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At a cost of nearly $700, this high-performance 289, or "Hi-Po" as it came to be nicknamed, was the single most expensive option available on the Mustang. The option list added to Mustang popularity since it could be ordered from "mild to wild," depending on the buyer's taste and budget. The most popular drivetrain combination in the Mustang's first two years would prove to be a 200 horsepower (149 kW), two-barrel "Challenger" version of the 289 introduced at the start of the 1965 model year backed by a three-speed "Cruise-O-Matic" automatic transmission.

The 1966 Mustang debuted with only moderate trim changes, and a few new options such as an automatic transmission for the "Hi-Po," new interior and exterior colors, an AM/eight-track "Stereosonic" sound system and one of the first AM/FM monaural radios available in any car. The 1967 model year would see the first of Mustang's many major redesigns with the installation of "big-block" V8 engines in mind. The high-performance 289 option now took a supporting role on the option sheet behind a massive 320 horsepower (239 kW), 390 in³ (6.4 L) four-barrel engine direct from the Thunderbird.

Shelby and Ford will return with a Shelby-branded Mustang, Shelby GT500 for 2007. Introduced at the 2005 New York International Auto Show, the Mustang GT500 will make use of a 5.4 L Modular supercharged V8 developed from the 4.6 L engine in the outgoing Mustang Cobra. 450 to 500 hp (336 to 373 kW) and 450 ft.lbf (610 Nm) will be available, making this the most powerful Mustang ever built, and providing healthy competition for the Chevrolet Corvette. A Tremec 6-speed manual transmission, suspension tuning, a body kit, 3.31 gears, and 18 inch (457 mm) wheels will complete the car.

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