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The Mustang is an icon, and Ford has sold 9 million.

The “pony car” name originated with the Mustang. In the late 1960s and early 1970s, there was a lot of competition, both on the racetrack and in the showroom, between the Mustang and the Chevrolet Camaro, Dodge Challenger, Pontiac Firebird and Mercury Cougar.

History has a way of repeating itself, especially in the automotive business, and we’re now revisiting the pony car era because Dodge has a new Challenger and Chevrolet has a new Camaro. Wouldn’t it be fun to see them all competing on the track again?

The redesigned 2010 Mustang meets its challengers with a new exterior and a refined interior. The slightly sleeker styling is an evolution of the previous generation, yet it looks fresh. I drove a GT, and it has fog lights in the grille that recall those of the 1970. The Mustang emblem, redesigned for the first time since 1964, is larger.

The rear fenders kick up slightly and all the wheel flares are more pronounced.

“The new Mustang is close to the magnetic center of the original,” said J Mays, Ford’s vice president of design.

The Mustang is available with a 210-horsepower, 4.0-liter V-6 or a 315-horsepower, 4.6-liter V-8. The V-8-powered GT lags behind the Camaro and Challenger in terms of outright horsepower, but it performs strongly. Those who want the ultimate in performance can opt for the Shelby GT500, which has 540 supercharged horses.

Prices begin at $20,995 for the V-6 coupe. I drove a GT Premium convertible, and its base price is $35,995.

The 4.6-liter V-8 in the test car delivers its moderate output with more than sufficient vigor. This engine revs quickly and with very little vibration. The sound of the exhaust is perfect.

The five-speed gearbox is fun to use, but I would probably choose the automatic for comfort in city driving.

Direct comparisons between the Camaro, Mustang and Challenger are inevitable. The Mustang feels lighter and more agile than either of the other two, but it falls short when it comes to full-on acceleration.

The Mustang’s interior has been spiffed up with higher-quality materials and better seats.

The gauges are bright and simple. Tiny LEDs light the cup holders and foot wells at night.

Additional sound deadening reduces road noise.

It’s simple to operate the convertible top, and windblast is quite tolerable even when the top is down.

Audio and climate controls on the center stack are large and easy to use. The GT’s steering wheel has buttons for cruise and audio control.

Ford’s voice-activated Sync music and phone system now has 911 Assist.

Picking a car in this class comes down to emotion more than numbers on a spec sheet, and Mustang fans will love the 2010.

Price

The base price of the test car was $35,995. Options included heated seats and 19-inch wheels. The sticker price was $38,535.

Warranty

Three years or 36,000 miles with a five-year, 60,000-mile powertrain warranty.

2010 Ford Mustang GT

Engine: 4.6-liter, 315-hp V-8

Transmission: Five-speed

Rear-wheel drive

Wheelbase: 107.1 inches

Curb weight: 3,533 lbs.

Base price: $35,995

As driven: $38,535

Mpg rating: 16 city, 22 hwy.

Tom Strongman’s e-mail address is tom@tomstrongman.com.