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They actually measured horsepower differently back then as well.That whole issue started back in the 70's. People were sueing for false advertisement. And it wasn't just ford it was all of them. Ever since then as a rule for self preservation, numbers are always understated. Like the mk3 focus st, sticker claims 250's hp but is actually closer to 290 @ the crank.
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Many people still don't understand how it works and It doesn't help when you have programs like Top Gear that does dyno tests occasionally and give completely misleading information as in this video.
Skip to 3:35 or so.
What the dyno operator failed to explain to the Hamster is that the car rated by Ford at 500hp (flywheel) made 447hp wheel which actually means the car is producing somewhere around 525hp flywheel so it is in fact underrated, I'd like to see them dyno every high performance car they test and see if they notice a pattern.