This car will be the heart of the all-new Mustang spec series, the Ford Racing Mustang Challenge for the Miller Cup, which will make its debut on tracks around North America in 2008.

Budget racer

The Mustang has been used for racing ever since it was first brought to the market, and with the revival of the 'Stang in recent years racing them has become more and more popular once again. Ford already offered two Mustang race cars, the Ford Mustang FR500C (USD 125,000) and FR500GT (USD 250,000), and has now added the 'budget' version into the line-up at USD 75,000.

The Ford FR500S is powered by an almost stock 4.6 liter 3-valve V8 engine producing some 325 hp thanks to a new cold air intake, exhaust system, and some performance tuning by Roush. The interior has been stripped to leave a roll cage and race seats while the exrerior received new front, side and rear panels and a big old wing on the trunk. The FR500S comes with an adjustable suspension, short throw shifter and racing differential.

Dan Davis, director of Ford Racing Technology. “The FR500S provides customers and racers a chance to get into a high-performing vehicle that is durable, reliable and competitive – straight from the factory.”

Gallery: Ford Mustang FR500S Unveiled at SEMA