How Much Will the 2024 Mustang Cost?
Last Updated September 6, 2023 | Nate MoonisThe all-new S650 Mustang is set to arrive in the summer of 2023, and pricing has finally been revealed. Based on past and existing Mustang MSRPs, initial estimates put the cost of a base model S650 Mustang without any additional package options at around $30,000. Those estimates turned out to be pretty darn accurate. Check out our breakdown of the price of the new Mustangs, like the Dark Horse, below.
| 2024 Mustang Trim | Base MSRP | Premium Package MSRP | Premium Convertible Package MSRP | 2023 vs 2024 Base Price Difference |
|---|---|---|---|---|
| 2024 EcoBoost Mustang Fastback | $30,920 | $36,445 | $41,945 | +$3,150 |
| 2024 Mustang GT Fastback | $41,495 | $46,015 | $51,515 | +$3,150 |
| 2024 Mustang Dark Horse | $59,270 | N/A | N/A | +$2,700 (compared to 2023 Mach 1) |
| 2024 Mustang Dark Horse R | $145,000 | N/A | N/A | +$85,730 (compared to 2024 Mustang Dark Horse) |
See how these prices compare to other Mustang prices throughout the years. To find out when you can order your new Mustang, check out our 2024 Mustang release date timeline.
How Affordable Are New Mustangs?
One way to think about the affordability of a car is to compare its price to the median family income. Here's a look at how much the most affordable Mustang models cost the average American family at the launch of each generation.
| Mustang | Base MSRP | Median Family Income | Percentage of Income |
|---|---|---|---|
| 1964.5 Mustang Hardtop | $2,427 | $6,600 | 36% |
| 1974 Mustang II Hardtop Coupe | $3,363 | $11,100 | 30% |
| 1979 Fox Body Sedan | $4,494 | $16,530 | 27% |
| 1994 Mustang Coupe | $13,355 | $33,178 | 40% |
| 2005 Mustang Coupe Deluxe | $19,215 | $46,242 | 42% |
| 2015 Mustang V6 Fastback | $23,800 | $56,516 | 42% |
| 2024 Mustang EcoBoost | $30,000 (EST.) | $70,784 (for 2021) | 42% |
The price of the Mustang has been steadily increasing over time and will continue to do so in 2023. However, even if median family incomes don't rise beyond 2021 numbers (the most recent data available), a $30K S650 model would still cost around 42% of an average household's yearly income. That puts it on par with most of the Mustang's past generations, particularly from the Fox Body and up.
While you can debate whether any vehicle should cost close to half of a family's yearly earnings, the new S650 does seem to offer a lot for the price. Be sure to stay tuned for more updates on the new Mustang's price as we get closer to the launch date in the summer of 2023!
If you would like to see what features you get for each 2024 Mustang price point, check out our 2024 EcoBoost vs GT, 2024 GT vs Dark Horse, and 2024 Dark Horse vs EcoBoost trim comparisons.
Sources: Income in 1964 of Families and Persons in the United States, U.S. Census Bureau | Household Money Income in 1974 and Selected Social and Economic Characteristics of Households, U.S. Census Bureau | Money Income of Households in the United States: 1979, U.S. Census Bureau | Money Income in the United States: 1995, U.S. Census Bureau | Median Household Income: 2005, U.S. Census Bureau | Income and Poverty in the United States: 2015, U.S. Census Bureau | Income, Poverty and Health Insurance Coverage in the United States: 2021, U.S. Census Bureau
