The first-generation Ford Mustang stretched across nearly a decade of sales amounting to millions of vehicles, but by 1973 the pony car had lost a lot of its luster. W

hile GM and Chrysler were busy killing off their muscle cars, or sticking anemic and thirsty V8s under the hood, Ford returned to the drawing board with the intent to replicate the success of the original Mustang.

The result was the 1974 “Mustang II”, a car hated by many Blue Oval enthusiasts who saw the economy-minded Mustang as an affront to everything they loved about the Ford performance champion. The new, smaller Mustang was championed by none other than Lee Iacocca himself, though originally he wanted to base the Mustang on the new Maverick.

Eventually engineers settled with making a Mustang out of the even-smaller (and more fire-prone) Ford Pinto, which is probably what so offends the Mustang faithful. The end result was a car that was 19-inches shorter than the massive 1973 model, as well as 4-inches narrower, and about 450-lbs lighter. Ford also worked hard to improve the interior, adding plusher seaters and nicer materials compared to penny-pinching rivals, and it certainly paid off.

First year sales numbers certainly backed the decision to downsize the Mustang dramatically, and the Pinto chassis didn’t discourage buyers one bit. In fact, with over 385,000 1974 Mustang IIs sold, it remains the 6th best-selling model year for the Mustang ever, nearly replicating the sales success of the original. The Ghia-designed body certainly helped, as did the upscale feel of the interior, and customers couldn’t get enough of the new Mustang II.

Unfortunately, that downsizing came at a cost, and with fuel economy more important than performance at the time, Ford offered one of two engines; the Pinto’s 2.3 liter four-cylinder engine, and a 2.8 liter Cologne V6, and neither engine made much in the way of horsepower. The 2.3 liter engine was rated at just 88 horsepower, and the V6 wasn’t much better, offering just 105 horsepower. That said, the four-banger was rated at 41 mpg, which rivals some of today’s hybrids.

For the first time in its history, the Mustang didn’t have an optional V8 engine, and despite impressive sales, enough customers complained that Ford remedied the situation by the 1975 model year. That was when the Mustang II got a wider engine bay designed to accept a 140 horsepower 302 cubic-inch V8 engine. Sure, that still wasn’t a lot of power, but the Mustang II only weighed between 2,600 and 2,900 pounds, so it certainly made the 70s pony car feel faster than it was. 0 to 60 mph took 10.5 seconds, and the top speed was limited to 106 mph, which makes even grandma’s Buick sound fast.

Still, things were looking up for the Mustang II, and Ford wasn’t done with it yet. As the oil embargo faded and technology improved, Ford introduced the “Stallion” package, which included unique wheels, a blacked-out grille and bumpers, as well as the Cobra II package which was made up of a fake hood scoop, both front and rear spoilers, and a quarter-window louvers. The Mustang was starting to look and more importantly sound like a Mustang again as Ford’s economy car experiment was coming to a close.

In 1978 Ford offered customers the King Cobra package, the final form of the Mustang II. The King Cobra package basically made all the fake exterior enhancements of the Cobra II package functional, including a functional hood scoop and chin spoiler. But the real draw of the King Cobra package was the massive, Trans Am-style golden Cobra emblem on the hood.

Though it lasted just five model years, the Mustang II generation was arguably the most-successful ever, with sales staying strong all the way up until the introduction of the all-new Fox-body Mustang. The Mustang II also has the distinction of being one of the shortest-lived Mustang platforms, many of the lessons it taught Ford are being resurrected again for the 2015 Ford Mustang -if the rumors are true.

That lesson? When it comes to the Ford Mustang, usually less is more, and while all the fancy doodads and long wheelbases are good, what enthusiasts really want is a comfortable, lightweight, fun-to-drive small car. Offering a V8 engine is important, but most people are fine with four or six-cylinders, as long as the next Mustang is a handsome vehicle.

The more things change, the more they stay the same, especially with the Mustang, and we once again find ourselves on the verge of a vehicle said to be both different and familiar. It’s a hard song-and-dance to pull off, but Ford did it before with the Mustang II, and they’ll do it again with the 2015 Mustang.