WTF Happened To Ford Mustang Sales?

The Ford Mustang, the torch bearer of American muscle cars, hit an unfortunate milestone in 2024.

With just 44,003 cars sold, it marked the Mustang's worst sales year in the model's 60-year history. Adding to the ignominy, the Mustang Mach-E outsold its gas-powered counterpart by over 7,000 units. To be fair the pair are only related in name and do not necessarily compete for the same sales dollars like for like.

The Mustang’s decline isn’t a sudden development—it’s part of a broader trend. While 2023 saw a slight sales uptick, the previous low point came in 2022 when Ford sold just 47,566 Mustangs, during the last days of the S550 model.

The fourth quarter of 2024 was particularly grim, with sales plummeting 43.4% year-over-year to just 7,518 units—a figure eerily close to what Chevrolet Camaro sold in its final days before being discontinued. Of course, there may be other factors to consider.

The entry-level, EcoBoost Mustang is no longer available with a manual transmission which may have chased some of those potential enthusiastic buyers into the Toyota Supra or Nissan Z—then again, the take rate on the S550 EcoBoost Mustang manual transmission was less than 10 percent.

Despite its legacy, the Mustang seems to be losing ground in a changing automotive landscape, especially as prices climb ever higher. An entry-level EcoBoost Mustang may start around $33,000, but if you want a real Mustang GT with manual transmission and V8 powerplant you're looking at almost fifty grand—$47,055 to be exact.

In stark contrast, the Mustang Mach-E had a banner year, selling 51,745 units in 2024. This included a robust fourth quarter where sales surged 35.6% year-over-year to 16,119 units. Ford’s aggressive pricing and incentives for the electric crossover likely played a significant role in boosting sales amidst a broader cooling of EV demand. For comparison, the base Mach-E Select trim with rear-wheel drive now starts at $38,490.

While the Mustang nameplate isn't likely to disappear anytime soon, these figures raise questions about its long-term health in a world increasingly dominated by electrification and changing consumer preferences. It's likely Ford continues to push the Mustang upmarket in an effort to pull as much margin out of the platform and position it as the enthusiast's choice—similar to the Porsche 911 playbook.

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