The 2011 Mustang is the Blue Oval’s response to the upstaging delivered to it by the 2010 Camaro. Replacing the 315 horsepower 4.6 liter engine is a newly designed 5.0 liter V8 that cranks out 412 horsepower, 390 ft-lbs of torque, while delivering 25 mpg through a six-speed automatic transmission. In short, it is one helluva upgrade over the 2010 model.

Of course, you’re going to have to pay for these upgrades, and all models of the Mustang have seen their prices climb by the thousands. The Mustang Source posted this pdf file of the upcoming Mustang’s prices and option list.

Picture: Ford

We’ll start at the most important price, that of the base Mustang GT with the 5.0 liter engine and six-speed manual transmission. The 2010 GT coupe had a starting MSRP of $27,995, but for 2011 the price has climbed to $30,495, an increase of $2,500. A GT Convertible starts at $35,495, up from $32,995, again up by $2,500. If you opted for every option on a 2011 Mustang GT convertible, you would top out at a whopping $38,695.

Even the base Mustang V6 got hit with a price increase, going up $2,000 from $20,995 to $22,995. Of course this gets you an all new 305 horsepower V6 engine and 30 mpg. Options like upgraded rear-end gear ratios (from 3:31 to 3:73) cost $395, while the Brembo brake package will cost you around $1,695. Even with these price increases though, the Mustang remains a relative bargain. Still, a $40,000 Mustang that isn’t a Shelby? Seems a tad crazy.

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