Ford released pricing information for the 2024 Mustang today. The entry-level EcoBoost model will start at $32,515, which includes the $1,595 destination charge. The cheapest V8-powered GT trim will set buyers back $43,090 to start. With this info, we can compare the new Mustang to its main competitors – the Chevrolet Camaro and Dodge Challenger.

The new Mustang received a thorough overhaul for its seventh generation. Ford updated the styling, packed the cabin with screens, and massaged more oomph from the two available powertrains. The 2024 Mustang will go on sale in seven trims – three with the EcoBoost four-cylinder and four with the V8.

Make/Model Starting Price (Trim, Destination Charge) V8 Price (Trim)
2024 Ford Mustang $32,515 (EcoBoost, +$1,595) $43,090 (GT)
2023 Chevrolet Camaro $27,795 (1LS, +$1,395) $37,796 (LT1)
2023 Dodge Challenger $32,140 (SXT, +$1,595) $40,980 (R/T)

Unlike the Challenger and Mustang, Chevrolet offers the Camaro a second entry-level engine option. While the turbo 2.0-liter is the standard mill, Chevrolet offers an optional 3.6-liter V6 on the 1LT, 2LT, and 3LT trims. It produces 335 hp (249 KW) and 284 lb-ft (385 Nm) of torque and starts at $29,890, which is still cheaper than the other two while offering more horsepower than the Mustang EcoBoost but less torque.

This comparison doesn’t include models like the Camaro ZL1, Challenger SRT Hellcat, or the Challenger’s numerous other specialty trims. The hottest 2024 Mustang available will be the Dark Horse trim, which will arrive with 500 hp (372 kW) under the hood. The Challenger SRT Hellcat and ZL1 pump out 717 hp (534 kW) and 650 hp (477 kW), respectively. They also cost about $10,000 more than the Dark Horse, which starts at $59,565.

Model/Trim Engine Horsepower Torque
Mustang EcoBoost 2.3L Turbo I4 315 hp (234 kW) 350 lb-ft (474 Nm)
Camaro 1LS 2.0L Turbo I4 270 hp (201 kW) 295 lb-ft (400 Nm)
Challenger SXT 3.6L V6 303 hp (225 kW) 268 lb-ft (363 Nm)
Mustang GT 5.0L V8 480 hp (357 kW) 415 lb-ft (562 Nm)
Camaro LT1 6.2L V8 455 hp (339 kW) 455 lb-ft (616 Nm)
Challenger R/T 5.7L V8 375 hp (279 kW) 410 lb-ft (555 Nm)

The 2024 Ford Mustang costs about $3,000 more than the outgoing 2023 model, but it arrives with a number of improvements and the latest technology. It’s also more expensive than its direct competitors, and it’ll be up to consumers to decide if the extra cost is worth it.

Gallery: 2024 Ford Mustang

However, consumers might not have many choices for long. Dodge will end Challenger production after the 2023 model year, replacing it with something electrified. There are rumors that the Camaro could face a similar fate after 2024, but nothing is confirmed.

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