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Ford Motor Co. dressed up as Santa this year and gave auto enthusiasts a hot-blooded Mustang. That’s a present that will last for years. Sun lovers should rejoice because a convertible version will soon make its debut.

The base price for the 210-horsepower V-6 Deluxe is $19,410 including delivery, and the 300-horsepower GT Deluxe starts at $24,995. The V-6 Premium is $19,995, while the GT Premium is $26,330. Three hundred horsepower for $25,000 makes the GT one of the performance bargains of the year.

The new car has an all-new body structure for the first time since 1979, and it is 31 percent stiffer. The wheelbase is 6 inches longer than last year’s model. That means a bigger interior and a better ride.

The new Mustang is a wonderful mix of retro chic and modern angularity. The fastback exterior carries design cues from the 1967-1970 models, yet it is totally fresh and muscular. The hood is long and the trunk short. The fastback roofline blends into the trunk very neatly. The taillights recall those from the 1966. People reacted positively to the new styling, which drew stares, waves and comments everywhere.

I drove two bright red premium GTs, one an automatic and one a five-speed. The five-speed is clearly more fun than the automatic because it feels livelier and lets you use the transmission to play the V-8’s exhaust note like a soundtrack from the movie “Bullitt.” Every time you jab the gas or shift gears, it barks with just the right sound. Working the clutch is not quite like doing leg presses at the gym, but it is somewhat heavy. The five-speed’s shift linkage has a short, stubby lever that makes positive, direct shifts a breeze.

The automatic was less demanding in traffic. I wish Ford had equipped the automatic with a manual shift feature.

The 4.6-liter, all-aluminum V-8 is a bundle of joy. It has an electronic throttle, three valves per cylinder and variable camshaft timing. It puts out 40 more horsepower than the 2004, and 50 percent more than the comparably sized 289-cubic-inch V-8 that was used in the 1966.

You might think the GT is just about straight-line performance, but quite the opposite is true. It felt solidly glued to the pavement, even in bumpy turns, which is not always the case with solid rear axles. Ford turned to a three-link rear suspension design for more accurate handling. While the solid axle may not soak up bumps quite as well as an independent rear suspension, the Mustang’s design remains composed and confident.

The heritage theme continues inside. The instrument panel has two humps like the original 1966, yet it’s not a caricature. The chrome-rimmed gauges are large, and each driver can choose from 125 colors for the instruments. Round air vents and a broad strip of brushed silver are just the right accent. The three-spoke steering wheel has cruise-control buttons integrated into the spokes.

The front seats were very comfortable. The headrests are angled forward for support in the event of a crash, but they often bumped my head. The back seat, which folds forward, is small, as you would expect. The trunk is deep.

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Engine: 4.6-liter, 300-hp V-8

Transmission: manual

or automatic

Rear-wheel drive

Wheelbase: 107.1 inches

Curb weight: 3,483 lbs.

Base prices: $25,705

As driven: $27,825 manual

$28,882 automatic

Mpg rating: 17 city, 25 hwy. manual

18 city, 23 hwy. automatic

At A Glance

Point: The new Mustang is an unqualified hit. It has stunning looks, excellent performance and a bargain price tag. The GT is not only fast, but it handles like a sports car.

Counterpoint: Drivers who want comfort over performance will choose the automatic transmission. It’s too bad the automatic doesn’t have a manual sport-shift feature.