The Ford Mustang convertible has that old Mustang magic and is ready to take on warm weather driving with a flourish now that spring is here.

The 2006 Mustang is virtually the same as last year's model. That car was the first all-new Mustang since 1979 and had retro styling from the iconic 1967-70 Mustang .

The slightly larger 2005 Mustang was an immediate hit. Continuing strong sales apparently are forcing Chevrolet to bring back its Camaro, an old Mustang rival, and DaimlerChrysler to reintroduce the Dodge Challenger, another former Mustang competitor.

The Mustang -- especially the convertible -- has something Japanese cars lack: heritage and an All-American image. After all, the first Mustang sold was a convertible with a rumbling V-8.

You have to give Ford credit for investing millions of dollars in a car that has no real competition.

I tested the 300-horsepower Mustang GT convertible with a 4.6-liter V-8. It costs $29,965 in well-equipped Deluxe form and $31,145 in Premium form. The Premium adds items such as leather upholstery and an upgraded sound system.

For those on tighter budgets, the Mustang convertible is sold with a fairly potent 4-liter, 210-horsepower V-6 for $23,940 in Base Standard form and for $24,040 in Base Deluxe form. There's also a $24,915 Base Premium convertible with the V-6.

New for the 2006 Base Premium V-6 convertible is a $1,195 Pony Package that contains a GT-style suspension with larger wheels and tires, anti-lock brakes, traction control and custom grille with fog lamps.

Despite higher prices, the GT is the best Mustang convertible bargain because no other soft top model comes close to offering 300 horsepower for the price of either GT convertible. Resale value of Mustang V-8 models always has been higher than Mustangs with a six-cylinder engine, so it's reasonable to assume that will continue to be the case. Mustangs and V-8s naturally go together, if only because the V-8 has been the traditional top-line American engine.

The smooth, throaty V-8 propels the GT convertible to 60 mph from a standing start in five seconds and to 100 mph in 12.5 seconds. That's moving. The convertible is heavier than the Mustang GT coupe, but the extra weight isn't felt during quick maneuvers and barely affects performance.

Of course, the V-6 provides better estimated fuel economy: 19 mpg in the city and 25-28 on highways. The figures are 17 city and 23-25 highway with the V-8. However, both engines require only 87-octane gasoline.

The GT convertible comes with a five-speed manual transmission or a five-speed automatic. Go with the automatic unless you insist on manual shifting because the GT's V-8 has so much power and torque that the automatic makes the manual gearbox superfluous. The automatic has no manual shift gate, but who needs it?

The Mustang GT is a kick to drive, even on cold early spring days that don't encourage lowering the top. It's far more rigidly built than any pre-2005 Mustang convertible, and that means it feels drum-tight, with virtually no convertible cowl shake even on rough roads.

Steering seems just right, with good road feel, and the firm-but-supple suspension and an engine set way back for better weight distribution help provide sharp handling. The ride is comfortable on most roads, partly because the Mustang chassis team gave the convertible slightly softer springs.

Ride and handling would be better with an independent rear suspension, but it would have raised prices and gone unnoticed by many Mustang buyers.

The standard anti-lock brakes provide good stopping power, although the pedal feels a little soft but has a linear action.

The power top goes down quickly, and provides good sealing in car washes and a fairly quiet interior when erected, although the GT coupe is quieter. The car looks good with the top down or up, which is something that can't be said for some convertibles. There isn't much wind noise or buffeting with the top down.

Long doors make it awkward to get in or out in tight spots, but seats are reasonably high to prevent occupants from having to "fall in" or "climb out," as is the case with some sports cars. Outside door handles are large, but inside handles are small and feel flimsy.

There's good room up front for tall adults in supportive bucket seats. But, as with any Mustang ever made, the back seat is a trial to enter or leave and only has space for tots and pets. An adult can sit partly sideways, but not for long without complaining.

The large retro-style speedometer and tachometer have markings that make them look like those on my long-gone 1967 Mustang, but auxiliary gauges for such things as fuel level and engine temperature are very small. Seat belts are hard to fasten.

There's little interior storage space -- the small door pockets are almost useless and the glove box is tiny. Climate controls feel cheap, although four large, round dashboard vents are strategically positioned to deliver hot or cold air. Audio system controls are small, but the ignition switch is easily reached although it's on the steering column and not the dashboard. Nicely placed dual console cupholders should help prevent spills.

The trunk is reasonably large for a small convertible, although it's best suited to soft luggage. The trunk lid raises smoothly on struts, but the inside of the lid looks unfinished, with only bare metal to be seen.

The heavy hood lacks struts and thus must be held open by a prop rod, although it's easy to check the engine oil level and reach fluid filler areas. The V-8 isn't hidden by an unsightly plastic cover, as is the case with many cars, because Ford chose to let us see the composite intake manifold and tuned exhaust runners.

Ford is clearly proud of the GT V-8 -- and the whole car.