1962 would be the last year for the compact Lancer line. Styling was virtually the same as 1961, with some very minor trim updating. The grille featured more prominent vertical bars, in place of the horizontal bars used in 1961. The taillights were slightly re-trimmed.

The Lancer 170 was the base trim level and the Lancer name, in block letters, on the side of the front door below the front feature line. A Dodge crest was located on the front of the hood, above the grille. The Dodge name, also in block letters, was located on the trunk lid.

The upscale 770 Series was the top trim level Lancer for 1962 and included all the 170 Series trim, plus extra exterior trim and plusher interior appointments. A sport version of the 770 Series, called the "GT", was offered as a two-door hardtop only. It featured the larger 225 cubic inch Slant-Six engine as standard. All Lancers could be had with the Hyper Pack option which consisted of a Carter AFB 4-barrel carburetor on a ram-style manifold with tuned headers and free flow exhaust system, developing 195 HP.

Production for the 1962 Lancer was 43,271, down from 1961's 65,100. It was time for a restyle of the body that had been around since 1959 when introduced in the Valiant.

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