Its official name is a mouthful: Ford Mustang V8 GT Coupe The Black. As the name implies, you can get it any color you want as long as it's black. The exterior is jet black. The leather interior is black. Even its unique 19-inch wheels are mostly black, with the exception of thin, polished spokes.

To ensure drivers aren't completely ensconced in pitch darkness, it also comes with the panoramic glass roof found on Premium trim level Mustangs. For the truly vampiric, a retractable sun shield is part of the package.

The engine is the Mustang GT's customary 5.0-liter V8 with Ford's Ti-VCT variable valve timing system, putting out 420 hp and 390 lb-ft of torque. The only transmission offered is the 6-speed automatic.

The price rings in at ¥5,050,000 including taxes, or about $49,358 at current exchange rates. Those wanting to buy one better get in line though, as Ford will build just 40 of the The Black edition Mustangs. It's set to go on sale on March 15.

The 50th anniversary of the Ford Mustang's debut on April 17 back in 1964 will be the cause for celebrations large and small this year, with everyone from Blue Oval bigwigs to the car's legions of loyal fans getting in on the fun.

One of those celebrations will take place Friday in Charlotte, North Carolina, where restoration company RK Motors will unveil a tribute car based on the classic 1967 Shelby GT500 at Charlotte Motor Speedway, coinciding with Ford Motor Company's [NYSE:F] own Mustang 50th anniversary celebrations.

Dubbed RK527, the customized GT500 makes over 800 horsepower, according to its creator, which is sent to the rear wheels through a Tremec T56 six-speed manual transmission. The car has been significantly updated, with features like Fast XFI electronic port fuel injection and modern BF Goodrich G-Force Sport tires.

The RK527 will need to be as reliable as it is powerful, because RK Motors owner Rob Kauffman plans to take it on Hot Rod magazine's annual Power Tour. The event--which begins in Charlotte this year--is an endurance test for hot rods and muscle cars of all stripes, covering seven states and more than 1,500 miles before ending in Wisconsin.

Actually driving a Mustang seems like an appropriate way to celebrate this iconic car's 50th anniversary, but Ford has some pretty big events of its own lined up.

It will place a Mustang on top of the Empire State Building this week--replicating a stunt from 50 years ago--and host simultaneous week-long events at the aforementioned Charlotte Motor Speedway and Las Vegas Motor Speedway.

Fifty years after debuting one of the world’s most popular cars, Ford is marking the milestone by revealing a Mustang 50 Year Limited Edition. Created to honor five decades of Mustang heritage, only 1,964 examples of the 50 Year Limited Edition will ever be built when it goes on sale this fall.

“When Mustang was approved for development more than 50 years ago, I don’t think anyone imagined it would spawn such a dedicated base of fans around the world and still be in production today,” said Bill Ford, executive chairman, Ford Motor Company. “We are thrilled to be here in New York – where Mustang was first shown to the public at the 1964 World’s Fair – to re-create that historic event for today’s Mustang enthusiasts.”

Based on the all-new 2015 Mustang GT fastback with performance pack, the 50 Year Limited Edition is designed to provide customers with outstanding performance and a unique appearance that will be instantly recognizable on the road. The only options for the 50 Year Limited Edition are the choice of two exclusive colors and a six-speed manual or automatic transmission.

50 years of inspiration

“The new Mustang blends a muscular, contemporary shape with design cues that define it as quintessentially Mustang,” said Moray Callum, Ford vice president of design. “The 50 Year Limited Edition adds details that set it apart from other Mustangs, while hearkening back to the 1965 original.”
The only two available colors are Wimbledon White, like Mustang serial No. 0001 that was first sold to Capt. Stanley Tucker in April 1964, or Kona Blue. Both are exclusive to this limited-edition car.

“Chrome trim was much more prevalent on cars in the 1960s than it is today, so we added some discreet highlights for the grille, side glass and tri-bar taillamps,” said Callum. “The darker Kona Blue provides a particularly striking contrast against the chrome.”

Chrome bezels surrounding the base of each of the three taillamp blades take inspiration from the original 1962 design proposal by Gale Halderman that became the basis for the production model that debuted in 1964. The three individual lamps on each side of that design were combined into a single tri-bar lamp cluster for production, but the original concept has returned five decades on. The Mustang 50 Year Limited Edition will be the only 2015 model with the large faux gas cap badge on the rear fascia, with 50 Years added to the GT designation.

Another visual element that won’t be found on any other Mustang is the louvered rear quarter-windows. Unlike the external louvers on the quarter-windows of the 1965 fastback, the new windows are comprised of layered sheets of glass built with a construction technique uniquely developed for this car.

Unique cockpit experience

From behind the wheel, drivers will know they are driving a very special car. The aluminum trim panel that spans the double-brow instrument panel gets an axel spin finish different from other 2015 Mustangs, plus a special serialized 50 Year Limited Edition badge on the passenger side. Each badge will be individually etched at Flat Rock Assembly Plant where Mustang is built.

