The Transit,[41] introduced in July 2000,[citation needed] was the third all-new design, and borrowed styling cues from Ford's "New Edge" designs, like the Focus and Ka. Developed by Ford in the United States, the main innovation is that it is available in either front- or rear-wheel drive. Ford nomenclature makes this the V184 (rear-wheel-drive) or V185 (front-wheel-drive) model. This model features the "Puma"-type Duratorq turbo diesel engine also used in the 2000 Mondeo and Jaguar X-Type, with the petrol versions moving up to the 2.3 L 16-Valve edition of the straight-4 engine.

A demonstration of this model's speed with the smallest panel van body, rear wheel drive, highest output 136PS 2.4 Duratorq turbo-diesel engine and optional 6-speed manual gearbox was shown in series 6 of Top Gearin 2005, where German race driver Sabine Schmitz attempted to drive it around the Nürburgring in under ten minutes, matching Jeremy Clarkson's time in a turbodiesel Jaguar S-Type; after weight reduction and aerodynamic modifications, she was only just unsuccessful, marking her fastest lap at 10m 8s.