Most of the changes for 1973 were cosmetic. This is the last year before a smaller, lighter breed replaced the first generation Mustang.

The grille was changed to a crosshatch style and the front parking lights were now placed vertically in the grille. A square chrome bezel now housed the headlamps and chrome trim was added around the tail lamps. A color keyed urethane front bumper replaced the chrome bumpers on all models. A grained black appliqué with bright trim was applied to the rear tail lamp panel. For Mach 1 and Grande models, this was of a honeycomb design.

Mach 1 models were treated to newly styled side and rear stripes.

The 1973 Mustang convertible was the last Mustang convertible to be built for more than a decade.