The limited-edition is the only 2015 Mustang with a cashmere-stitched, leather-wrapped steering wheel. The stitching is also used on the instrument panel, shifter boot, center armrest, door inserts and seats. The seats feature exclusive two-tone cashmere and black leather upholstery, and the Mustang 50 Year logo on the seat backs.

Limited-edition cars will be equipped with loop-carpet floor mats with cashmere stitching and suede binding not available on other Mustangs.

A showpiece meant to be driven

“Mustang fans love to drive their cars, even the rarer examples of the breed, so we built this limited-edition from the best-performing 2015 Mustang available – the GT fastback with the performance pack,” said Dave Pericak, Mustang chief engineer. “While some collectors will undoubtedly stash this car away in a museum, those who choose to hit the open road will get a world-class sports car that can run with the best.”

Powered by the upgraded 5.0-liter V8 engine delivering more than 420 horsepower and 390 lb.-ft. of torque, every 50 Year Limited Edition will be equipped with the Mustang GT performance pack that includes massive six-piston Brembo front brakes and 19-inch alloy wheels with high-performance Y-speed-rated Pirelli P-Zero summer tires.

The 19-inch alloy wheels feature a unique Y-spoke design inspired by the chromed steel wheels that were offered on the original Mustang 50 years ago. The front wheels are 9.0 inches wide with 255/40R tires, while the staggered rear wheels are 9.5 inches wide with 275/40R tires.

The 50 Year Limited Edition is the only 2015 Mustang that will be available with a combination of an automatic transmission and the performance pack. When equipped with the six-speed automatic transmission, the Mustang 50 Year Limited Edition will get a limited-slip rear differential with a 3.55:1 final-drive. Customers who opt for the six-speed manual will get a Torsen differential with a 3.73:1 final-drive ratio.

Mustang 50 Year Limited Edition

The 50 Year Limited Edition car will be among the first 2015 Mustangs built when production begins later this year. Each of the 1,964 50 Year Limited Edition Mustangs will get a unique owner’s guide in a leather portfolio with the 50 Year badge on the outside.

“We wanted to provide our most dedicated fans with the emotion of the original Mustang in a 21st century car,” said Ford. “With this 50 Year Limited Edition, I believe we have accomplished our goal.”

The 2015 Ford Mustang holds a lot of promise: independent rear suspension, a turbocharged four-cylinder engine option, and a completely new structure--all huge boons to the sports car fan. But what if your Mustang enthusiasm tends toward the straight strip variety? There's plenty to love there, too, from the 5.0-liter V-8 in the GT to the recently announced line lock feature that makes burnouts easier.

But if you should choose to drag race your 2015 Mustang, know that you'll void the warranty.

What, you ask? How? Why?

After noticing some fine print at the bottom of Ford's video announcing and explaining the line lock feature, which read "Racing your vehicle will void your warranty," Motor Authority decided to follow up and see just what that meant.

Basically, it means exactly what it says: race your Mustang and you can expect the warranty to be void.

But what, exactly, is racing? Brian Cotter, global Mustang communications coordinator, wrote via email, "If you are using this feature in an actual race (ex. at a drag strip vs. your neighbor’s Camaro) this would create a problem from a warranty standpoint."

Cotter further explained, "[T]here is nothing wrong with testing the capabilities of the Mustang in a non-race environment. You could, for instance, test your quarter-mile time on a closed-course. This would be permissible because you aren’t competing against any other car OR against a predetermined time, etc."

Still not quite satisfied, we asked for clarification, noting the enthusiasm with which Mustang chief engineer Dave Pericak and stability control engineer Scott Mlynarczyk when talking about the new line lock system offering a feature that allows Mustang drivers to maximize their performance at the track.

In the video, Mlynarczyk says, "We had one goal in mind, with the Mustang user who takes this to the track, and to provide a feature that we haven't seen out there in the field before."

Pericak adds more color to the idea, "Mustangs have a huge heritage of going out on the track. Our customers take it out on the weekends, they have fun with it. So, line lock is another example of where we're going to allow our customers to do what they want to do. They want to take this car, they want to go to the track, they want to have fun, and this is going to allow them to do that. It's going to be another advantage when you're on the track versus the [inaudible]."

You'd be forgiven if you heard that and thought it meant Ford had given its blessing to Saturday night grudge matches at the local strip. But you'd be wrong.

The line lock feature was clearly designed to help Mustang buyers to extract maximum performance "when you're on the track versus" just about anything. But using the feature for that intended purpose voids the warranty.

To be clear, simply using the line lock feature on private property, or even at a drag strip provided there's no competitor in the other lane or a purse on the line, will not void the warranty.

Cotter clarified in his e-mail, "Racing (ex. in a bracket-style competition at a drag strip) would be an issue; testing the capabilities of the Mustang at a test-and-tune day where there is no incentive for fastest quarter mile times (etc.) is permissible. You can have plenty of fun at a track without entering the realm of 'racing.' Issues would arise when you are specifically competing against other cars 'wheel to wheel.' Testing the capabilities of the Mustang is not an issue."