Back when GM killed off the Camaro in 2001, many criticized the General for the lack of a new, enticing look to its F-body muscle cars. Sure, the Camaro SS and Trans Am made more power than the Mustang GT, but Ford’s system of significant exterior updates every four-to-five years seems to have won over more buyers than horsepower bragging rights.

And rather than slow down, Ford seems to be accelerating their model year updates, as Mustangs Daily reports that some significant exterior changes, as well as a horsepower bump, are due for the Mustang come next year’s 2013 model.

According to Mustang Daily’s sources, the 2013 Mustang will feature a larger top grille and a smaller, rounder bottom grille, more akin to the Shelby GT500. LED’s will be employed for fog lights, and the tail lights will be worked over as well, going for a “straighter” approach as opposed to the controversial “angled” approach of the 2010 refresh. Sounds like Ford may be trying to “shrink” the Mustang with some key styling changes, although from the sounds of it this won’t be a huge change from the current flavor of ‘Stang.

The real treat though is that Ford may be bumping the power output of the standard Mustang GT, from 412 horsepower to around 425 horsepower, putting it more in line with its main competitor, the Chevy Camaro. The 3.7 liter V6 engine goes unmentioned, but we anticipate a healthy power improvement for that mill too, and perhaps more specialized “sport” versions of the base Mustang. The refresh could be just in time too, as Mustang sales are slumping against the new Camaro, and rumor has it that a true next-generation Mustang won’t hit showrooms until the 2015 model year, meaning we’ve got some waiting to do.

Will this refresh tide over the Mustang faithful? Or will they continue to hold out for the 50^th anniversary of the Mustang?