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1981 Ford Mustang

The third generation of the Ford Mustang was built from 1979 to 1993 and was built on the larger Fox platform with a larger wheelbase than the previous generation of the Mustang, resulting in more interior space for four passengers. The chassis was from the Fairmont, shortened to 100.4-inches to accommodate the all-new sheet metal. It gained four inches in length over the previous Mustang and twenty percent more passenger space. Weight decreased by approximately 200 pounds. Body styles included a two-door sedan (coupe) and a three-door sedan (hatchback). The trim levels included the base and the more luxurious Ghia model. The 'Cobra' was an appearance package that was built from 1979 to 1981 and came with a black grille, trim, and moldings, and black lower body paint. There were COBRA decals on the door, and color-coordinated dual pinstripes in the wraparound body-side moldings and bumpers.

The Ford Mustang paced the Indianapolis 500 in 1979, and in commemoration, a mid-year 'Indy 500' Pace Car version was built, with 10,479 examples built in total. Each of the Pace Car editions wore two-tone pewter and black paint schemes with orange and red graphics. The front air dam housed fog lights, and there was a full-length cowl-type hood scoop. The interior was given Recaro seats with patterned black and white inserts. Engine options included either the 2.3-liter four-cylinder Turbo with a four-speed manual transmission or the 302 CID V8 with either a four-speed manual overdrive or 3-speed automatic transmission.

Engines from the previous Mustang II were carried over, including the 2.3-liter inline 4, 2.8-liter V8, and the 4.9-liter V8. The troublesome 2.3-liter turbocharged inline-4 was available through 1981, then laid dormant briefly before returning in improved form for the mid-year introduction of the 1983 turbo GT.

The 1981 Ford Mustang
All-new styling had arrived in 1979, the 1980 model received only minor updates, and this trend continued into 1981, with very few changes being implemented. The standard engine continued to be the 140 CID (2.3-liter) inline-four paired with a Borg-Warner four-speed manual transmission that offered 23 MPG in the City and 34 highway. Several transmission ratios were available on both the four- and five-speed manuals, catering to customers' preferences towards torque, speed, and fuel economy. A new 'T-Roof' joined the options list with twin removable tinted glass panels, and was available on either the two-door notchback or three-door hatchback. The reclining bucket seats with either high- or low-back, were another new option, along with a remote right convex mirror. The optional console included a graphic display module that housed a digital clock with elapsed time

The more luxurious Mustang Ghia was again available, offered as both a notchback and a hatchback. Distinguishable styling cues included color-keyed components such as dual remote-control mirrors, bodyside molding inserts, and quarter louvers. They had turbine-style wheel covers and rested on BR78x14 radial tires. 'Ghia' badge was placed on the decklid or hatch. The interiors came in six leather colors and five of soft cloth, and had low-back bucket seats with European-type headrests. The convenience pockets were in color-keyed door panels.

The 'base' Mustang notchback was priced at $6,170 and the Ghia version at $6,650. The 'base' Sport Hatchback had a factory base price of $6,400 and the Ghia equivalent at $6,730. A total of 77,399 examples of the 'base' hatchback, 77,458 of the 'base' Notchback, 14,273 of the Ghia Hatchback, and 13,422 of the Ghia notchback were built in 1981.

The 140 CID (2.3-liter) inline four-cylinder engine had overhead camshafts, a cast-iron block and head, a 9.0:1 compression ratio, five main bearings, hydraulic valve lifters, a two-barrel Motorcraft of Holley carburetor, and produced 88 horsepower at 4,600 RPM and 118 lb-ft at 2,600 RPM. With the turbocharger, output rose to approximately 150 hp.

The optional 2003 cubic-inch inline six-cylinder engine had overhead valves, a cast-iron block and head, seven main bearings, hydraulic valve lifters, 8.6:1 compression, a two-barrel Holley carburetor, and developed 94 horsepower at 4,000 RPM and 158 lb-ft of torque at 1,400 RPM. The 90-degree, overhead valve V8 engine displaced 255 cubic inches, had a two-barrel carburetor, hydraulic valve lifters, five main bearings, and produced 115 horsepower at 3,400 RPM and 195 lb-ft of torque at 2,200 RPM.

Transmission options included the four-speed, four-speed overdrive manual, five-speed manual, and Select Shift three-speed automatic.

Disc brakes were at the front, drums at the rear, and steering was by rack and pinion. The front was suspended by Modified MacPherson struts with lower control arms, stabilizer bar, and coil springs. The rear used a four-bar link and coil spring system with a transverse linkage bar and lower trailing arms.

