The first Ford Mustangs are recognized as the 1964.5 models, as they were released for sale in April 1964, coinciding with the car's debut. One of these was famously sold just days before the official unveiling, but it lacked the horsepower of the pony car we're discussing here. This particular Mustang is powered by a detuned Ford GT40 engine, installed to serve as the pace car for the 1964 Indianapolis 500. This isn't a replica of the Mustang pace car; it's the actual vehicle used on the track at Indy.
Ford Executive Chairman Bill Ford recently showcased this special 'Stang on Jay Leno's Garage, recounting the story of how this early-production Mustang came to be. 'Pretty much everything in this car was modified for Indy,' Ford tells Leno in the video. 'The regular Mustang just couldn't reach the required speed of 140 mph, which was necessary for a pace car in those days.' With only a month left before the race, three 1964.5 Mustangs were selected and sent to Holman-Moody in North Carolina for modifications. The standard 164-horsepower, 260 cubic-inch V-8 was replaced with a detuned version of the early Ford GT40's 289 cubic-inch engine. According to Ford, the power output increased to 450 horses, and a modified manual transmission was installed to handle the increased power.
Visually, the car appears identical to other early Mustang convertibles, including the wheels. However, when Leno starts it up, the unmistakable GT40 rumble is evident. As usual, Leno takes the car for a drive with Ford in the passenger seat, but they don't immediately cruise the streets of California. Instead, they take several laps around an active airport before venturing into public roads. Perhaps Mr. Ford was a bit anxious about driving a priceless Mustang Pace Car through SoCal traffic. Of the original three, this is the only one that still exists.
In any case, we're grateful that the video cameras captured the experience. Sit back, turn up the volume, and enjoy the distinctive sounds of an iconic car with an extraordinary engine.
