1993

The 1993 Ford Mustang SVT Cobra was launched during the 1992 Chicago Auto Show. It was the premier vehicle of Ford's newly established SVT division, designed to showcase SVT's hallmarks of performance, substance, exclusivity, and value.^[2] The exterior of the 1993 SVT Cobra was similar to that year's GT model with differences explained below.

The upgrades featured a 302 cu in (4.9 L) "5.0" V8 engine, rated at a power output of 235 hp (238 PS; 175 kW) at 4,600 rpm and 280 lb⋅ft (380 N⋅m) of torque at 4,000 rpm.^[3] According to Road & Track, the Mustang Cobra could complete a 1/4 mile in 14.5 seconds at a trap speed of 98 mph (158 km/h). Acceleration from zero to 60 mph (97 km/h) took 5.9 seconds.^[4] The drivetrain received an upgraded transmission, rear disc brakes, and for the first time on a factory Mustang, 17-inch unidirectional wheels. Cobra models received a softer, more compliant ride compared to the GT model. This was done by using model-specific springs and sway bars.

Cobra R

The 1993 Cobra R was the first of three special Cobra R models produced.^[1]: 62 The "R" designation stood for "Race" and as per the name, the cars did not have a radio, speakers, wiring and antenna, air conditioner, foglights, sound deadener, rear seat, rear safety belts, rear carpeting, and roll-up cargo cover, among other items.^[1]: 62 The car had power steering, but no other power assist options. It has roll-up windows, manual door locks, and manually-adjustable mirrors.^[1]: 62 The manually-adjustable Opal Gray cloth bucket seats from the Mustang LX were lighter than the GT/Cobra sport seats, and a piece of thin gray carpeting secured by Velcro covered the bare hatch and rear seat area.^[1]: 64 The deletions reduced weight by 450 pounds, but this was somewhat offset by the necessary addition of heavy-duty hardware needed for competition.^[1]: 64

To stiffen the chassis, a strut tower brace was installed to tie the cowl together, and a pair of V-braces (used on all 1983–1993 Mustang convertibles) attached in an X-pattern tied the subframes together.^[1]: 64 The Cobra R featured Eibach springs that were too stiff for the street, but designed for a racetrack.^[1]: 62 The Cobra R also had adjustable Koni shocks and struts.^[1]: 62

The car also featured 13-inch Kelsey-Hayes vented rotors in front and 10.5-inch vented rotors in the back.^[1]: 64 According to Neil W. Ressler, the executive director of vehicle engineering for Ford Motor Company at the time and one of the founding fathers of SVT, the 1993 Cobra R's brakes "were the most expensive brakes ever fitted to a [production] Mustang. I bought the brakes for the R model out of my engineering budget. I wanted big brakes, and we didn't have them. The program couldn't afford it. Unbeknownst to the higher-ups at Ford, I spent like $2,100 per car to buy those big brakes. But the last thing I wanted was a fast car that didn't stop. We ended up putting good brakes on all those [Cobra R] vehicles."^[1]: 64

The same 5.0 L V8 from the Cobra was used in the Cobra R. However, the radiator was unique to the Cobra R and a purge tank was installed for improved cooling. A power steering cooler (located behind the left foglight bezel) and an engine oil cooler were standard.^[1]: 64

The Cobra R wheels were actually the optional 17x8-inch five-lug wheels from the soon-to-be-released 1994 Mustang GT, but were painted gloss black and featured chrome lug covers. The standard tires were Goodyear Gatorbacks. To give the car better front-end geometry, lower control arms from the 1994 Mustang were fitted.^[1]: 62

Contrary to SVT's stated wishes, many Cobra R models were purchased by private collectors and never actually driven, but several competed successfully in the International Motor Sports Association (IMSA) Firestone Grand Sport Series and Sports Car Club of America (SCCA) World Challenge Class B Series.^[9]: 126 Of the three Cobra R models produced, the 1993 model had the benefit of being the lightest and the smallest.^[1]: 64

