In 1956 Ford replaced the P-code 292 with a new 312 in³ "Thunderbird Special V8" version of the Y-Block, while the M-code 272 was replaced with a new M-Code specification of the 292. This M-code "Thunderbird V8" 292 was now optional on all Fords. The engine when fitted behind manual transmission vehicles had an 8.0:1 compression ratio and was rated at 200 bhp (149 kW) at 4,600 rpm and 285 lb·ft at 2,600 rpm, whilst the automatic featured an 8.4:1 compression ratio with a rating of 202 bhp (151 kW) at 4,600 rpm and 289 lb·ft (392 Nm) at 2,600 rpm.