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2023 Ford Mustang
#4 Best Convertibles of 2023

Used 2023 Ford Mustang

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4.6
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2023 Ford Mustang Exterior: 0
2023 Ford Mustang Exterior: 1
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2025
2023
Fuel Economy
17 - 25 combined mpg
Horsepower
310 - 470 hp
Engine
3 engines available
Engine Options
  • 4-Cyl, High Performance, EcoBoost, 2.3 Liter
  • 4-Cyl, Turbo, EcoBoost, 2.3 Liter
  • V8, 5.0 Liter
Cargo Volume
11.4 - 13.5 cu ft
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2023 Ford Mustang Review

Colin Ryan

By Colin Ryan

Updated January 30, 2025

Colin Ryan specializes in writing about new cars. He has done this for the Los Angeles Times, Variety, Kelley Blue Book, Autotrader, Popular Mechanics, Mazda and Lexus customer magazines, plus a bunch of enthusiast sites and publications. And he spent several years as a staff writer at BBC Top Gear magazine. During this zig-zag of a career trajectory, he has driven everything from budget Malaysian hatchbacks (yes, they exist) to scarily expensive Italian exotica.

Pros

  • Still special
  • Great engines
  • Choice of coupe or convertible

Cons

  • Getting old
  • Cost-cutting interior

What's New?

  • Shelby GT500 discontinued
  • Last year of this generation

Ford only makes one car, this one. Which says a lot about the enduring appeal of the Mustang even in an automotive world dominated by SUVs and trucks. There’s still demand for evocative coupes and convertibles, especially with V8 engines.

We’re approaching the end of the Mustang’s sixth generation, but we’ve already seen the seventh. The all-electric Mustang Mach-E is not the same thing as the Mustang and has its own review.

2023 Ford Mustang Pricing

2023 Ford Mustang pricing starts at $23,854 for the Mustang EcoBoost Coupe 2D, which had a starting MSRP of $30,740 when new. The range-topping 2023 Mustang Mach 1 Coupe 2D starts at $45,872 today, originally priced from $58,395.

Original MSRP
KBB Fair Purchase Price (national avg.)
$30,740
$23,854
$36,240
$25,418
$36,760
$28,291
$41,315
$33,907
$42,260
$28,879
$47,330
$39,407
$51,835
$37,870
$58,395
$45,872

The Kelley Blue Book Fair Purchase Price for any individual used vehicle can vary greatly according to mileage, condition, location, and other factors. The prices here reflect what buyers are currently paying for used 2023 Ford Mustang models in typical condition when purchasing from a dealership. These prices are updated weekly.

Driving the Ford Mustang

Although it’s a particularly American thing to have a Mustang with a V8, we still have a lot of affection for the turbocharged 4-cylinder engine in the lower trims. It means less weight in the nose for one thing. Which is a positive, since the Mustang feels quite heavy, and a lighter front end means the steering is nice and responsive.

It’s certainly not as chuckable as something as small and light as a Mazda MX-5 Miata, of course, but it’s still enjoyable, even more so with the High Performance Pack (HPP) boosting horsepower from 310 to 332. There’s a perceptible difference — more liveliness. Even the base Mustang handles really well, though.

We’ve all encountered those Mustang GT drivers who put their car into Sport driving mode and then go barking up the freeway. Maybe we should savor those unmistakable V8 sounds before everything goes electric.

The Mach 1 is especially savory, with 470 horsepower boiling away under the hood. It also comes standard with an adaptive suspension that adjusts automatically and quickly to whatever demands the conditions of the moment are making.

Aging Interior

As far as the front seats are concerned, the 2023 Mustang is comfortable and accommodating for a wide range of body types. We would take one on a road trip any time.

It’s not for groups of people, though. The two little seats at the back are slightly better than those of the Chevy Camaro and might work for kids. But even they won’t want to be there for long.

