There's a reason the Ford Mustang is named after a horse: it's packing plenty of ponies under the hood.

Whether its the Mustang or its chief rival the Chevrolet Camaro, drivers can bet that they'll be getting lots of horsepower out of the massive engines that these cars pack. That goes double for the special editions – with the recently revealed Camaro ZL1 producing a reported 550 horsepower.

Not to be outdone, Ford's next version of the Mustang's Shelby GT500 special edition may be upping the ante even more, according to unidentified insider sources that spoke to Car and Driver. The entire Mustang line is due for an overhaul for the 2013 model year, and the new Shelby will reportedly be coming with a 5.8-liter turbocharged V8 engine that could go as high as 620 horsepower.

The news source believes the price will approach the $60,000 mark, which would make it one expensive Mustang, considering that the V6 editions currently retail for less than $30,000. In addition, the bodywork will likely be restyled to be less retro and more modern.

Drivers interested in a Mustang may want to check out New Jersey State Auto Auction, where they can find an affordable used model. They'll likely need to start saving some green now if they plan on upgrading to the new Shelby in a few years.