A product of the collaboration between Ford's Special Vehicle Team and Texan and synonym with fast, collectible special editions, Carroll Shelby, the GT500 convertible marks the most powerful Mustang convertible ever.

The power - all 500 horses - comes courtesy of a supercharged and intercooled 5.4 liter V8. While that power peak comes at 6,000 rpm, just 250 revs short of the redline, the 480 lb-ft of torque is available at 4,500 rpm. The engine requires premium fuel. The only transmission available with this monster motor is a Tremec TR6060 six-speed manual. While a more powerful King of the Road edition of the coupe bowed in 2008, there is no convertible King.

For 2008, there are new front driver- and passenger-seat side air bags to provide side-impact head protection as well as rollover protection. Vapor Metallic exterior paint also replaces Tungsten Grey on the options list.

The Roots-type supercharger chugs the atmosphere to the tune of 8.5 psi and gets it served cold thanks to an air-to-water intercooler.

Other goodies on the GT500 drop-top include 18- x 9.5-inch wheels wrapped in rubber sized at 255/45-18 up front and 285/40-18 out back, hiding 14-inch vented discs squeezed by four-piston aluminum calipers with Brembo proudly displayed on them in the front and 11.8-inch, 2-piston units for the rear wheels.

Due to the top mechanism and the necessary bracing throughout the convertible's structure, curb weight increases compared to the coupe by 120 lbs, to 4,040 lbs. Also, trunk space is down 2.6 cubic feet, down to 9.7, and there is slightly less hip room (1.3 inches) and shoulder room (8.3 inches) in the rear seats, though head room with the top up grows by 1.3 inches.

Options on the GT500 include the aforementioned 7-color ambient interior lighting and HID headlamps and Shaker 1000 Audio System (in-dash 6-disc CD, MP3 and 10 speakers), Sirius Satellite Radio, touch screen DVD-based navigation and a Premium Interior Trim Package.