Potential buyers will be pleased to know that their new Mustang has blind-spot monitoring as standard, because rear-three-quarter vision is obstructed by the coupe’s wide rear pillars or when the convertible’s roof is up.

Unsurprisingly, the 2023 Mustang’s interior design is showing its age, despite being quite easy to live with. The plastics are looking cheap these days, and the base infotainment screen is small.

The coupe’s trunk measures 13.5 cubic feet, easily enough for a couple of golf bags. The rear seats also split and fold for a little extra cargo area. The convertible has an 11.4-cubic foot trunk. Again, golfing for two is doable.

Our Favorite Features and Tech

High Performance Pack
Admittedly, it costs an extra $6,150, but this more powerful engine is also accompanied by a limited-slip differential, uprated suspension, stronger brakes, and plenty of other extras,

10-speed automatic transmission
Although enthusiasts will love the standard manual transmission, the automatic option is an excellent unit that does a great job of keeping the engine in its sweet spot.

SYNC 3
This is an upgraded infotainment system that comes in Premium versions of the EcoBoost and GT models. An 8-inch touchscreen, navigation, and Apple CarPlay/Android Auto phone integration are included.

V8 engine
A special mix of muscle and music goes into a gasoline-fed V8 engine. The GT and Mach 1 variants each have a 5.0-liter unit. It’s a classic.

B&O audio
This system is one of Bang & Olufsen’s more cost-conscious offerings, but still sounds great. It’s a 12-speaker setup available only as an option in the range-topping Mach 1 Premium version.

Hood stripes
It might be because we used to play with toy versions, but there’s something about a Mustang with stripes. In fact, a Mustang without them might even be seen as incomplete.

Engine & Transmission

A turbocharged 2.3-liter 4-cylinder engine is the inspiration behind the EcoBoost name of the most affordable 2023 Mustang variants. It makes 310 horsepower or 332 horses with the High Performance Pack. Either way, maximum torque is 350 lb-ft.

GT models employ a 5.0-liter V8 with a meaty 450 horsepower and 410 lb-ft of torque. This same engine in the Mach 1 is boosted to 470 horsepower, same torque.

All versions have rear-wheel drive and a 6-speed manual transmission as standard. A 10-speed automatic is optional. Regular gasoline works just fine.

2.3-liter turbocharged 4-cylinder engine
310 horsepower @ 5,500 rpm
332 horsepower @ 6,000 rpm (High Performance Package)
350 lb-ft of torque @ 3,000 rpm
EPA city/highway fuel economy (2022): 21/29 mpg (manual), 21/32 mpg (automatic), 20/27 mpg (manual convertible), 20/28 mpg (auto convertible), 20/27 mpg (manual/auto coupe w/High Performance Package), 19/25 mpg (manual, convertible w/HPP), 19/26 mpg (automatic, convertible w/HPP)

5.0-liter V8 (GT)
450 horsepower @ 7,000 rpm
410 lb-ft of torque @ 4,600 rpm
EPA city/highway fuel economy (2022): 15/24 mpg (manual/auto coupe), 15/23 mpg (auto convertible)

5.0-liter V8 (Mach 1)
470 horsepower @ 7,250 rpm
410 lb-ft of torque @ 4,800 rpm
EPA city/highway fuel economy (2022): 14/22 mpg (manual), 15/23 mpg (auto)

More Mustang fuel economy information is available on the EPA’s website.

3-year/36,000-Mile Warranty

Ford’s new-car warranty lasts for three years or 36,000 miles, whichever happens first. Plus a powertrain warranty of five years or 60,000 miles. This is all fairly typical.


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New Ford Mustang Deals and Incentives

APR

5.9% APR | 60 months

Get 5.9% APR for 60 mos. Ford Credit Financing on a new 2025 Ford Mustang.

