In 1992 the shape of the classic Marcos was updated with the launch of the Mantara. With the increasing difficulty of obtaining the now outdated Triumph based front suspension, an all-new up to date system was developed. Using Ford front knuckle assemblies, the Marcos system incorporated a McPherson strut damper, coil spring and anti-roll bar, based loosely on the Ford system.

The Mantara also saw the first Marcos with power assisted steering.  The chassis was radically altered at the front end to accommodate the new suspension. 

With a wider front track, this enabled the front end to be significantly updated from its predecessor the Mantula. The main styling changes being to the bonnet, rear wheel arches and rear lights to give the car a more modern appearance. Internally the changes were very few initially, centering around a revised steering column and switch gear, and latterly changes to the dashboard including revised heater controls.

With the introduction of the Mantara, small volume Type Approval was obtained for the Marcos Mantara, standardising the car through production and conforming to various safety and emission regulations.

In 1995, in an attempt to streamline production, and subsequently reduce build costs, the following changes were introduced. The fibreglass footwells were replaced with steel as part of the chassis. The wooden dashboard supports were replaced with steel. The door frames were simplified by the removal of the quarter light and the introduction of a one-piece dropglass.

The engine option in the Mantara ranged from the standard 3.9, 4.6 and 5.00 NCK with sports pack, developing a claimed 320 bhp.

In 1997 a small engined variant of the Mantara was introduced with a lower insurance premium to appeal to the younger driver. Powered by the Rover Tomcat 2.0 litre engine, the GTS was available in both turbo and non turbo form. The only other distinguishing feature of the 2.0 Litre GTS cars was the bonnet. This was a further progression from the Mantara bonnet incorporating much smoother lines, flared in back mounted headlamps, and a deeper spoiler, which was used on the later Mantaray model. A handful of late Mantara V8's were produced with the same bonnet as the 2.0 litre models.