The Cobra, costing an additional $1,590, had 'Cobra' tape treatment, lower tow-tone paint, a hood scoop, sport-tuned exhaust system, dual accent stripes, and forged metric aluminum wheels wrapped with 195/65R 390 TRX tires. They had built-in front spoiler, Cobra medallion on dash and door trim, and black quarter-window louvers. The interior gained an 8,000 R.P.M. tachometer. Mechanical improvements included a handling suspension and the turbocharged four-cylinder engine. The turbo four could be replaced with the V8 for a $346 credit. The taping could also be removed from the Cobra package, reducing the cost by $65.

The limited-production M81 Mustang was introduced near the close of 1980 and 249 examples (plus one prototype) were approved for production in 1981. These McLaren Mustangs had a working hood scoop, prominent fender flares, BBS alloy wheels with Firestone HPR radial tires, with engines tuned by McLaren Engines of Livonia, Michigan. The 2.3-liter Turbo was blueprinted, polished, and reassembled and produced an estimated 175 horsepower. The prototype example had a four-speed manual while the production models used a new five-speed, all with a final gear drive of 3.45:1.


By Daniel Vaughan | Jun 2022

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Recent Vehicle Additions

Performance and Specification Comparison

Price Comparison

1981 Mustang
$6,730-$162,550
1981 Ford Mustang Price Range: $6,170 - $6,730

Compare: Lower | Higher | Similar

Other 1981 Ford Models
$5,700 - $6,620

Mustang - Generation III

Specification Comparison by Year

Year
Production
Wheelbase
Engine
Prices
369,936
100.40 in.
4 cyl., 140.00 CID., 88.00hp
6 cyl., 170.80 CID., 109.00hp
4 cyl., 140.00 CID., 140.00hp
8 cyl., 302.00 CID., 140.00hp
$4,070 - $4,825
100.40 in.
6 cyl., 200.00 CID.
4 cyl., 140.00 CID., 88.00hp
8 cyl., 255.00 CID., 119.00hp
4 cyl., 140.00 CID., 150.00hp
$4,885 - $5,510
182,552
100.40 in.
4 cyl., 140.00 CID., 88.00hp
6 cyl., 200.00 CID., 94.00hp
6 cyl., 255.00 CID., 115.00hp
$6,170 - $6,730
130,418
100.40 in.
4 cyl., 140.00 CID., 86.00hp
6 cyl., 200.00 CID., 87.00hp
8 cyl., 255.00 CID., 120.00hp
8 cyl., 302.00 CID., 157.00hp
$6,344 - $9,300
120,873
100.50 in.
4 cyl., 140.00 CID., 90.00hp
6 cyl., 232.00 CID., 112.00hp
4 cyl., 140.00 CID., 142.00hp
8 cyl., 302.00 CID., 175.00hp
$2,890 - $13,480
141,480
100.50 in.
4 cyl., 140.00 CID., 88.00hp
6 cyl., 232.00 CID., 120.00hp
4 cyl., 140.00 CID., 145.00hp
8 cyl., 302.00 CID., 165.00hp
4 cyl., 140.00 CID., 175.00hp
8 cyl., 302.00 CID., 175.00hp
$7,100 - $15,600
156,514
100.50 in.
4 cyl., 140.00 CID., 88.00hp
6 cyl., 232.00 CID., 120.00hp
4 cyl., 140.00 CID., 175.00hp
8 cyl., 302.00 CID., 180.00hp
8 cyl., 302.00 CID., 210.00hp
$6,890 - $14,520
224,410
100.50 in.
4 cyl., 140.00 CID., 88.00hp
6 cyl., 232.00 CID., 120.00hp
4 cyl., 140.00 CID., 200.00hp
8 cyl., 302.00 CID., 200.00hp
$7,190 - $15,275
169,772
100.50 in.
4 cyl., 140.00 CID., 90.00hp
8 cyl., 302.00 CID., 225.00hp
$8,045 - $15,725
209,769
100.50 in.
4 cyl., 140.00 CID., 90.00hp
8 cyl., 302.00 CID., 225.00hp
$9,050 - $17,550
161
100.50 in.
8 cyl., 305.12 CID., 292.00hp
$36,500 - $36,500
128,189
100.50 in.
4 cyl., 140.00 CID., 88.00hp
8 cyl., 302.00 CID., 225.00hp
$9,640 - $18,300
65
100.50 in.
8 cyl., 302.00 CID.
$27,568 - $27,568

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