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End Date: 03/04/2025
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2023 Ford Mustang
KBB.com Consumer Reviews

4.6
Consumer Rating
Based on 216 Consumer Reviews
Write a Review
90%Recommend this vehicle
5
81%
5
81%
4
11%
4
11%
3
3%
3
3%
2
1%
2
1%
1
5%
1
5%
Value
4.6
Performance
4.8
Quality
4.6
Comfort
4.5
Reliability
4.7
Styling
4.8

Trending Topics in KBB.com Consumer Reviews

2023 Ford Mustang Styles

Style
Price
Combined Fuel Economy
Horsepower
Engine
Cargo Capacity
Torque
Top Speed
Curb Weight
EcoBoost Coupe 2D
$23,854
25 MPG
310 @ 5500 RPM
4-Cyl, Turbo, EcoBoost, 2.3 Liter
13.5 cu ft
350 lb-ft
N/A
3491 lbs
EcoBoost Premium Coupe 2D
$28,291
25 MPG
310 @ 5500 RPM
4-Cyl, Turbo, EcoBoost, 2.3 Liter
13.5 cu ft
350 lb-ft
N/A
3491 lbs
GT Coupe 2D
$33,907
19 MPG
450 @ 7000 RPM
V8, 5.0 Liter
13.5 cu ft
410 lb-ft
N/A
3730 lbs
GT Premium Coupe 2D
$39,407
19 MPG
450 @ 7000 RPM
V8, 5.0 Liter
13.5 cu ft
410 lb-ft
N/A
3730 lbs
Mach 1 Coupe 2D
$45,872
17 MPG
470 @ 7250 RPM
V8, 5.0 Liter
13.5 cu ft
410 lb-ft
168 mph
3868 lbs
See Full Specs for All 2023 Ford Mustang Styles
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2023 Ford Mustang Depreciation

A 2023 Ford Mustang has depreciated $8,269 or 26% in the last 2 years and has a current resale value of $22,471 and trade-in value of $19,935.

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2023 Ford Mustang
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2023 Ford Mustang Annual Depreciation

Year
Vehicle Depreciation*
Resale Value
Trade-In Value
2023
-
$30,740
$30,740
2024
$3,799
$26,941
$24,312
Now
$4,470
$22,471
$19,935
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2-Year Forecasted Depreciation

*Depreciation for the last 12 months of the private party resale value.

2023 Ford Mustang Depreciation

Annual Depreciation is an estimation of what your vehicle's value might be over time based on an average of similar vehicles. Estimations are calculated by comparing Kelley Blue Book Private Party Values of vehicles similar to yours over time, as well as forecasts from Manheim Auction data comparing current and projected auction values against current Kelley Blue Book Private Party and Trade-In Values. This is not a guarantee of actual depreciation. Local weather conditions, market factors and driver performance will also impact your vehicle's actual depreciation.


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Specifications

Dimensions, Weights & Capacities

Curb Weight
3491 lbs.
EPA Passenger
82.8 cu.ft.
EPA Total Interior
96.4 cu.ft.
Fuel Capacity
15.5 gallons
Front Head Room
37.6 inches
Front Leg Room
45.1 inches
Max Seating Capacity
4
Overall Length
188.5 inches
Front Shoulder Room
56.3 inches
Trunk or Cargo Capacity
13.5 cu.ft.
Turning Diameter
36.5 feet
Wheel Base
107.1 inches
Width with mirrors
81.9 inches

Exterior

Alloy Wheels
Available
Number of Doors
2 doors
LED Headlights
Available
Rear Spoiler
Available

Fuel Economy

City
22 mpg
Highway
32 mpg
Combined
25 mpg

Mechanical

Drivetrain
RWD
Transmission Type
Automatic
10 speed
Available
Recommended Fuel
Premium
Hill Start Assist
Available
Limited Slip Differential
Available

Performance

Horsepower
310 @ 5500 RPM
Torque
350 @ 3000 rpm
Engine
4-Cyl, Turbo, EcoBoost, 2.3 Liter

Warranty

Basic
3 years / 36000 miles
Powertrain
5 years / 60000 miles
Corrosion
5 years / Unlimited miles