A total of 107 Cobra R models were produced, and all were painted in Vibrant Red Clearcoat. According to Ford's announcement on April 7, 1993, the Cobra R was produced to take the Fox-bodied Mustang out in grand style, a "best of the last" model.^[9]: 126 According to SVT, the Cobra R can accelerate from zero to 60 mph (97 km/h) in 5.7 seconds and achieve a top speed of 140 mph (225 km/h).^[1]: 152

1993 Detailed Production Numbers^[1]: 146

1994

Ford introduced the newly redesigned Mustang (code-named SN-95) in December 1993.^[1]: 31 It was the first major redesign since the third-generation Fox-bodied Mustang that was introduced for the 1979 model year. Known as Fox-4 (because it was based on the Fox platform as a 1994 model), the new 1994 Mustang was an improvement over the outgoing 1993 model.^[1]: 31 The new car's ride, handling, styling, ergonomics, and standard and optional equipment were improved from the previous model. However, the Chevrolet Camaro Z/28 and Pontiac Firebird Formula and Trans Am, that were redesigned for 1993, came standard with 275 hp (205 kW),^[1]: 31 while the 1994 Mustang GT engine produced 215 hp (160 kW).^[1]: 34

The 1994 Cobra was introduced midway through the model year with the same engine as the 1993 Cobra. With its GT-40 cast-iron heads and lower intake and its Cobra-specific upper intake,^[1]: 36 power increased to 240 hp (179 kW; 243 PS).^[1]: 34 However, the actual output of the Cobra's GT-40 enhanced engine was probably higher.^[1]: 34 Ford claimed 6.3 seconds to achieve 60 mph and a top speed of 140 mph (225 km/h). Muscle Mustangs & Fast Fords magazine tested a 1994 Cobra coupe and achieved a 0-60 mph acceleration time of 5.7 seconds and the quarter mile in 13.87 seconds at 99.49 mph (160.11 km/h).^[1]: 36

Initially, the 1994 SVT Cobra was only available as a coupe, but the first factory-produced SVT Cobra convertible was the 1994 Indy 500 Pace Car Replica. On the same day that the new 1994 Cobra coupe was launched, SVT announced that it would be building a Cobra convertible (the first factory-produced "Cobra" convertible since the 1970 Shelby models) and that this convertible had been selected to pace the 1994 Indianapolis 500.^[1]: 36 The new Cobra convertible, or Indy 500 Pace Car Replica, was made available later in the 1994 model year.

The 1994 Cobra offered refinements compared to lower trim level Mustang models.^[1]: 10 According to Jim Campisano's book Powered by SVT: Celebrating a Decade of Ford Performance, below is a list of items that set the 1994 SVT Cobra apart from the 1994 Mustang GT:^[1]: 33

Body and appearance components

• Unique front fascia with round foglights (versus rectangular on GT).
• Unique complex-reflector headlights.
• Chrome Cobra badges on front fenders (versus GT emblems).
• Unique rear spoiler with integrated LED stop lamp (versus the non-LED stop lamp integrated into the decklid on GT).
• 160-mph speedometer, white-faced instrument gauges, and black lettering (versus 150-mph speedometer, black-faced gauges, and white lettering in GT).
• Leather-wrapped shift knob, boot, and parking brake.
• Magnesium front seat cushion frames.
• Unique Cobra floor mats.

Engine and chassis

• GT-40-style 5.0 L Cobra V8 engine (versus High Output 5.0 L V8 on GT).
• 13-inch vented front disc brakes, 11.65-inch rear discs with dual-piston calipers, and standard ABS (versus 10.8" vented front discs, 10.5-inch rear discs with single-piston calipers, and optional ABS on GT).
• Unique 17x8-inch cast-aluminum wheels.
• Standard Goodyear GS-C P255/45ZR17 tires (versus Goodyear Eagle P225/55ZR16 standard on GT, P245/45ZR17 optional on GT).
• Unique chassis tuning.

