If you've been hesitating to buy a new Mustang, Ford has been trying to tempt you into taking the plunge by offering some great incentives for the first few months of 2021, slashing the price of the popular pony car by thousands. This month, Ford is offering an even better incentive for the 2020 Ford Mustang that reduces the MSRP by up to $4,000. With the 200A and 201A equipment group packages installed, the 2020 Mustang EcoBoost Premium Fastback and Convertible are eligible for a $4,000 cash incentive.

The 200A equipment group package already comes as standard and includes leather heated and cooled front seats, Sync 3, heated mirrors with integrated turn signal indicators, and selectable drive modes with toggle switches.

Available for an extra $2,200, the 201A equipment group package adds a 12-inch LCD digital instrument cluster, a premier trim with color accent group, a heated steering wheel, and a voice-activated touchscreen navigation system.

Without the 201A equipment group package installed, the 2020 Mustang EcoBoost Premium Fastback and Convertible are still eligible for a $3,250 cash discount. Under the hood, the Mustang EcoBoost Premium is powered by a 2.3-liter turbocharged inline-four engine rated at 310 horsepower and 350 lb-ft of torque.

Ford is also offering a $2,250 discount for the Mustang GT Premium Fastback and Convertible and a $1,750 rebate for the Mustang GT Fastback and Convertible. The $1,750 rebate is also available for the Mustang Bullitt, which recently ended production. It will soon be replaced by the new Mustang Mach 1.

If you prefer to lease, the Mustang EcoBoost with an automatic transmission can currently be leased for $299 per month for 36 months with $2,769 due at signing. All these offers only apply to the 2020 Ford Mustang EcoBoost Premium, GT, and Bullitt, and are valid until March 31, 2021.