By 1992, things were winding down for the third-generation, “Fox body” Ford Mustang. Most of the major changes, both visually and mechanically, had taken place in 1987 and many of those changes were carried over into 1992.

The only major design updates were color-keyed side moldings for LX models. The GT, meanwhile, got colored side protection strips. The base four-cylinder engine put out 105 horsepower and 140 pound-feet of torque. The available 5.0-liter V-8 made 225 horsepower and 300 pound feet of torque. Transmission options for both engines were a 5-speed manual or a 4-speed automatic.

To help with slowing sales, Ford offered a Special Edition model. They were all 5.0 LX convertibles with white wheels and a unique spoiler design. Buyers could get the Special Edition in only Vibrant Red with a white leather interior. 3,333 of these Special Editions were offered, making them relatively collectable.

Of the 79,280 Ford Mustangs sold in 1992, 40,093 were fastbacks, 23,470 were convertibles, and 15,717 were notchbacks.