Ford is no stranger to relatively expensive hybrid powertrains or turbocharging, but it is using an off-the-shelf, normally aspirated V6 to boost fuel economy in its 2011 Mustang. Base Mustangs have long been the laughing stock of the sporty coupe market with drivers limping along with a "whopping" 210 hp (240 lb-ft of torque) from a 4.0-liter V6 engine. That engine is rated at 18 mpg in the city and 26 mpg on the highway with a 5-speed manual transmission (16 mpg/24 mpg with a 5-speed automatic transmission).

Ford's base 2011 Mustang, however, should be able to give a little more dignity to those who choose not to go the GT route. The 2011 Mustang is now powered by a smaller, all-aluminum 3.7-liter V6 which pumps out an impressive 305 hp and 280 lb-ft of torque (at 6500 rpm and 4250 rpm respectively). The new engine is also 40 pounds lighter than the outgoing unit.

For the eco-conscious folks out there, fuel economy is up as well despite the 31 percent improvement in power. This time around, it's the automatic transmission (6-speed) that gets the best fuel economy at 19 mpg city/30 mpg highway. The 6-speed manual transmission is not far behind at 18 mpg city/29 mpg highway.

With the V6 Mustang now within 10 hp of its more expensive GT brother, Ford is expected to announce a new V8 engine for the vehicle that will be rated at around 400/400 (hp/lb-ft).

For comparison, the Mustang V6's arch enemy -- the Camaro V6 -- is rated at 17 mpg city/29 mpg highway. Considering that the new Mustang V6 now offers relatively the same punch as the Camaro V6 while weighing around 400 pounds less means that a whole new round of pony car wars is likely to begin.