The 1973 Mustang marked the end of the first generation. The fuel crisis had moved buyers' preferences from large, gas-guzzling muscle cars to smaller, more fuel-efficient cars. The turn signals in the grille were turned vertical rather than the horizontal placement on 1971-1972 models. Chrome headlight and taillights bezels replaced the black from 1971-1972. Due to government regulations, the 1973 Mustang would be the last Mustang convertible until 1983. 1973 would be the last year for Mustang Grandé.

The low-budget movie Gone in 60 Seconds was released in 1974. It was a 90-minute movie with a 40-minute chase scene featuring a yellow 1973 Mach 1. Click here for more info.