1994 Indy 500 Pace Car Replica

To celebrate Ford Mustang's 30th anniversary in 1994, a trio of SVT Cobra convertibles served as pace cars for the 78th Indianapolis 500 race on May 29, 1994. The three cars were modified by Jack Roush in Allen Park, Michigan. The pace cars were installed with heavy-duty four-speed automatic transmissions, 15-gallon racing fuel cells, heavier rear springs (to accommodate the weight of television camera equipment), a Halon fire-extinguisher system, a rollbar with 50,000-watt strobe lights built in, and special lights in the rear spoiler. Parnelli Jones, a seven-time Indy 500 competitor who won the 1963 race, drove the pace car at the event.^{[9]: 15, 17}

A total of 1,000 Indy 500 Pace Car Replicas were produced. All were painted in Rio Red and fitted with Saddle leather interiors and matching Saddle vinyl tops. The Indy 500 winged-tire logo was featured as a chrome cloisonné badge on the decklid and embroidered on the front seatbacks. A set of "Official Pace Car" decals were shipped inside the trunk and up to the buyer's discretion to install them.^{[9]: 15–7} The decals on the three official pace cars had the tire logo in white, while it was grey on the replica decals.^[6]: 153

The 1994 SVT Mustang Cobra was the third Ford Mustang selected for official pace car duties at the Indianapolis 500 race. The other two were 1965 Mustang in 1964 and Fox-body Mustang in 1979.^[8]: 15

1994 detailed production numbers^{[1]: 146 [6]: 154}

1995

The 1995 Cobra was essentially a carryover of the 1994 model. The chrome SVT badge on the decklid was new for all SVT vehicles this year. A new vertical spat was added to the leading edge of each rocker panel extension to prevent rock damage to the lower body.^[8]: 283

The Cobra convertible returned for a limited production run of 1,003 units, and all were painted Black and fitted with Saddle leather interiors and Black convertible tops. Newly available for the 1995 Cobra convertible was a removable hardtop option. This was a one-year-only option due to its $1,825 price and 90 pounds of additional weight; thus, only 499 of the Cobra convertibles came with this option. Removing or installing the hardtop was a two-person job, and this hardtop could not easily fit any other Mustang or Cobra convertible from this vintage due to the latching mechanisms of the fiberglass top and the dome light wiring. Included with this option, was a carrier that rolled on four casters allowing for storage of the hardtop when it was not being used. This hardtop option was originally supposed to be an available option for the all-new 1994 Mustang convertible, but it was delayed due to supply problems and quality control concerns.^[8]: 283 This hardtop option was not available on the 1995 Mustang GT convertible.

The biggest news for 1995 was the return of the SVT Cobra R.

Cobra R (1995)

In the wake of the 1993 R's success, SVT engineers developed a more powerful R-model based on the 1995 Cobra. The Cobra's 5.0 L V8 with an SVT modified version of Ford's 5.8 L Windsor V8, re-engineered to have a power output of 300 hp (224 kW; 304 PS). A new 22-gallon fuel cell was installed. A Tremec 3550 5-speed manual transmission was standard. Weight savings were achieved by the deletion of the back seat, radio, power windows/seats, and air-conditioning. The fog lights were omitted to provide ducts for the front disk brakes. Additional changes included heavy-duty progressive-rate springs, thicker stabilizer bars, and a front strut tower brace. The 1995 R was available only in white with a saddle cloth interior, each with a unique center-tiered fiberglass hood designed to clear the engine and induction system. A total of 250 were built, with Ford keeping 18 examples for its press and engineering fleets.

Unlike the 1993 Cobra R, purchasers of the new Cobra R were required to hold a valid competition license or own a race team. This was done after many 1993 R models had ended up in private hands as collector vehicles; however, several 1995 Rs were purchased to collector car owners.

1995 Detailed Production Numbers^{[1]: 146 [6]: 158}

1996

For the 1996 model year, Ford retired the aging 302 cu in (4.9 L) "5.0" V8 in the Mustang GT and SVT Cobra, with a new aluminum 4.6 L DOHC modular unit that was smoother and had slightly better fuel economy.^{[1]: 36, 38} Starting with the 1996 model year, every Cobra engine was hand-assembled by two-person teams at the Ford Romeo Engine Plant in Romeo, Michigan, a practice that continued through the remainder of SVT Cobra production.^[1]: 37 Each engine had a label (later, a metal plaque on the 2003–2004 Cobra engines) bearing the names and signatures of the two engine builders.^[8]: 288 The Romeo engine,^[1]: 38 as it was called, produced 305 hp (227 kW) and 300 lb⋅ft (410 N⋅m) of torque, enabling the new Cobra to go 0-60 mph in 5.9 seconds and do the quarter mile in 13.99 seconds at 101.6 mph.^[1]: 151 However, Car and Driver magazine was able to hit 60 mph in 5.4 seconds and the quarter mile in 14.00 seconds at 102 mph during a comparison test in their December 1995 issue.^[1]: 41 The 1996 Cobra engine redlined at 6,800 rpm, with fuel shut-off occurring at 7,000 rpm.^[13]

