The 1984 Ford Thunderbird built on the success of the previous year's 'Aero Bird' relaunch. Few changes were made for this model year. Ford did add two new trims: in addition to the base, Heritage, and top-end Turbo Coupe trims that had been introduced in 1983, the '84 Thunderbird was also available in FILA and Elan models. The FILA model aimed at a European look, while the Elan trim evoked the T-Bird’s racecar history.

Sleeker, more aerodynamic styling certainly played a large part the success of the 'Aero Bird' models. Just as important, though, were the improvements in engine power and performance. The base engine for the '84 Ford Thunderbird was the 3.8 liter Essex V-6, which put out a respectable 110 horsepower; buyers could upgrade to the 5.0 liter Windsor V-8 for 140 horsepower. The Turbo Coupe’s distinctive engine was a 2.3 liter turbocharged 4-cylinder 130-horsepower model with Ford’s new EEC-IV (its then state-of-the-art electronic ignition control system). For 1984, the Turbo Coupe was available in a choice of 5-speed manual or 3-speed automatic transmission.

Design touches and interior styling reflected Ford’s focus on the Thunderbird's sports car roots. Bucket seats, badging, subtler chrome; all of these made the 1984 Thunderbird look more like a luxury performance car than a family sedan. Sales continued to climb in response to this clearer re-envisioning of a classic American muscle car.