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While the analysts bemoan the fate of the American auto industry, here’s something to gladden the heart of even the most jaded pundit:

Only Ford can make a Mustang. And the latest Mustang is a great one.

Sports car, muscle car, stylish cruiser, whatever you think Mustang should be, the all-new model unleashed last year truly hit the spot. Evocative styling and strong pony-car performance put the 2005 Mustang in the winner’s circle once again. advertisement

The first all-new Mustang in 25 years arrived as a fastback coupe. For 2006, it also comes as a convertible, looking and feeling every bit as iconic as the original.

Whose mind doesn’t race back to the memory of some classic Mustang convertible? For me, there was a certain orange ’65 driven long ago by a pretty high school girl. And a dark-green ’66 that belonged to one of my buddies.

The new convertible feels much tighter and rattle-free than any of the previous generations. Ford says it’s the result of Mustang being designed from the beginning as a convertible, with a highly rigid chassis that resists the flex and shimmy of so many cars after they lose their roofs.

Top down, the Mustang looks and feels great. Just about everybody checks it out.

The latest Mustang is 6 inches longer than the last version, which shows up mainly in front-seat legroom. But the interior is still tight, and the back seat is nearly useless.

The GT tested here came with a roaring 300-horse V-8 and a five-speed stick shift, with a great exhaust sound and plenty of power. A bargain at $32,000, fully equipped.

The lowdown

PERFORMANCE: The single-overhead-cam V-8 emits a rich burble as it lazes through traffic, turning into a guttural roar when the throttle goes down. Acceleration is brisk and muscular, with loads of torque off the line.

The five-speed stick shift feels much tighter and more precise than in prior years, when the manuals tended to be somewhat clunky. Six-speed transmissions have become the standard for sports cars, and Mustang could use the added gear.

DRIVABILITY: Despite all the hand-wringing among the sports-car crowd that Mustang continues with its archaic solid rear axle, I enjoyed the GT’s nimble handling and sharp steering response.

The rear axle is supplemented with a Panhard rod, which helps keep things under control back there, and there was no unpleasant axle hop. Z-rated performance tires kept Mustang stuck to the road in sharp curves.

The Mustang GT comes standard with anti-lock, four-wheel-disc brakes and traction control.

STYLING: The new Mustang resonates of the past without looking self-consciously retro. No one will mistake it as anything but a Mustang.

The top goes down with a push-button operation, with unhooking the top from the windshield being the only effort required.

The optional 17-inch polished aluminum rims are just the thing.

INTERIOR: The dashboard and trim retain the classic look of the original Mustangs, sporty and simple.

One bothersome aspect is the lack of places to stow loose objects, such as cellphones and sunglasses. And being a convertible, it could certainly use a center console that locks.

BOTTOM LINE: Great styling and strong performance at an affordable price, plus a top that goes down, complete the comeback of everybody’s favorite pony car.

Vehicle type: Four-passenger, two-door convertible, rear-wheel drive.

Engine: 4.6-liter V-8, 300 horsepower at 5,750 rpm, 320 pound-foot of torque at 4,500 rpm.

Transmission: Five-speed manual.

Wheelbase: 107.1 inches.

Overall length: 187.6 inches.

Curb weight: 3,488 pounds.

EPA rating: 17 city, 25 highway.

Highs: Great styling, performance, affordability.

Lows: Tight interior, useless back seat, archaic rear-axle design Pricing

Base price: $30,550.

Price as tested: $32,610.

OPTIONS

_ Interior upgrade package, $450.

_ Front-seat side airbags, $370.

_ Active anti-theft system, $255.

_ 17-inch bright alloy wheels, $195.

_ Convertible-top boot cover, $115.

_ Wheel-lock kit, $50.

_ Shipping, $625.