[6][7][8] Originally designed to compete with British, Italian, and German sports cars and the Chevrolet Corvette, it was the first time the Ford division sold two distinct model lines simultaneously.

Upon Telnack's retirement, his successor, J Mays, then handled the minor design elements, including trims, fabrics, interior, and colors.

[33] It has a rear-wheel drive layout and a front-engine placement,[34][35] and a computer-engineered, fully independent suspension system incorporating lightweight materials to reduce weight and improve response.

[36][37] The Thunderbird features Jaguar's 3.9-liter AJ30 V8 engine,[38] which generates a power output of 188 kilowatts (252 hp) and 362 newton-meters (267 lb⋅ft),[39][40] providing the car with a 0 to 97 km/h (60 mph) acceleration of 7.25 seconds.

All Thunderbirds included standard equipment such as perforated leather-trimmed seating surfaces, dual power-adjustable bucket seats, a leather-wrapped steering wheel, cruise control, dual-zone automatic climate control system with air conditioning, keyless entry, security alarm system, 17-inch tires and aluminum-alloy wheels, power-retractable cloth convertible roof (top), an AM/FM stereo radio with an in-dash 6-disc CD changer and a premium Audiophile sound system with dual amplifiers for the rear speakers, a driver message center, the HomeLink garage door opener system, a glass rear window with a defroster, and automatic delay on/off front headlamps.

A Black Appearance Package added a high-gloss black accent to the leather-wrapped steering wheel and automatic transmission gear selector, while additional appearance packages added a Parchment cloth soft top (roof), color-keyed accents on the steering wheel and gear selector lever, and seat centers.

With a production of 200 and MSRP of US$41,995, the edition featured two-tone black exterior paint color with silver hard top roof; logo etched into the circular hardtop glazing; scooped hood; twenty-one spoke chrome aluminum-alloy wheels; silver-accented steering wheel and transmission gear selector lever; aluminum dash inserts; perforated black leather-trimmed interior with silver wing-embroidered seat inserts; 'Neiman Marcus' embroidered floor mats and an available 1/18-scale die cast model.

With a production of 700, the edition featured coral paint with a white hardtop; twenty-one spoke chrome aluminum-alloy wheels, white perforated leather-trimmed interior, engine-turned interior trim panels with "007" emblem, engine horsepower increased from 250 to 280, five-speed automatic transmission with manual gear selection; MSRP of US$43,995, and an available die cast scale model.

The Cashmere edition, with a production run of 1,500, featured a commemorative dashboard plaque, cashmere exterior paint and medium gray soft top convertible roof; hard top; 50th Anniversary front fender emblems; teal-accented third rear brake lamp with illuminated "Thunderbird" script; two-tone gray and dark gray interior with Cashmere perforated leather-trimmed seating; color-keyed instrument cluster with turquoise gauge needles and "Ford Thunderbird" door sill plates round.

Noted automotive journalist Doug DeMuro criticized the price of the Thunderbird and the similarity its interior to the Lincoln LS.

[52] Adriana La Cerva, girlfriend and later fiancé to Christoper Moltisanti in the HBO series The Sopranos, drove a 2002 Ford Thunderbird in seasons 4 and 5.