The GT500 Convertible is the successor to the Mustang Cobra convertible. Its supercharged iron 5.4-liter V8 will produce 475 lb-ft of torque and 475 hp–approximately seventy hp less than the 550-hp all-aluminum version of this engine in the GT supercar. That power goes through a six-speed stick and a solid rear end (no fancy independent rear suspension this time). Surprisingly, only eighteen-inch wheels will be offered initially–the same size that’s optional on the Mustang GT–but keen Mustang fans will spot the unique rim design, more aggressive front end styling, and power vent hood. Ford spruced up the GT500 with a fabric roof (instead of vinyl), a leather-wrapped dash, and the basic Mustang interior is a pretty nice place anyhow. The GT500 Convertible goes on sale concurrently with the coupe in the summer of 2006 at a sticker price of less than $45,000.