Ford's modular V8 debuted in the all-new 1992 Ford Crown Victoria as a single-overhead-cam (SOHC) setup, and then the engine really displayed its power potential with 32 valves, dual overhead cams (DOHC), and 285 hp (213 kW) in the all-new 1993 Lincoln Mark VIII.^[1]: 38

The modular engine's aluminum block was cast in Italy by Teksid, a firm that produces parts for Ferrari and Formula One racers.^[1]: 38 SVT fitted the 1996 Cobra with the Borg Warner T-45 5-speed manual transmission,^[13] which was also used in the Mustang GT.^[9]: 73 (Tremec bought the production rights for the T-45 in late 1998, although the unit remained unchanged in terms of strength.)^[6]: 169

1996 Mystic Cobra

To promote the technological advances and mechanical achievements of its new modular engine, Ford introduced the Mystic Cobra for the 1996 model year, featuring a color-shifting paint formulated by BASF. Utilizing color-shifting ChromaFlair pigments from Flex Products, the Mystic paint shifted from green to amber to gold to purple depending on the angle and the availability of light.^{[9]: 72–4} The research and development process for this paint took three years to complete.^[8]: 287 Only available on the Cobra coupe, the Mystic paint option cost $815 at the time, and the 1996 Mystic Cobra was the first production vehicle to wear a color-shifting factory paint job.^[9]: 74 A total of 1,999 Mystic Cobras were produced,^[9]: 74 and of these, 1,990 had black leather interiors and nine had black cloth interiors.^{[1]: 146–7 [6]: 161} Since the paint continues to have special proprietary uses, any remaining quantities are tightly controlled and thus require a VIN verification through a complying Ford body shop to obtain the special paint to repaint any damaged areas.^[14]

1996 detailed production numbers^{[1]: 146–7 [6]: 161}

1997

The 1997 Cobra was basically a carryover of the 1996 model. The previous honeycomb grille was deleted to allow more airflow into the larger radiator that was standard on the entire Mustang lineup,^[8]: 290 and the 1997 Cobra had a larger diameter fan. Also new was a parallel-flow air conditioning condenser that was exclusive to the SVT Cobra.^[6]: 164 The rear spoiler was now optional, as it had been standard on all previous models.^[8]: 290

1997 detailed production numbers^{[1]: 147 [6]: 164}

1998

The 1998 Cobra remained mostly unchanged from previous model years. The wheels were similar to the cast-aluminum units used on the 1995 Cobra R, ^[8]: 291 but the wheel cutouts were painted gray,^[6]: 166 and the wheels were 17x8-inch, instead of 17x9-inch versions on the 1995 Cobra R.^{[1]: 151–2} Tires were the same BF Goodrich Comp T/A versions as before.^{[1]: 151–2} Other minor changes included a redesigned console in which the dashboard-mounted digital clock pod was deleted, and the clock function was then integrated into the radio's digital display.^[6]: 166 Also, the standard premium sound system now included a single-disc CD player.^[6]: 166

This was also the last year of the return-style fuel system, as it was replaced with a newer returnless system for 1999.

1998 detailed production numbers^{[1]: 147–8 [6]: 166}

1999

For the 1999 model year, Ford restyled the fourth-generation Mustang utilizing Ford's New Edge design language.^{[1]: 44, 47 [8]: 293} The facelifted car featured redesigned body panels that followed Ford's new worldwide styling direction. The interior was basically a carryover from the 1994–1998 Mustangs, and most of the parts were interchangeable. All 1999–2004 SVT Cobras featured independent rear suspension, the first to be fitted to a production Mustang model and unique to the Cobra.^[17] A new returnless fuel system was used to meet emission standards.

