Two new models were available in 1984--the SVO and 1984 1/2 20th Anniversary G.T. 350. The G.T. 350 was available as either a hatchback or convertible, and buyers could opt for either the turbocharged four-cylinder of the 5.0 HO. All were painted Oxford White with a Canyon Red interior, and sported original pony and stripes side emblems and two special 20th anniversary badges on the dashboard. Ford capitalized on the Mustang's past performance by adding tape side stripes with "G.T. 350" markings, an obvious reference to the Shelby days. Carroll Shelby did not approve of the package, since he had sold the rights to the "Cobra" name but not the "G.T. 350 or G.T. 500" names. Ford agreed not to use the name again, but only after the first 5,260 cars were built.

The SVO was a turbocharged four-cylinder meant to perform and handle well to compete against European cars.

1984 introduced the first Saleen Mustang. The 1984 model would feature aerodynamic body panels and racing suspension components, but Saleen would begin adding engine modifications in following years.