After the original “Fox-Body” Mustang platform’s run came to an end in 1993 with the stellar Cobra and race-only Cobra R machines headlining the program, it was time for Ford to revamp and move forward with a fresh styling design for the 1994 model year. These cars, developed in 1993 and code-named SN-95, was based on an updated version of the Fox platform.

Prior to the car’s launch, Ford displayed the Mach III concept car at the 1993 North American International Auto Show in Detroit. unlike the Mustang destined for production, the car was a two-seat version. However, much of the body design carried over into production, with the boxy shape of the Fox cars long gone and the new 1994 Mustang receiving a curvy, more modern appearance. Also in the Mach III, Ford installed a supercharged 4.6L DOHC V8 engine – the first Modular powerplant seen in a Ford performance car. Although the Modular didn’t make it into the initial SN-95 run for 1994, the Mach III hinted at what Ford owners would see in the future.

The SN-95

The cars produced from 1994-98 had base model Mustangs receiving the wheezy 145 HP 3.8L Essex V6 engine (the same engine found in the company’s Aerostar minivan among others) backed up by a T-5 transmission or AOD-E automatic transmission.

That transmission subsequently morphed into the 4R70W unit used through the 2004 model year. The Essex engine remained as the base-model powerplant until mid-2004, when the 3.9L longer-stroke engine took its seat in the model for the last half-year of production before the 2005 complete redesign.

In the high-performance arena, the SN-95 was a bit of a conundrum for Ford, as the 1994 and 1995 model years had the carryover 5.0L V8 powerplant in GT models. Much to the chagrin of Mustang lovers everywhere, the lightweight, lower-optioned LX option was now gone. Even so, the 1994 Mustang won Motor Trend’s Car of the Year award thanks to the new styling, both externally and on the inside, where a sweet dual-cockpit design was used, along with upgraded materials and vastly better fit and finish than the original Fox cars.

5.0L Power numbers were actually revised downward for the 1994 and 1995 GT models, registering 215 ponies and 285 foot-pounds of torque rather than the Fox GT’s 225/300 number, thanks to a new measurement system. 

1996 is where it all changed – although the body and interior remained the same, Ford took a huge leap forward with the 4.6L single overhead-cam engine that came standard in all GT models.

The engine produced the same horsepower figures as the older 5.0L pushrod powerplant, but offered much-improved NVH levels and a step towards modern trends. 

Also that year, the Cobra continued with a Special Vehicle Team-engineered dual overhead camshaft Modular engine that pumped out 305 horsepower and 305 foot-pounds of torque – a huge step up in performance over any Mustang of the prior 20 years save for the ’93 Cobra R.

This engine would remain standard in Cobras produced through 1998, and in 1999 and 2001 received a power bump to 320 horsepower thanks to revised camshafts and other changes. 1999 saw a power bump to 320, which also ran in the 2001 Cobra – there was no 2000 model.

1999-04 Cobras received Ford’s first-ever use of an independent rear suspension, designed to work within the confines of the live-axle suspension configuration. As such, there were shortcomings to the design, especially for drag racing.  Road-racing nuts loved the upgrade, and Cobras became championship machines in those applications.

The New Edge

1999 saw yet another revamp of the Mustang’s bodylines and the introduction of the “New Edge” moniker. The car remained the same inside, and the exterior revamp used sharper edges, more defined lines as well as a larger wheelwheels to tighten up the design over the previous SN-95 variants. 

The 4.6L SOHC engine remained between the framerails of the GT, receiving a decent power bump thanks to the revised “Performance Improvement” cylinder heads, camshafts, and intake manifold. 260 horsepower and 302 foot-pounds of torque became the standard that carried the GT through the end of New Edge production in 2004.

Special Editions

In 1995, Mustang owners had the opportunity to order the one-year GTS model, a stripped-down version of the GT with all of the performance goodies but none of the frills. Also in 1995, Ford produced a new version of the Cobra R, complete with 351 cubic inches of pushrod power making 300 horsepower backed by a Tremec TR-3550 transmission. Only 250 of these were produced.

There was also a 2000 Cobra R model produced with 300 units produced using a 5.4L DOHC engine rated at 385 horsepower and 385 foot-pounds of torque and backed by a Tremec T56 six-speed transmission. This race-only model had numerous upgrades both internally and externally, including Bilstein dampers and Brembo brakes.

Within the New Edge design, Ford opted to produce a one-year-only “Bullitt” model and pay homage to the legendary Steve McQueen movie, which was available in coupe form only and carried a number of performance upgrades over the standard GT. New wheels, lowered suspension, Tokico shocks and struts, and larger brakes from the Cobra came as standard equipment, along with better exhaust and a new intake manifold. 

2003 and 2004 found Ford producing another limited edition Mustang, the Mach 1, which was available with an automatic or manual transmission  and the dual overhead-cam engine from the ’99-’01 Cobra wearing cylinder heads from the ’03-’04 Cobra, making 320 horsepower.

Exterior mods included a sweet shaker-style hood scoop, decal package and model-specific wheels among other tasteful changes. The interior received a retro-styled seat package and old-school gauges to mimic the original Mustang Mach 1 designs of the late ’60’s and early 1970’s.

The Terminator

In 2003, the Cobra returned yet again, this time with a vengeance in the form of an Eaton M112 roots supercharger pushing 8 pounds of boost pressure into the 4.6L DOHC powerplant. Forged internals including Manley connecting rods were used to support the engine’s output. 

Many feel (and rightfully so) that the ’03-’04 Cobra was the ultimate Mustang of the era, and we’re inclined to agree. The cars retained the independent rear suspension of their predecessors to go with the power increase and were absolute terrors when modified, capable of 600-plus horsepower thanks to a burgeoning aftermarket that catered to Cobra owners.