2011 Ford Mustang: 305 hp V-6, 30 mpg

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• Competes with: Chevy Camaro, Dodge Challenger, Hyundai Genesis Coupe
• Looks like: It’s the same car as last year’s redesign; everything new is under the hood
• Drivetrain: 305 hp V-6 with six-speed manual or automatic transmission
• Hits dealerships: Spring 2010

Wait a second, didn’t the Mustang get redesigned for 2010? What’s going on here? Well, Ford may have tweaked the exterior of the Mustang but for 2011 it’s tackling the guts of the famed muscle car to better compete with Chevy’s new Camaro. To do that, Ford is starting with the base V-6 model and dropping in an all-new, all aluminum V-6 with variable valve timing that not only puts out 305 hp but that also gets 30 mpg highway.

That bests the Camaro’s impressive 304 hp and 29 mpg figures, albeit barely.

Also impressive is that the 2010 Mustang GT and its V-8 engine — which won a Cars.com faceoff against the Camaro SS and Dodge Challenger RT — puts out 315 hp.

We’d expect a later announcement about a new GT powertrain sometime in the near future. What about the rest of the base model’s changes for 2011?

There’s also a new six-speed manual standard and six-speed automatic transmission optional. The auto will get an estimated 19 mpg city and 30 mpg highway while the manual will get 18/29 mpg.

Steering is now electric, replacing a hydraulic set-up, and suspension parts have been revised for a smoother ride and better handling. There is also a standard limited-slip differential and larger brakes.

Inside the gauge cluster gets a slightly new look and there is new sound-deadening material to lessen the notoriously loud road noise levels of the previous model.

A Performance Package will be available in August 2010 and it comes with a firmer suspension borrowed from the current GT model, 19-inch wheels, summer performance tires, strut tower brace and a sport mode integrated into the stability control system.

We expect pricing to remain similar to the current model and it should be released closer to the car’s on-sale date in spring of next year.