As “the newest idea in compact luxury,” the Falcon series grew to 13 models for 1962. All Falcons received a mild restyle, highlighted by a new grille up front and parking lights that moved down to the bumper, plus a simulated air intake on the hood. Both air conditioning and backup lamps were new factory options. Clearly the Falcon was maturing into a more substantive role, capable of playing either penny-pincher or stylish compact.

The standard interior for the base sedans continued to be a combination of gray vinyl and nylon pattern cloth. Deluxe trim featured the same trim upgrades as the 1961 Falcon plus the addition of anodized rear quarter trim (like 1961 Galaxies) and side molding, and fender-top ornaments. The 1962 Ford Falcon Deluxes also included a larger selection of interior choices thanks to the availability of all-vinyl trim. Ford liked to tout that “a Falcon with full Deluxe trim actually costs less than many other compacts with standard trim!”

Falcon Futura returned for 1962 as a more fully developed model. Outside, a longitudinal spear and bright-metal louvers on the front fenders, plus vented wheel covers, gave more distinction, while the interior treatment continued to be luxurious and sporty. F-U-T-U-R-A lettering on the rear panel replaced the traditional Falcon lettering. The spring introduction of the 1962 Ford Falcon Sports Futura added a Thunderbird-inspired roofline (with gold Falcon ornament on the C-pillar), available luxury touches like black- or white-grained vinyl roof, and the option of a 4-speed manual transmission.

New for the wagons was a counterbalanced tailgate. Falcon wagons continued to be offered in both standard and Deluxe trim, but a significant addition was the Falcon Squire wagon, which followed on the coat tails of Americans favorite station wagon, the Country Squire. Like the latter, the Falcon Squire used Di-Noc wood paneling plus three hash marks on the rear fenders. Other trim was similar to the Deluxe including pleated all-vinyl seats. A standard power tailgate window was a premium touch for a compact.

Engine choices remained the same, with the mid-year availability of the 4-speed optional for all models and engines. Sales fell to 396,129 for the 1962 Ford Falcon, which was quite impressive considering Chevrolet had introduced the Chevy II, a compact as orthodox and appealing as the Falcon.