The big news for 1983 was the availability of the convertible for the first time since 1973. Ford outsourced the convertible to Cars & Concepts, which received coupes from the factory and returned them as convertibles.

More big news was the return of horsepower. A 5.0L V-8 was an option, and it produced 175 hp--the most available since 1973. Several options first appeared in 1983: the 5-speed T-5 as a midyear change, the four-barrel Holley carburetor, and 3.27:1 gears in all V-8 Mustangs.

The taillights were revised in 1983, and the Ford blue oval would grace the Mustang for the first time ever, and was placed in the grille and on the decklid. The GTs had a flat black stripe on the hood reminiscent of Mach 1s and Bosses from the 1970s.