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. It underwent a multi-faceted update for 1987, and for a time seemed destined for replacement with a rebadged import before company executives were swayed by consumer opinions. Enthusiasts group the generation into two segments: the 1979-1986 cars, with their quad headlight arrangement, and the 1987-1993 cars, with their "no-grille" front fascia styling. Production ended with the introduction of the SN95 fourth-generation Mustang for the 1994 model year.
With the end of the run near in 1993, Ford switched to cast hypereutectic pistons for all 302 cu in (4.9 L) engines and also re-rated the 5.0 GT at 205 hp (153 kW) and 275 ft·lbf (373 N·m) of torque. This estimate was more accurate because the previous power ratings were made before the addition of the mass air flow system, a minor revision in the cam, and other various changes.
Source: Wikipedia, 2012