The third-generation Mustang was produced from 1979 to 1993. Built on Ford’s ubiquitous Fox platform, it evolved through a number of sub-models, trim levels, and drivetrain combinations during its production life.
For 1979, the all new Mustang was based on the larger Fox platform, initially developed for the Ford Fairmont and Mercury Zephyr twins that debuted in 1978. The interior was completely restyled and could now more comfortably seat four, even with the smaller back seat. The new Mustang also had more trunk space and a bigger engine bay for better serviceability. Body styles included a coupe (notchback) and hatchback (fastback). The only trim level available over the base model was Ghia. There was also a Cobra option available (17,579 produced in 1979) that completed the lineup through 1981. Engine choices included the 88 hp 2.3 L Pinto I4, 109 hp 2.8 L Cologne V6, and the 140 hp 302 cu in (4.9 L) Windsor V8.
The Mustang was again chosen as pace car for duties in the Indianapolis 500. Ford commemorated the honor with an "Indy 500" pace car edition. About 11,000 copies were produced in two-tone pewter and black with orange graphics. Available were the 2.3 L Turbo with mandatory four-speed manual transmission or the 302 cu in (4.95 L) V8 with either the manual or three-speed automatic transmission. The three actual Pace Cars were fitted with a T-roof by Cars & Concepts of Brighton, MI. The T-roof option would not become an available option until the 1981 model year. A T-top roof was optional.
Source: Wikipedia, 2012