NEW YORK (CNN/Money) - No, that's not a punch line, though it's become one for all too many buyers.

Everyone knows that Ford, GM and Chrysler have the pickup and SUV thing down. But they've neglected their car lineups while Japanese and European automakers steal their business. Reputations for mediocre quality continue to dog the hometown makes. GM recently acknowledged as much with its mea culpa ad campaign that admits the errors of the past while emphasizing how they're fixing them.

It's true that the domestics continue to close the quality gap with the Japanese, as evidenced by GM topping all manufacturers -- including Toyota and Honda -- in initial factory assembly quality in recent J.D. Power & Associates' studies.

The Big Three have finally noticed that if they don't actively challenge the Accords and Camrys of the world, trucks are all they'll have left. GM, for one, will now devote the large majority of its product development billions to cars for the next several years, after lavishing it on light trucks during the SUV boom.

Chrysler and Ford are arming themselves for a car blitz as well: Chrysler's includes a series of upscale, powerful rear-drive cars beginning next year that will borrow components from the Mercedes E-Class. Ford will bet heavily on the excellent Mazda6 platform as the basis for up to 10 new Ford, Lincoln and Mercury models, including the Ford Futura sedan that will replace its aging Taurus in 2005.

Until the cavalry arrives, however, the pickings remain slim for fans of American metal. The Chevrolet Corvette and Ford Focus are the only American cars that have consistently proven they belong at or near the top of their respective classes. For our salute to the best of the U.S., they're joined by a trio of sporty newcomers with mouth-watering potential: Dodge's new SRT-4, the Cadillac XLR and the Chrysler Crossfire. And, because we can't resist a peek at the pony-car future, the 2005 Ford Mustang slated for showrooms late next spring.

Chevrolet Corvette

Celebrating its 50th anniversary in 2003, the Corvette is anything but a has-been. Since its 1997 debut, the fifth-generation Corvette -- C5 to the faithful -- has restored the car's reputation as the world's best sports car for the money, period. For around $45,000, you get 350 horsepower, world-class acceleration, handling and brakes, a top speed above 170 mph, and a surprisingly liveable ride, cargo space and fuel economy that makes the 'Vette a terrific daily driver. Only the plastic-plagued interior reminds you you're still in a Chevy -- but something's got to give at this bargain price. Move up to the Z06 for $49,505, and you get a 405-horsepower beast that can challenge a Porsche 911 Turbo or most of Ferrari's stable.

Ford Focus

Sure, it was designed in Europe, but the Focus defied the naysayers who insisted an American automaker could never build a great small car. Honda and others have emulated the Focus' tall-roof design and efficient use of space. Roomy, affordable and fun to drive, it's available as a three-door, five-door, sedan or wagon. Premium versions of the 2004 model, coming this fall, get Ford's new "global" 2.0-liter four-cylinder engine with 145 horsepower, a huge, smooth improvement over the current powerplants. (A version already powers the base Mazda6). Best of all, the wizards at Ford's Special Vehicle Team have waved their wands to create the SVT Focus, a sharp-handling delight that still looks and feels like a real car, not someone's backyard hot-rod project.

Cadillac XLR

Start with the chassis of the upcoming sixth-generation Corvette, including double wishbone suspension and real-time adjustable shocks. Drop an improved 320-horsepower Northstar V8 under the hood. Design a wood- and aluminum-trimmed cabin that, while not perfect is better than anything GM has managed in its recent history of interior design. Wrap the whole thing in an edgy, angular two-seat body. Top it off with a retractable hardtop. The result is the XLR roadster, Caddy's hot-looking, slick-driving bid for the big leagues against the Mercedes SL 500, Jaguar XK8 and Lexus SC 430.

Dodge SRT-4

Japan has dominated the affordable pocket rocket game, but they've just had their doors blown off by the SRT-4. As Dodge promised, the Neon-based SRT-4 is the fastest car you can buy for under $20,000. This 215-horsepower terror can accelerate quicker than a Nissan 350Z or Porsche Boxster, top 150 mph, gobble curves, and bring it all to a quick, drama-free stop. Its Viper Jr. front bodywork is matched by a strep-throat exhaust roar that'll have your street rivals reaching for excuses, and you reaching for Excedrin on long drives.

Chrysler Crossfire

No, the Crossfire doesn't look like a Mercedes SLK -- it looks better. But underneath its voluptuous coupe body, the Crossfire is essentially a Benz, sharing the SLK's chassis, 215-horsepower V6, suspension design and more. That means the Crossfire drives and feels like the SLK, in ways both good and bad. The good includes a vaultlike structure, smooth ride, silky transmissions and posh interior. Bad would be the archaic recirculating ball steering that transmits precious little feel at high speeds. Still, you won't find another two-seater this lovely and luxurious for $34,495. Look for a soft-top convertible model, as opposed to the SLK's retractable hardtop, around spring 2005.

Ford Mustang

Believe it or not, the current Ford Mustang's ancient bones date back to the '78 Fairmont. And when Ford finally takes the Mustang out back and shoots it, its thoroughly modern replacement may well restore the 'Stang to the American icon status it once enjoyed. Detroit auto show crowds in January were dazzled by the GT concepts, one coupe and one convertible, that will form the basis for a production model expected in roughly late spring 2004 as a 2005 model. Drawing styling inspiration from the '67-'69 Mustang, the new model should start with a base V6 engine and about 200 horsepower; a V8 version will produce around 300 horsepower. And a new SVT Mustang Cobra should follow sometime in 2005, with roughly 400 horsepower from a thundering high-output V8.

Lawrence Ulrich writes about cars for Money Magazine. You can email him at autos@cnnmoney.com.