Mustang: Evolution, Inflation, and the Slow Fade of the Affordable V8
When Ford dropped the new S650 Mustang, the press releases read like scripture: sharper design, new tech, and the return of the great American pony car. But here’s the truth: the S650 isn’t a revolution. It’s a facelift. A glow-up. A spritz of cologne before heading out in the same old outfit. Pretty? Yes. Exciting? Sure. Game-changing? Ehhhhhh, not quite.
The S550: Where My Heart Still Lives
Let’s rewind to the S550 era. I had a 2019 GT in white, manual, and it was everything. Raw, loud, borderline feral. It didn’t just sit in the driveway, it loomed. That car had presence. And then there was the Bullitt Mustang, sold in Australia as a limited edition. Deep Highland Green (there was black that no one bought), manual only, with a cue-ball gear knob and 480 horses under the bonnet. If I had my time over, I’d buy one in a heartbeat. The Bullitt wasn’t just a car, it was a statement. The S650, in comparison, has all the emotion of an exasperated ‘meh’.
So What’s New in the S650?
Ford will tell you plenty. Slimmer headlights, chiseled fenders, a 13-inch screen big enough to order Uber Eats on, a fully digital cockpit, and a few more ponies from the 5.0 Coyote. Dark Horse trim even hits 500 hp on paper. The chassis has been nudged, the suspension tweaked, the e-handbrake thrown in for a bit of drift-spec theatre.
But once you step back, it’s clear: this is the S550 with new eyeliner. Sure, it snarls a little differently, but the soul hasn’t changed. It’s not evolution so much as the same hit single, remixed and re-released.
The Price That Killed the Pony
And here’s where things really unravel.
The S550 earned global success because it was affordable muscle. In 2015, the Mustang GT started around US $30,000. By the end of that generation, you could still buy one in Australia in the $60–70k bracket - serious bang for buck.
Enter the S650:
EcoBoost Fastback: $64,990
GT Manual: $77,002
Dark Horse: brushing $100k before on-roads
Yes, you read that correctly. Six figures for a Mustang in Australia. That’s M340i money. AMG C43 money. Lexus IS money. Cars with plush cabins, serious refinement, and brand prestige that doesn’t rely entirely on nostalgia and exhaust burble.
So what does Ford give you for that leap? A new screen, some sharper plastics, and a badge. No extra cylinders, no forced induction, no revolution. Just inflation and audacity.
Sales Don’t Lie
The Mustang was once the world’s affordable V8 icon. The S550’s launch year? Over 120,000 sold. The S650? Forecast closer to 35,000. In the US, sales dropped nearly 10% in 2024. Globally, it still clings to the “world’s best-selling sports car” crown, but that’s more a sign of how few sports cars are left than Mustang dominance.
In Australia, S650 deliveries picked up mid-2025, but that’s largely due to supply finally catching up. It’s a blip, not a boom. For a car that used to print money, those numbers feel more like an obituary.
Affordable Sports Car? Not Anymore
The Mustang’s entire identity has been tied to one phrase: “affordable performance.” You couldn’t get an M4 or a C63 for Mustang money, but you could get the same grin. Today? The Dark Horse is practically priced alongside those Germans. And here’s the kicker: for similar cash, you could have BMW’s M340i, faster point-to-point, tech-heavier, arguably classier (you’re so close to an M2 it’s ridiculous).
The S650 still gives you the V8 rumble, the rear-wheel drive purity, the option of a six-speed manual. But at this price, it’s no longer the everyman’s muscle car. It’s a financial black hole in a polyester suit.
Ford Australia: The Art of Missing the Point
And then there’s the Australian release. Ford Australia, bless them, delivered us the S650 Dark Horse; but not ‘that’ Dark Horse. Ours is a neutered version: missing some US-spec features, no unique engine upgrades, fewer wheel options, and less of the “track-ready” DNA that makes the badge meaningful. Yet somehow, we’re charged the same eye-watering prices.
It’s like ordering a steak in America and being served a lettuce wrap in Adelaide for the same money. Why? Homologation costs, they say. Translation: we’re the afterthought market, and they know we’ll buy it anyway.
The Beginning of the End for the V8?
This isn’t just about pricing. The world is changing. V8s are vanishing from lineups everywhere, and the Mustang is fighting extinction one facelift at a time. Buyers are moving to hybrids, EVs, and SUVs. Younger drivers don’t lust after V8s the way we did; they lust after monthly repayments on something electric and silent to stop Greta from sperging out from her sail boat.
The S650 may very well be the last gasp of the “affordable” naturally aspirated V8. And the irony? It’s not really affordable anymore.
Closing Thoughts: Still My Pony, Just Not My Price
I’ll always love the Mustang. I’ll always miss my 2019 GT, and I’ll always daydream about a Bullitt being parked in my garage. If Ford ever blesses the S650 with a Bullitt edition, manual only, in that Highland Green, I’ll be queuing with my financials ready to make a poor decision…But right now? The S650 feels less like the people’s pony car and more like a luxury good trying to rub shoulders with the Germans.
Evolution? Yes. Revolution? No. Affordable? Absolutely not.
And if Ford Australia keeps selling us neutered ponies for German money, the Mustang might not just be fading - it might be trotting off into the sunset for good.