The last time Ford put a turbocharged four-cylinder engine into a Mustang (labelled “SVO”), the year was 1984 and Lionel Ritchie, Patti Labelle and even Eddie Murphy—yes, THAT Eddie Murphy--were on the Billboard Top 100.

It had also been just five years since the 1979 Oil Crisis following the Iranian Revolution and North Americans were seeing massive hikes in the price of fuel. There just wasn’t as much appetite for big gas-guzzling V8 power. Sound familiar?

What this all-new 2015 Mustang is being asked to do, unlike that original four-cylinder Mustang SVO, is to be marketable in, “every continent except Antarctica.”

Like the Focus, Fiesta and Escape before it, the Mustang now falls under the “OneFord” banner, whereby a single platform is used for multiple world markets. So, a four-cylinder EcoBoost engine making 310 horsepower and 320 lb.-ft. of torque joins the long-standing Ti-VCT V6 (300 hp, 280 lb.-ft.) and V8 Coyote (435 hp, 400 lb.-ft.) powerplants for this new chapter in the annals of Mustang.

New markets, new looks

The 2015 Mustang features more European styling with its longer hood, narrowed headlamps and grille, a more tapered rear deck and edgy rocker panels that are unlike anything we’ve seen from Ford’s pony car before.

Despite the new styling, the die hard Mustang folks should not be disappointed. The new generation still features the funky progressive rear turn signals, hood bulge (reduced, with added vents on GT V8 models), twin-outlet exhaust and, of course, the classic Mustang roofline.

Inside, the three-spoke steering wheel is still present, as are the deeply-recessed retro gauges, which are now easier to read, and the metallic pedals. A set of faux-aluminum toggle switches four your traction control, drive mode and hazard lights now appear at the base of the centre stack - a very cool, if slightly hard to read touch.

There is also more room inside than in previous generations, and the massive subwoofer that comes with the optional 12-speaker ShakerPro audio system no longer takes up as much room in the trunk. That is a very important step forward, considering that at 382 litres, there isn't a huge amount of room for storage to begin with.

Have no fear, your turbo is here

For the Mustang media event, the first car we tested had the aforementioned EcoBoost four-cylinder engine, only with a slight twist; it also had the Performance Package, a $3,000 option that adds special 19-inch black wheels, larger rear sway bars, special chassis tuning, a 3.55 rear axle ratio, heavy duty front springs and a larger radiator. This Mustang is a serious machine. The test model also featured optional Recaro leather sports seats (even with the Performance pack, the Recaros cost an additional $1,500 for cloth, $1,800 for leather).

2015 Ford Mustang

Even with the special exhaust tuning, the four-cylinder Ecoboost powered Mustang sounds unlike none you’ve heard before. More an off-beat burble than a real growl as emitted from the V6 or V8 engine options, it takes some getting used to. When the turbo kicks in you can hear a slight whistle that seems more appropriate for a Volkswagen Golf GTI than a Ford Mustang.

However, once you delve into the drive experience, there is little time to fret over exhaust notes.

The media drive began in the heart of Los Angeles, but it did not take long to get from there to the Angeles Crest that cuts through the Traverse Range mountains, where the bulk of the testing was done.

Despite the steep climbs and thinner air, the turbocharged engine did not appear to struggle at all. Steep climbs were handled in fourth gear, with no hesitation from the powertrain.

Once the turbocharger is on boil it will carry you from 2,500 to 5,000 r.p.m., riding a flat torque curve. Even when testing fifth gear (there are six speeds total, whether you select the manual or the now paddle-shift operated auto transmission) the Mustang just pulls, and pulls and pulls.

At 3,532 lbs. the 2015 Mustang is no lightweight though, and coupled with a hint of turbo lag, it can take a little time to get going from rest. However, once you reach the meat of the powerband, all that is forgotten.

The V8 also remains impressive, but there was no way it could surprise the way the four-cylinder did.

For the V8, power is up 15 horsepower and torque up 10 lb.-ft. from 2014, and can torch freeways as it always has. The big plus, however—and this goes for both Mustangs—is Ford finally got the transmission interface right. The truck-like clutch is gone, as is the sticky gearlever.

What you get is a much lighter feeling, easier to slot set-up that makes both open-road and in-traffic driving easier.

Solid rear axle be gone

The EcoBoost model is also lighter up front, meaning it’s a little easier to point than the V8, although both models are definite steps up from 2014.

With a re-jigged transmission, the 2015 is so much more tractable around town and it’s very quiet, too. Of course, especially in the case of the V8, there’s plenty of hooliganism to be had if that’s what you want.

In fact, with one tiny little addition, Ford is pretty much asking that you do push things a little. That addition called Line-Lock, is available only on V8 models and is a hot-rodder’s dream. Basically, when Line-Lock is activated, the front brakes are held for a time as you plant the throttle, allowing the rear tires to put on a smoke show that would make any trans-braker proud.

2015 Ford Mustang

Show-stealer

The biggest takeaway from the event, still, was just how well the turbo motor actually works.

When you consider the fact that one of the Mustang’s bigger rivals, the Hyundai Genesis Coupe, will do without a four-cylinder for 2015, this move by Ford seems at odds with the industry. However, with the Euro ties, OneFord and just how well it performs, the reasoning behind the new engine becomes more clear. And, while the four-cylinder EcoBoost does come at a premium over the base V6, it's incredible that you can get this much car for less than $30,000.

They’ve managed to create a Mustang with a four-cylinder engine that’s still very much a Mustang.