THE '74 MUSTANG

The '74 Mustang, which will make its debut this year, may become something of a collector's item -- Ford thinks it can acquire only 300,000 engines. That's in comparison with the 418,000 Mustangs sold a decade ago when the ponycar debuted. Teh basic engine will be a 2.3-liter overhead-cam four made in Lima, Ohio, the first metric engine made in the U.S. It's rated at about 90 horsepower. The optional engine is a more-powerful 2.8-liter V-6, a rebored version of the 2.6-liter engine now sold in the popular Capri. The V-6's performance, rated at 110 horsepower, is said to be comparable to the Datsun 240Z. In 10 seconds the car can travel 500 feet, compared with 478 feet for the sporty Toyota and 540 feet for the 240Z.

Expect to pay about $2800 for the new Mustang. That's not bad when you consider that the original Mustang sold for $2368. The smaller 2.3-liter engine will have an 8.4:1 ratio. Ford sources said the base engine should be a good performer because the emissions equipment is built in, not added on.

The car will be available in five models: three fastbacks and two notchbacks. One notchback will be the base model and the other a "Grande" model. The three fastbacks will all have a third door in the back. One will be a two-seater, one a Mach 1 performance model and the third a standard four-passenger fastback.

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