This muscled-up Mustang had the unenviable task of taking over for the Ferrari-fighting Ford GT as the Blue Oval's performance car flagship. While it may not reach the heady exotic car heights of its six-figure predecessor, the Ford Shelby GT500 is still one heck of a halo car at a much better price.

At the heart of the Pony Car (informally, the Cobra) is a hand-built, supercharged V8 engine. At 330 cubic inches, it's the largest displacement motor installed in a Mustang since 1973. Borrowing parts from the retired GT, like the four-valve aluminum heads, has bolstered output to 500 hp and 480 lb-ft of torque. The 0-100 km/h time has been "conservatively" pegged at 4.5 seconds. As Ford puts it, this is, "the most powerful Mustang ever," all at a bargain price under 53 G's.

The only gearbox is a heavy-duty 6-speed manual -- an upgraded version of the unit that first appeared on the 2000 SVT Mustang Cobra R, using a ceramic clutch.

While the car's suspension has been upgraded, it does not switch to an independent rear setup like the last generation Cobra. As a result, the car is capable but less athletic than most competitors.

Available as both a coupe and a convertible, the GT500 wears a functional front air splitter, a rear diffuser and a "Powerdome" hood.

An affordable 500 hp machine

Not as athletic as most in its class