High-performance Shelby GT and Shelby GT500 variants join base and GT models in the Mustang stable for 2007. The Shelby GT comes only as a coupe, other models are also available as convertibles with a power fabric top and heated glass rear window. Base versions have a 210-hp V6, GTs a 300-hp V8, Shelby GTs a 319-hp V8, and Shelby GT500s a supercharged 500-hp V8. Base, GT, and Shelby GT are available with a 5-speed manual or 5-speed automatic transmission. Shelby GT500 has a 6-speed manual. ABS and traction control are standard on V8 models, optional on base models. No antiskid system is available.

Front side airbags with head and torso protection are standard on GT500, optional on the others. Base and GT models come in Deluxe and Premium trim. A Pony Package for base Premium models includes GT-style grille-mounted fog lamps, rear spoiler, and 17-inch wheels. New for '07 is a California Special Package for GT Premiums that includes unique trim and 18-inch wheels. Heated front seats are newly available options on base and GT models. A digital audio jack is newly standard. Coupes have split folding rear seatbacks. Leather upholstery is standard on GT Premium, Shelby GT and Shelby GT500, optional on others.