The new 1999 Cobra had an upgraded 4.6 L DOHC V8 engine rated at 320 hp (324 PS; 239 kW) and 317 lb⋅ft (430 N⋅m) of torque.^[17] However, when the new 1999 Cobras were put through their paces by their new owners, it was revealed that 0-60 mph times were slower than a comparably-equipped 1998 model, and dyno tests suggested that the advertised power output was closer to 285 hp (289 PS; 213 kW), even though Ford claimed that the engine was outputting 15 hp more than the 1998 Cobra engine. Due to this outcry, on August 6, 1999, Ford halted the sales of all unsold 1999 Cobras on dealership lots and recalled all 1999 Cobras that had been sold. Ford replaced the intake manifold, certain computer components, and the exhaust system from the catalytic converters to the tailpipes to achieve a "true" 320 hp at the crankshaft.^{[1]: 47 [18]: 8 [8]: 294}

1999 detailed production numbers^{[1]: 148 [6]: 167–8}

2000 Cobra R

For 2000, the SVT Cobra R returned for a limited production run of 300 units.^{[19][6]: 170–1} As the standard 2000 Cobra was canceled due to problems with the 1999 Cobras, the Cobra R was SVT's sole high-performance Mustang for the 2000 model year. The new Cobra R came standard with a 5,409 cc (5.4 L; 330.1 cu in) DOHC V8 engine with a 6,500 rpm redline that was rated at 385 bhp (390 PS; 287 kW) at 5,700 rpm and 385 lb⋅ft (522 N⋅m) of torque at 4,500 rpm.^{[1]: 152–3} However, independent dyno tests showed that the Cobra R produced rear-wheel output that nearly matched both of those numbers, suggesting the engine may have been underrated. The cast-iron block was based on the 5.4 L block that Ford used in its trucks at the time.^[1]: 72 The cylinder heads were later used in the 2005–2006 Ford GT, albeit slightly modified.^{[1]: 138–9} Some sources claimed that the Australian FPV GT's engine was very similar to the Cobra R's engine. As with previous Cobra R models, the 2000 model lacked many of the comforts of the standard Cobra.^[1]: 77 This model had no radio/audio equipment, air conditioning, cruise control, or a rear seat.^[19] All 300 units produced were finished in Performance Red with a Dark Charcoal interior with cloth Recaro bucket seats.^[19]

The 2000 Cobra R had several distinguishing visual and performance features that set it apart from the standard 1999 or 2001 Cobra. The "power dome" hood was taller than the standard Cobra hood, and it had gills that could be cut out to help reduce engine compartment temperatures.^[1]: 70 The rear spoiler was tall and wide.^[1]: 77 The Cobra R was equipped with Eibach springs that lowered the car 1.5 inches in front and 1.0 inch out back.^{[1]: 78 [8]: 297} This model also used Bilstein shocks and struts, Brembo 4-piston front calipers with 13-inch rotors were cooled by large ducts, along with a race-style fuel cell that protruded under the Mustang V6-style rear bumper.^{[1]: 78 [8]: 296–7} The front fascia featured a low-riding, removable splitter.^[1]: 77 The wheels were uniquely styled, silver-painted, five-spoke, 18-inch (460 mm) x 9.5-inch (240 mm) alloys with BF Goodrich G-Force KD tires.^{[1]: 78 [8]: 296–7} The hand-built SVT engine employed special DOHC cylinder heads, a "trumpet-style" intake manifold, aggressive camshafts, short tube headers connected to Cobra catalysts, a Bassani X-pipe, and a unique Borla dual side-exiting exhaust system, which was necessitated by the large fuel cell.^{[1]: 72, 77, 78} This model also featured 3.55 gears, a Gerodisc hydro-mechanical differential with speed and torque sensitivity, and a Tremec T-56 6-speed manual transmission that was closely geared for drag racing or road course usage.^{[1]: 78 [8]: 296} The 2000 Cobra R was rated to achieve a 177 mph (282 km/h) top speed.^[1]: 153

Aftermarket performance parts vendors contributed to this project, including Recaro, Brembo, McLeod, Eibach, BF Goodrich, Tremec, Borla, Dana, Federal Mogul, and K&N.^{[1]: 70–9 [8]: 296–8}

