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Ford could do this easily with the Focus ZX3. Give it a turbocharged 2.3L I4 putting 240hp to the wheels. Update the suspension a hair and give it the 6-speed gearbox from the SVT Focus, but don't do anything else. The SVT Focus was too up-scale of a product with not enough power. You could easily turn a $13K ZX3 into an SRT-4/WRX slaying machine for under $20k. Of course, if the rumours of a $20K LX V8 Mustang are true, Ford could just as easily slay the sport compacts with a traditional RWD muscle car :).

I'd like to see Ford and GM both take this market a bit more seriously. Dodge is really earning a lot of lifetime customers by drawing in young crowds to look at the Neon SRT-4, just as Subaru is getting lifetime buyers from the WRX (Scoobies used to be considered safe, but rather boring cars not long ago).
 
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