However, 2002 saw a new Thunderbird launched; this Retro Bird was again a two-seater and received the model's third Motor Trend Car of the Year honor. It was also nominated for the North American Car of the Year award that year.

   The new Thunderbird was based on the Ford DEW platform, shared with the Lincoln LS. It followed the recent trend for nostalgic recreations of old-fashioned styling (See VW New Beetle, Chrysler PT Cruiser), being a recreation of the 1955-1957 two-seat Thunderbird in a modern style. Available only as a convertible with a removable hardtop, the new Thunderbird certainly turns heads.

   Sales where not as high as expected. Many people cite the tiny 3.9 L V8 coupled to a car that weighs almost as much as its much larger four-seat predecessor and the relatively hefty price tag as the prime reasons for these cars not having been as marketable as had been hoped. The Ford Motor Company announced in March 2005 that the Thunderbird will again be discontinued in July 2005. Ford plans to release a new Thunderbird sometime in the years to come, but an exact date has not been specified. Sales had been declining.

   In the last 50 years, some 4.2 million Thunderbirds have been sold.