The 1971 Eldorado was substantially redesigned, growing two inches in length, six in wheelbase and featuring standard fender skirts, all of which gave the car a much heavier appearance than the previous generation. The 500 cu in (8.2 L) V8 engine remained an Eldorado exclusive.

A convertible Eldorado was also offered for 1971, the first in the line since 1966. Door glass remained frameless, and the hardtop rear quarter windows were deleted, replaced by a fixed "opera window" in the widened "C" pillar. A stand-up wreath and crest hood ornament was new this year.

Inside, there was a new curved instrument panel and redesigned seats. A fiber-optic "lamp monitor" system, which displayed the functionality of the headlamps, taillamps, parking lamps, turn signals and brakelights was mounted on each front fender and the shelf below the rear window. This 126.3 in (3,208 mm) wheelbase version Eldorado would run through 1978, receiving major facelifts in 1973, 1974 and 1975. Sales in 1971 set a new record at 27,368.