This was a year of major transition for both Ford and the U.S. auto industry. The big news was the introduction of the Model B Ford with the first inexpensive V-8 engine -- considered a milestone at Ford's prices. Body styling, however, was less advanced, as the car retained much of the Model A's appearance. The Sport Coupe, for instance, came with a Model A roofline, landau bars and an upright look that masked the more streamlined style of other Model B's, with their fully crowned fenders and slightly v'd grilles. Ford rushed the development of the new V-8, so problems abounded with the first engines, including excessive oil use after the first 1,000 miles. The company eventually corrected the problems, and the engine became a Ford staple for the next 21 years. It would be 33 more years before Chevrolet and Plymouth offered V-8 engines.

Price $535

Engine 221-cubic-inch V-8

Horsepower 65 at 3,400 rpm

Wheelbase 106 inches

Passenger capacity 2

Year 1932

President Herbert Hoover

Median family income $1,465

Dow Jones industrial average (year-end) 59.93

Academy Award movie "Grand Hotel"

Milestone Campbell's tomato juice is introduced