In 1990, Ford was looking to increase the sales and visibility of the Mustang convertible. They introduced the relativly unknown Deep Emerald Jewel Green 5.0 LX convertible. This car became the basis on which the '92 & '93 limited edition convertibles were created.

The first 1992 model to be released was the Vibrant Red option. Following the '90 model it started life out as LX coupes and were sent to Car & Concepts to have the roofs removed and special white tops installed. All the cars had Preferred Equipment Package (245A) and the Special Edition Package installed. The SE package consisted of Vibrant Red paint, color keyed body side moldings and mirrors, white leather Mustang GT style seats, white interior trim (door panels, armrests, rear seat, top cover), Opal Pearlescent 16" GT wheels(instead of silver), and 'wood' trimmed dash and console panels. The luggage rack was deleted and a GE NOREL rear decklid spoiler was installed in its place The only options were automatic transmission, rear axel ratio, and a engine block heater. A total of 2196 cars were produced.

Later in the model year a new model was released, the Vibrant White Special Edition. This is essentially the same car as the earlier Vibrant Red package, just a different color. The white car carried over into the '93 model year. 1500 white cars were produced in '93 (444 manual, 1056 AT)with 40 going to export. Later in '93, a third Special Edition was released, the Vibrant Yellow. The yellow convertible once agian took the the same idea and went a little further with chrome GT star 16" wheels. There were only 1419 of the Vibrant Yellow convertibles produced. A forth edition was produced on the heels of the yellow car. It shared all the same features as the yellow car, but this one was bright orange. A unspecified amount of these were made.