The following is a list of parts on the 2000 Cobra R that differ from the standard 1999 Cobra:

Exterior

• Only available as a coupe.
• Only available in Performance Red (paint code ES).
• V6-style rear bumper with no exhaust cutouts.
• 20-gallon Fuel Safe fuel cell, visible from behind and the side.
• Borla side exhaust, since the standard exhaust would not fit due to the fuel cell.
• Large unique wing on the rear decklid.
• 18-inch five-spoke wheels.
• Removable splitter on the front fascia.
• Blacked-out headlights, which became standard on all 2001–2004 Mustangs.
• Omitted fog lights (air ducts to the front brakes instead).
• Special hood with a large dome to clear the huge intake.
• Omitted antenna (covered with a black plastic piece).

Interior

• Only available in Dark Charcoal (trim code DW).
• Cloth-upholstered Recaro seats (manually adjustable).
• Backseat delete.
• No air conditioning.
• No radio.
• No cruise control.

Drivetrain

• 5.4 L DOHC V8 engine based on Ford's truck engines.
• Tremec T-56 6-speed transmission.
• 3.55:1 gears.
• Hydro-mechanical lock differential.
• 13-inch Brembo vented brake disks with 4-piston calipers in the front.
• Vented brake disks in the rear.
• Special Eibach shocks and springs, lowering the car by 1.5-inches in front and 1.0-inch in rear.

Cancelation of the 2000 SVT Cobra

Because of the 1999 Cobra performance debacle, the standard 2000 SVT Cobra was canceled and returned in 2001 with a true 320 hp (240 kW) rating.^{[1]: 47 [18]: 8 [8]: 294} Production of the 2000 SVT Cobra R continued without any repercussions. Four months after the 2000 Cobras were officially canceled, Ford printed brochures for the 2000 Cobra, with a print date of December 1999.

According to the 2000 Cobra brochure, if the 2000 Cobra had been produced, it would have been available in six exterior paint colors: Crystal White Clearcoat, Ebony (Black) Clearcoat, Laser Red Tinted Clearcoat, Medium Atlantic Blue Clearcoat Metallic, Silver Clearcoat Metallic, and (most notably) Mystic Gold.^[19] Apparently Mystic Gold was supposed to be available in limited quantities late in the model year.^[19]

Aside from the paint colors, the standard 2000 Cobra was pretty much a carryover of the 1999 model. Even the interior was supposed to be the same as the 1999 model. Only two color choices, Dark Charcoal and Medium Parchment, were meant to be offered again.^[19]

2001

While the 2001 Cobra shared almost all the same components of the 1999 Cobra, some changes were made including:

• The engine block was changed from the Teksid block to the Windsor Aluminum Plant (or WAP) block. The WAP block is regarded to be weaker than the previous Teksid block. Some 2001 Cobras received the Teksid block, either from the factory or as a replacement motor. In the pictures at right, note the extra ribs designed to impart strength to the weaker WAP. Also, note that the hatching in the valley of the Teksid is square, while the WAP has diagonal hatching.
• Revised cylinder heads. Cobra owners have reported a "ticking" or "pinging" noise coming from the driver-side head of their cars. Due to insufficient cooling around cylinders #6/#7/#8 which caused the valves to overheat and therefore seat improperly, Ford remedied the situation by issuing a technical service bulletin (TSB#03256/NHTSA#10008278 and TSB#03164/NHTSA#10003118) to remove and replace the affected heads with a version that featured improved coolant flow.
• Cobra-specific seats with a combination of leather bolsters, Alcantara (suede-like microfiber) inserts, and larger headrests.^[20] 1999 Cobras had regular Mustang GT seats.
• A rear bumper that reads "COBRA"^[20] instead of "MUSTANG" like on the 1999 Cobra.
• A rear badge on the trunk lid was changed to read "SVT"^[20] instead of "SVT COBRA" like on the 1999 Cobra.
• A new steering wheel and an upgraded Mach audio system.^[20]
• The wheels for both the 1999 and 2001 Cobras were 17x8-inch. Silver-powdercoated, five-spoke aluminum wheels were available in 1999 and 2001, and chrome wheels of the same design were an available option for the 2001 Cobra.^[20]
• The Tremec T-45 transmission in 1999 was replaced by the Tremec TR-3650 transmission in 2001.^[20]
• The axle shafts and differential were changed from 28 splines in 1999 to 31 splines in 2001.^[20]
• The rear decklid spoiler was redesigned.^[20]
• The 1999 two-piece audio unit consisting of a radio with a tape deck and a separate single-CD player was upgraded to a larger, single-face, 6-disc unit in 2001.^[20]
• The center console and trim were redesigned.^[20]
• The buttons for the fog lights, the rear window defroster, and the anti-skid system were moved to a panel below the new radio unit.^[20]
• The emergency brake was fitted with a boot of leather to cover the cutout in the console.^[20]
• The headlights were changed from a chrome background to a black background.^[20] The newer headlights are sometimes referred to as "smoked" or "tinted", but this only refers to the black background. The actual lenses are clear for both years. These blacked-out headlights were first used on the 2000 Cobra R and then rolled out across the entire Mustang lineup for the 2001 model year.
• The color of the odometer digits and instrument cluster lighting was slightly changed.^[20]

