This week Ford celebrated the 60th anniversary of its iconic Mustang, another big milestone for the brand’s pony car. While this 60th anniversary has brought a new special edition and some other fun announcements, 15 years ago the Mustang’s 45th birthday was celebrated in a very special way.
Lee Iacocca was one of the most recognizable and important figures in the automotive industry. The executive was at Chrysler from 1979 to 1992 and oversaw major rollouts in the company’s history like the introduction of the company saving K-Car, the acquisition of AMC and its golden child Jeep, and the rollout of the first Jeep Grand Cherokee. He was most remembered, though, for his 30-plus years at Ford where he helped design the original 1964 Mustang.
Some 45 years later, Iacocca would find his name attached to a unique limited edition Mustang. Ford approached Iacocca and designer Michael Leone to come up with a special design for the Mustang’s 45th anniversary, based on the then-new fifth-gen 2009 Mustang GT. After the design was finalized, the bodywork was completed by Southern California–based Gaffoglio Family Metalcrafters, a company that has made bodywork on concept cars for nearly every major automaker.
The result was a more handsome, classier looking Mustang with smoother lines all around, a slanted grille and sunken headlights. It’s said that Gaffoglio used a composite construction in the bodywork, similar to what’s done in the aerospace industry as well as on supercars like the Ferrari Enzo and McLaren F1. The exterior was painted in a special color created just for this Mustang called Iacocca Silver.
It didn’t just look good, either — a few performance parts were thrown on as well. The suspension got an upgrade from Ford Performance with a racing handling package, and high-performance Brembo brakes behind specially designed 20-inch wheels. Buyers could choose two power levels for the engine: The standard choice was the stock 4.6-liter V8, or you could go for a supercharged version of the same engine with 400 horsepower. Both were mated to a five-speed manual transmission, and both engines also got backed by a Ford factory warranty.
Inside, the interior was mostly stock save for leather seats with diamond stitching and headrests that had Iacocca’s crest. A leather wrapped steering wheel with the Mustang logo replaced by an “I” rounded out the interior changes.
Only 45 of the 45th Anniversary Mustangs were ever made, all sold through Galpin Ford in Southern California for $89,850 a pop. More than a few of them have changed hands or been auctioned off in the years since its introduction. The first one off the line sold at auction in 2009 for $125,000. In 2016, car number 5 with just over 1,200 miles sold for $82,500 at a Barrett-Jackson auction in Las Vegas. Number 20 sold at another Barrett-Jackson auction in Florida in 2018 for $64,900 with just 334 miles. Number 37 with just over 700 miles sold at a Mecum auction in 2019 for $71,500. Iacocca was gifted number 32, and he only ever put 220 miles on it. After he passed in 2019, his family sold the car at an auction in January 2020 for $49,280.