What's the news?

Like a great many Americans, the Mustang has spent many years without ever travelling beyond the confines of the continental United States. Oh sure, in the course of its 50-year history (2014 will be the Mustang's golden anniversary) a few have metaphorically wandered down to the passport office and booked passage to the UK, Europe and the rest of the world, but by and large, Ford's most famous muscle car has stayed firmly at home in Middle 'Merica.

That time is now officially over and as it hits its half century, the Mustang is developing a mid-life crisis travel itch that Ford is keen to see it scratch. There is now an all-new Mustang, vastly more sophisticated than before, sleeker to look at and, as with all current and future Ford models, a global car. It will be sold, officially, in Europe and buyers in the UK will at long last be able to purchase a Mustang with factory-fit right-hand drive.

Quite how many buyers there will be for the car here remains to be seen, and indeed that's possibly something of a moot point. The Mustang badge has adorned nine million cars since 1964, but Ford GB is hardly going to be betting the family farm on an explosion in British Mustang sales. There is an argument that, with its new Euro-friendly engines, the Mustang is actually now the Capri replacement we have all been longing for, but that's an argument that only goes so far.

Key to the Mustang's success or failure in Europe will be the new 2.3-litre EcoBoost four-cylinder engine. The last time a four-pot Mustang was attempted was the ignominious Mustang II of the early seventies, designed and sold in the midst of the first oil crisis. It was an utter dud and the only desirable thing about is that Kate Jackson drove one in Charlie's Angels.

This time around, though, the four-banger Mustang could actually be the pick of the range. It develops 305hp and 407Nm of torque, putting it into direct competition with the likes of the Audi S5 and BMW 435i. And while it's no V8, it will likely sound good too - it's a development of the 250hp 2.0-litre engine currently found in the Focus ST, a car that makes all the right noises, and there are those (myself included) who reckon that Ford's little three-cylinder 1.0-litre EcoBoost engine has more than an aural hint of Porsche flat-six about it at 4,000rpm. The EcoBoost Mustang then is in good sound company. Fuel consumption and CO₂ emissions have yet to be revealed, but they should be at the very least competitive.

There will be other engines, of course. A 309hp 3.7-litre V6 petrol will also be available and of course there will be a V8 - an upgraded version of the current 5.0-litre V8 with 420hp. If that doesn't sound like much from a 5.0-litre, just hang around. Doubtless there will be a succession of tuned versions, with developments of the current supercharged 620hp V8. Doubt they'll come in right-hand drive, though...

Key also to its success is a new found level of sophistication. For the first time ever (aside from some very limited edition Shelby Cobra models) the Mustang will come with independent rear suspension. The old beam rear axle has been confined to the bin of history to which it should have been long ago sent, and combined with double-ball joint McPherson strut front suspension, the Mustang could well spring a handling and ride surprise on its mainly German opposition. After all, Ford is able to get a front-wheel drive Mondeo to handle with similar fluency and enjoyment to that of a rear-drive 3 Series, so imagine what the same engineers can do with rear-wheel drive and 300hp...

We're some way off from being told what price the Mustang will come in at, but seeing as the similarly powerful S5 and 435i are at around the £40,000 mark, we'd suspect the Mustang will kick off somewhere below that. Pricey? Yes, but again it's the halo effect that is key here.

Anything else?

There will be glamorous convertible Mustang of course, a model that will most likely account for the bulk of Mustang sales. Ford says that the triple-layer roof has been reengineered for greater comfort and insulation and tucks away more neatly when it's folded.