With the above list of changes, the 2001 Cobra was able to go 0-60 mph in 5.4 seconds and do the quarter-mile in 13.8 seconds at 102 mph. The cars were electronically limited to a top speed of 150 mph.^[1]: 152

2001 detailed production numbers^[1]: 149

2002

Approximately 100 vehicles were partially built in the US and shipped to Australia for right-hand-drive conversion and final assembly by Ford Tickford Experience (FTE). The vehicles were based on the 2001-spec SVT Cobra.^[8]: 299 Other changes included additional driving lights in the lower front fascia to meet Australian lighting specifications, and the steering wheel was moved to the right side of the car. This was part of a $4 million program by Ford Australia^[21] to combat the rival Holden Monaro, which eventually formed the basis of the 2004–2006 Pontiac GTO in the U.S.

2003

Debuting in the spring of 2002, the 2003 Cobra came with a supercharged, 32-valve DOHC, 4.6-liter V8 engine rated at 390 hp (291 kW) and 390 lb⋅ft (530 N⋅m) of torque.^[22] Code-named "Terminator" by the SVT development crew led by John Coletti,^[18]: 22 numerous improvements were made to the powertrain and driveline to handle the power increase from the previous model's set-up. A cast-iron block was used, instead of the previous Teksid aluminum unit, with stronger internals including Zollner pistons and forged Manley H-beam connecting rods that were modified with a wrist pin oiling hole by the SVT engineers.^[22] These upgrades were critical in order to support the 8 psi (0.55 bar) of boost delivered from the stock Eaton M-112 roots-type supercharger.^[22] Other improvements included the use of a lightweight aluminum flywheel connected to a Tremec T-56 six-speed transmission, 3.55:1 rear axle ratio, and stronger 31-spline half-shafts with revised upper and lower control arms.^[22] These modifications enabled the Cobra to go 0-60 mph in 4.5 seconds and do the quarter mile in 12.67 seconds at 110.11 mph.^[1]: 152 Although electronically governed to a top speed of 153 mph, a factory-stock Terminator Cobra can reach a top speed of just under 180 mph if the governor is removed.

The 2003 Cobra boasted visual and functional improvements designed by Camilo Pardo, the chief designer of the 2005–2006 Ford GT supercar.^{[18]: 24–5} These exterior differences included a new front fascia with an integrated spoiler and front brake air ducts, a new rear fascia with a black insert that visually integrated the exhaust pipes, a composite hood with dual functional heat extractors, newly designed side scoops, and foldable side-view mirrors painted in the matching body color.^{[18]: 26–30} The side skirts were designed specifically for the Terminator Cobra body kit, featuring a smooth body line from the door to the bottom of the car. As a visual departure from the 1999, 2000, and 2001 Cobras (there was no 2002 Cobra model), which featured the Canadian Mustang taillights with separate amber turn signals, the 2003–2004 Cobras used standard red Mustang taillights with integrated turn signals. SVT also introduced new five-spoke 17x9-inch wheels, available in standard machined-faced aluminum with metallic argent-painted pockets or optional chrome. Finally, the Terminator Cobra sported a new decklid spoiler with an integrated LED brake light, as opposed to the wing-type spoiler seen on previous Cobras and the standard Mustang V6 and GT models. It was optional to delete the spoiler, and the brake light was then integrated into the decklid using conventional bulbs.^[22]

