For 1971, the Comet name was revived on Mercury's version of the Ford Maverick compact. Sharing most of its sheet-metal with the Maverick, it used a different grille, taillights, and hood, as well as different badging. The taillight pods were shared with the 1970 and 1971 Montego and Cyclone models. Underneath it all was the same basic chassis that had originally been used for the Ford Falcon, the original Comet, and for the mid-sized Ford Fairlane, Mercury Meteor, and later Mercury Comets.
The base engine was the 170 cid inline-6 with a single-barrel carburetor producing 100 hp (75 kW) at 4200 rpm. Optional engines were the 200 cid inline-6 with a single-barrel carburetor producing 115 hp (86 kW) and a 302 cid V8 with a 2-barrel carburetor producing 210 hp (160 kW). Transmissions were either a 3-speed manual or 3-speed automatic with either column or floor-mounted shifters.
The Comet was available as 2- and 4-door sedans and in base (1971–1977), and "muscle car" Comet GT series (2-door sedan-only 1971-1975). The GT featured a blacked-out grille, dual body-side tape stripes, high-back bucket seats, wheel trim rings, dual racing mirrors, bright window frames, black instrument panel, deluxe door trim panels, and a simulated hood scoop.
In 1972 models, the base 170 cid six was rated at 82 hp (61 kW) at 4400 rpm, the 200 cid six at 91 hp (68 kW), and the 302 cid V8 at 138 hp (103 kW). A new engine option for 1972 was the 250 cid six with a single-barrel carburetor rated at 98 hp (73 kW).
For 1973 models, the base 170 cid six was dropped and the 200 cid six became the base engine. Horsepower ratings would fluctuate slightly up or down through the years the Comet would remain in production, but not by very much. A new, larger front bumper to meet federal standards was added to all models in 1973. A new Custom decor package featuring vinyl roof, body-colored wheel covers, wide vinyl-insert body-side moldings, vinyl bucket seats, luxury carpeting, and extra sound insulation was a popular option.
Changes for 1974 included even larger front bumpers and new larger rear bumpers to match. They added 2.5 in (64 mm) to the length of the 2-door model and 4 in (100 mm) to the length of the 4-door model.
Ford had originally planned to the replace the Comet and its Ford Maverick counterpart for the 1975 model year with updated and extensively redesigned models that would continue to use the Comet and Maverick names. Fairly late, though, they decided that the updated versions would be built alongside the original Maverick and the Comet that had originally been introduced for 1971. These would-be replacements, also using the same basic chassis as the Comet and Maverick, became the Mercury Monarch and the American Ford Granada, came with more standard and optional equipment than the Comet and Maverick, and were considered to be "luxury compacts," a step up from the Comet and Maverick.
Although 1975 was the last year for the Mercury Comet GT, the GT features remained available in 1976 and 1977 with the "Sports Accent" option group.
The model was offered with comparatively few changes through the 1977 model year, and was then discontinued to make room for the new Mercury Zephyr for the 1978 model year.
Source: Wikipedia, 2011