagle F1 SuperCar tires all around. A set of four of those is just
over $1,200 on TireRack.com.

Convertible GT500s employ a power cloth top. In lieu of a
traditional moonroof, coupe shoppers can opt for an optional fixed
glass roof. Previously available only on lesser Mustangs, the roof
includes a retractable sun shade.

Horsing around

A new aluminum-block version of Ford’s 5.4-liter supercharged V-8
replaces last year’s iron-block engine. Up 10 horsepower thanks to
revised exhaust tuning, the 550-hp drivetrain idles with a rich
interlude of growling, hissing and other certifiably bitchin’
noises. It moves out, too: Acceleration lacks the immediacy you get
with a larger-displacement V-8, but stay on the gas past 3,000 rpm
and the supercharger’s high-pitched whine signals serious thrust.
Deactivate the traction control and slip the clutch just shy of
that mark, and you’ll handily spin the rear tires for seconds on
end. Peak torque of 510 pounds-feet comes at 4,250 rpm; thundering
past that mark toward the engine’s 6,250-rpm redline elicits cries
of enthusiasm — or terror — from your passengers.

The SVT Performance Package adds a quicker, 3.73 rear axle ratio.
Other GT500s have a 3.55 axle. Our friends at MotorWeek hit 60 mph
in 4.5 seconds and did a quarter-mile in 12.9 seconds in a 2010
GT500 convertible with a 3.55 axle. With the 3.73, the lighter 2011
GT500 coupe can probably hit both marks a few tenths of a second
quicker.

The GT500 sticks with a six-speed manual. The heavy clutch pedal
isn’t conducive to rush-hour traffic, but it engages smoothly
enough, and the striped cue-ball shifter exhibits short,
well-placed throws. Fifth and 6th gears both function as overdrive,
and 6th seems quite tall. Our test car dallied around 2,000 rpm at
interstate speeds, and assertive 60-to-70 mph passing required
downshifts to 5th or 4th.

Of course, such gearing helps with fuel efficiency — and the
GT500’s 15/23 mpg EPA gas mileage rating keeps it just beyond the
reach of the gas-guzzler tax. Credit the lighter engine, electric
power steering and various aerodynamic enhancements.

An optional upgrade on the Mustang GT, the GT500’s brakes comprise
14-inch front and 11.8-inch rear discs. The fronts have four-piston
Brembo calipers, and all four employ antilock braking. There’s a
lot of pedal travel before the brakes bite down, and overall
stopping power feels modest. It took 130 feet for MotorWeek to stop
its GT500 from 60 mph. After a few hard stops on a 90-degree day,
our test car displayed noticeable brake fade.

Ride and handling

The Shelby GT500 has the same solid rear axle as the lesser
Mustang. A limited-slip differential is standard, and the SVT
Performance Package adds stiffer springs all around. Ride comfort
is tolerable on smooth pavement — senior editor Joe Wiesenfelder
found it admirable — but things unravel quickly over bumpy
patches. The rear wheels hop skittishly over broken pavement, and
midcorner bumps induce noticeable wheel hop. Cars without the SVT
Performance Package, whose lighter wheels aim to reduce unsprung
weight, could fare even worse.

Electric power steering, added for 2011 to boost gas mileage,
delivers lighter-effort low-speed steering than I’d expect in a
performance car. My beef lies with turn-in precision: Point the
GT500 in a new direction, and the response is too sloppy for a car
in this league.

The GT500 resists pushing wide too soon, like any proper
rear-wheel-drive car should, and sliding the rear to finish out a
sweeping curve is easy enough. But a number of factors —
uninspired steering, a hair too much body roll, the skittish rear
— take the fun out of such maneuvers.

The inside

The GT500 gets unique seats with Alcantara suede inserts alongside
a high-quality grade of leather, and they strike a nice balance.
There’s good thigh and lateral support, without bolsters so huge
you regret eating dessert. Taller drivers may want a few more
inches’ rearward travel, but that would encroach on what’s already
a pretty tight back seat.

The tilt-only wheel seemed too close to the dashboard.

Our test car’s optional navigation system and dual-zone automatic
climate control are rare in this class, and the navigation system’s
graphics are first-rate. While navigation isn’t standard, Ford’s
standard Sync system includes emergency 911 assistance and
turn-by-turn directions, both routed through Bluetooth-enabled cell
phones. Ford includes a free three-year subscription.

A 500-watt Shaker stereo is standard. A 1,000-watt Shaker stereo is
optional, but we haven’t heard it.

Safety and pricing

In crash tests by the Insurance Institute for Highway Safety, the
2010 Mustang coupe and convertible both earned the top score, Good,
in front and rear-impact tests. In side impacts, the coupe earned a
score of Acceptable. The convertible scored Good. IIHS spokesman
Russ Rader said he expects those ratings to carry over to the 2011
Mustang.

Standard equipment includes front- and side-impact airbags; side
curtain airbags, however, are not available. Antilock brakes and an
electronic stability system are standard.

The GT500 coupe starts at $48,645. The convertible runs another
$5,000. Standard features include a power driver’s seat — albeit
with manual recline — plus leather upholstery and the Shaker 500
stereo with USB/iPod integration. Options include the SVT
Performance Package, a navigation system and the Shaker 1,000
stereo. Curiously, a power passenger seat and heated front seats —
both optional on lesser Mustangs — are not available on the
GT500.

GT500 in the market

Five years back, the Shelby GT500 provided an answer to all the
enthusiasts clamoring for more power than the Mustang GT’s
three-valve, 4.6-liter V-8 could offer. The GT500 was expensive,
but it delivered power in spades.

While the GT500 packs better acceleration and compelling styling,
the Five-Oh could prove its downfall. Carol Shelby has a worthy
steed — or serpent, as it were — in the GT500. But the Mustangs
for the masses have improved so much that few may care.

2011 Ford Mustang Shelby GT500 snapshot

Starting MSRP $48,645 — $53,645

EPA Fuel Economy: City: 15 Highway: 23

Available Engines: 550-hp, 5.4-liter V-8 (premium)

Available Transmissions: 6-speed manual w/OD

New or Notable * More powerful engines for 2011 * Rear-wheel drive
* Manual or automatic transmission * Coupe or convertible *
Available navigation system, backup camera

What We Like * Interior quality * Affordable pricing * Standard
stability system * Sightlines * Many available luxury features

(C) 2010, Cars.com; distributed by Tribune Media Services