The Mercury Park Lane was introduced for the 1958 model year as a premium model line for the division. In design, it was conceptualized as a Super Mercury that would compete with General Motors' Buick Limited and Chrysler 300D. Available in two-door and four-door hardtops and convertible coupes, the Park Lane offered the same body styles as the Turnpike Cruiser which it replaced, though its distinctive "breezeway" rear window was adopted by the Continental Mark line. The Park Lane was offered as the flagship Mercury model line with a similar approach to luxury shared with the updated four passenger Ford Thunderbird with a listed retail price of US$3,867 for the coupe ($43,153 in 2025 dollars )and US$4,118 for the convertible ($45,953 in 2025 dollars). As before, the Park Lane was a body on frame chassis while the Thunderbird had unibody construction.
Sharing its chassis with the Colony Park station wagon (and Edsel Citation/Corsair), the Park Lane had a 125-inch wheelbase (3 inches longer than the standard Mercury chassis) and, for 1958 only, an extended rear deck 7 inches longer than standard models. In 1959, the Park Lane wheelbase was stretched to 128 inches (two inches longer than other Mercurys). For 1960, the Park Lane wheelbase was again changed, matching the 126 inches of the standard Mercury line.
The Park Lane was powered by a single engine: a 430 cubic-inch Ford MEL V8. Initially rated at 360 hp for 1958, the Super Marauder engine option package allowed any Mercury with the 430 to increase its output to 400 hp (the first mass-production engine in an American automobile to be so rated). For 1959, the Super Marauder was discontinued, with the standard engine rated at 345 hp, retuned to 310 hp in 1960. All Park Lanes were equipped with a three-speed Merc-O-Matic automatic transmission; the 1958 offered the "Multi-Matic" transmission controls and was changed to the steering column mounted gear selector starting in 1959.
For 1960, the Park Lane had a minor styling update distinguished by new taillamps, rear fender skirts, five chrome-accent bars ahead of the rear wheel openings, wide rocker panel moldings, and a padded dashboard.
In 1961, the Park Lane name was dropped (along with the Montclair) as the division reorganized its marketing efforts towards the better-selling Montereyalongside the introduction of the Mercury Comet compact.