Key Moments in Mustang History (1971-1978) • 1971 - A new look of the Ford Mustang is revealed. The wrong design for America's changing economy, the new design was only to last three years.
• 1973 - The last year for the "big" Mustang. The Mustang looses its performance image as horsepower dramatically declines; it's definitely time for a change.
• 1974 - The new generation Mustang, the Mustang II, is a major success. Returning back to its roots, the Mustang is once again a compact Pony Car, even though very little performance is offered.
• 1976 - Performance begins to return to the lineup as the Cobra Mustang is offered. Although only available with a V6, the Cobra sparks a trend of performance Mustangs in the near future.