Entertainment

  • MP3 Player
  • Satellite Radio

Interior

  • Leather-Wrapped Steering Wheel
  • Power Windows
  • Rear Window Defroster
  • 12V Power Outlet
  • Power Outlet
  • Steering Wheel Controls
  • Tilt Steering Wheel
  • Tilt/Telescoping Steering Wheel

Seating

  • Folding Rear Seat
  • Cloth Seats
  • Dual Power Front Seats
  • Power Driver's Seat

Security

  • Alarm System

Technology

  • Cruise Control
  • Hands Free Phone
  • Navigation System
  • Remote Keyless Entry
  • Internet Access
  • Proximity Sensing Keyless Entry
  • Push-Button Engine Start
  • Touch Screen Monitor
  • USB Port
  • Voice Recognition System
  • Real-Time Traffic Information

2023 Ford Mustang Safety

2023 Ford Mustang Safety Technology

Co-Pilot360

Every new Mustang has the Co-Pilot360 array as standard. It includes forward collision warning with automatic emergency braking and pedestrian detection, blind-spot monitoring with cross-traffic alert, automatic high beams, and lane-keeping assistance.

Adaptive cruise control

As part of the Safe and Smart package offered with the EcoBoost and GT models, this system slows the car down automatically to keep a safe distance to the vehicle in front, then resumes the preset speed when the traffic clears.

Brembo brakes

Having a fast car isn’t much use unless it can slow down in an equally rapid and confident fashion. Brembo is an Italian specialist with many high-class/high-performance names on its list of clients. These brakes become available in the Handling Package for the EcoBoost Premium, with 6-piston front calipers. They’re also part of the GT Performance Package, then become standard in the Mach 1.

5.0

Crash Test Rating

Provided by the National Highway Traffic Safety Administration
Frontal Crash
5.0
Side Barrier
5.0
Rollover Rating
5.0
Side Crash
5.0

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See Details
Price
$23,854
$28,280
$26,469
KBB.com Rating
4.5
4.3
4.4
Consumer Rating
4.6
3.9
3.2
Fuel Economy
City 22/Hwy 32/Comb 25 MPG
City 21/Hwy 31/Comb 25 MPG
City 20/Hwy 27/Comb 22 MPG
Fuel Type
Gas
N/A
N/A
Safety Rating
5.0
N/A
N/A
Seating Capacity444
Basic Warranty
3 years or 36000 miles
3 years or 36000 miles
3 years or 36000 miles
Horsepower
310 @ 5500 RPM
228 @ 7000 RPM
228 @ 7000 RPM
Engine
4-Cyl, Turbo, EcoBoost, 2.3 Liter
4-Cyl, 2.4 Liter
4-Cyl, 2.4 Liter
Drivetrain
RWD
RWD
RWD
Compare More

2023 Ford Mustang Rankings

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FAQs

Is the 2023 Ford Mustang a good vehicle?

Yes, the 2023 Ford Mustang is a good car, as reflected by its above-average Kelley Blue Book rating of 4.5 out of 5.

What is the MPG for a 2023 Ford Mustang?

2023 Ford Mustang city/highway fuel economy ratings range from 14/22 mpg to 22/32 mpg, depending on trim and equipment.

How much should a 2023 Ford Mustang cost?

Used 2023 Ford Mustang prices currently range from $23,854 for the EcoBoost Coupe 2D to $45,872 for the Mach 1 Coupe 2D when purchasing from a dealership, depending on a range of factors like equipment, mileage, and condition.

What's the cheapest Ford Mustang?

The cheapest 2023 Ford Mustang is the EcoBoost Coupe 2D, with a Kelley Blue Book Fair Purchase Price of $23,854.

Is the 2023 Ford Mustang reliable?

The 2023 Ford Mustang is part of the 6th-generation Mustang, which our owners give an above-average reliability rating of 4.7 out of 5.

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