This was essentially a carryover year for the Cougar, with nothing much changed. Still standard was the 3.8 V6 (LS model), and the 5.0 V8 was optional in the LS and standard in the XR7. The fuel tank capacity was reduced by 1 gallon in all models. In addition to Black, Oxford White, and Electric Red, the XR7 received two unique new monochromatic colors: Silver and Mocha Frost. Both are considered very rare due to the limited production of XR7's and late availability of those colors. On the inside, the XR7 received the same woodgrain trim as the LS model.

25th Anniversary Cougar
Since 1992 was another anniversary year for the Cougar, Mercury announced that a 25th Anniversary model would be produced. Just like the 1987 20th Anniversary model, the production total of 25th anniversary models was around 5,000 total. For more information about 25th Anniversary Cougars, click here.

The quality of features continued to be impressive; however, sales were not. Ford was very cautious in their plans for the Cougar in the next few model years. The 2-door sport coupe market was rapidly shrinking due to the sales of sport utility vehicles, and Ford was quick to notice this. Steps would be taken to cut costs on the Cougar, starting with the 1993 model year. A major refreshening of the car was pushed back until 1994.