The Los Angeles Auto Show opens to the public today and the Mustang faithful will be heading directly to the Ford display to check out the first up-close appearance of the Boss 302 Mustang. While this newest special edition Mustang draws on the Boss heritage, it is boldly cutting its own path to fame.

Starting with a refitted version of the 5.0-liter, all aluminum 4-cam V8 engine, forged pistons and forged connecting rods have been added to the engine’s rotating assembly. This is part of the design supporting a higher redline and the additional power on tap.

Intended to be a streetable weekend warrior for the road racing fraternity, the Boss 302 reflects a no-compromise approach by including upgrades like stainless steel exhaust headers, uprated coil springs and suspension bushings, low compression brake lines and fully defeatable traction control and stability control electronics.

Shortly after the initial announcement, Ford released additional details on the car. Combining technology from the car’s Passive Anti theft System and the Engine Control Unit, the new Boss will reset its internal performance programming according to different ignition keys. One is for street use and another is available for track use. There is currently nothing like this in the automotive world today.

Of course, all of this comes at a price and it seems that pricing has been leaked today. The following numbers are appearing on several Internet message boards. No confirmation from Ford is available at this moment, so take it for what its worth. If true, however, it appropriately slots in between the GT and GT500 models. This certainly reflects a similar pricing policy to how Ford handled 2011 model pricing and could easily make the Boss 302 the best performance car buy for 2012.

Boss 302 MSRP = $40,995 (including destination & delivery)
Recaro Seats with Torsen Differential = $1,995
Boss 302 Accessory Package = $475
Yellow Blaze TriCoat Paint = $495

Boss 302 Laguna Seca MSRP = $47,990 (including destination & delivery)
Boss 302 Accessory Package = $475

If you can’t make it to the LAAS, check out the video below. Ford has a Boss 302 on a dyno at the show. Turn up your speakers and fall in love.