2003 10th Anniversary Edition

For 2003, SVT offered a limited-edition 10th Anniversary Cobra to commemorate ten years of the first SVT Mustang Cobra in 1993.^{[1]: 61 [9]: 89–91} The car featured unique seven-spoke, dark argent-painted, 17-inch alloy wheels; Dark Charcoal interior with Colorado Red leather inserts on the seats; red inserts in the door panels; red-painted brake calipers; and special 10th Anniversary badges on the decklid and floormats.^{[22][1]: 61} Also included were special carbon fiber-patterned leather wrapped around the shifter; emergency brake handle; and on the steering wheel at the 10, 2, and 6 o'clock positions.^{[22][1]: 60} The Anniversary model was the first Cobra to feature a steering wheel with grip humps at the 10 and 2 o'clock positions. SVT produced 2,003 units of the Anniversary model at the end of the model year during June and July 2003, totaling 1,003 coupes and 1,000 convertibles.^[23] The 10th Anniversary models were only available in three exterior colors: Black (775 models), Torch Red (734 models), and Silver Metallic (494 models).^{[18]: 163–4} The 10th Anniversary Edition package (order code 375A) was a $1,495 option.^{[9]: 89 [8]: 344}

2003 detailed production numbers^{[18]: 163–4}

2004

The 2004 Cobra was a carryover of the 2003 Cobra but with a few minor updates, including a slightly updated exhaust system and rumors of a 20+ horsepower increase over the 2003 model.^[24] The addition of a newly integrated shift light negated the $1,000 gas guzzler tax that was charged on the 2003 models. One notable new option across the entire Ford lineup was the available Sirius satellite radio; the distinguishing feature between the 2003 and 2004 factory sound systems was the "SAT" button on the 2004 system.^[25]

The 2004 Cobra was produced between November 2003^[26] and March 2004. It was a short model year for the 2004 Terminator Cobra, as well as the entire 2004 Mustang lineup, due to a number of reasons. The 2004 Mustangs and Cobras were the last Mustangs to be built at Ford's historic Dearborn Assembly Plant in Dearborn, Michigan, and Ford Motor Company had made the decision to end Mustang production there rather than updating the plant for the 2005 models. Thus, 2004 production was scheduled to wrap up by May 2004. Another reason was the hype over the all-new 2005 Mustang, which meant that Ford needed to start production as soon as possible at the newly updated Flat Rock Assembly Plant in Flat Rock, Michigan, then known as AutoAlliance International.^{[18]: 147–9, 166}

2004 Mystichrome Cobra

The limited-edition 2004 Mystichrome Cobra debuted at the 2003 New York International Auto Show^[28] alongside the 2004 40th Anniversary Mustang GT and V6 models. According to SVT's press release, the Mystichrome Cobra was produced to help commemorate the Mustang's 40th anniversary year.^[26] SVT had recognized the importance of this milestone, and shortly after the success of the 1996 Mystic Cobra, SVT worked with Ford's product planners and outside vendors to build the ultimate special edition Cobra.^[28] DuPont was commissioned to work on an improved formulation of color-shifting paint that would be easier to use and match. The resulting Mystichrome paint, sold to BASF who finally supplied the paint to Ford, contained ChromaFlair pigments that rendered a shift from a bright topaz green to cobalt blue, then to royal purple, and finally to a deep onyx black.^[28] A high amount of metallic aluminum flakes were added to give the Mystichrome paint some sparkle. The paint is called "2004 Ford Mustang Cobra MystiChrome Metallic" and cost, at the time, about $150 per pint.^[29] As the Mystichrome paint is still very expensive, any kind of exterior damage to the car is financially problematic. If a damaged Mystichrome Cobra requires repainting at a reputable Ford dealer's body shop, a Ford employee from Dearborn headquarters is required to bring the paint in person and supervise the usage of the special paint. The damaged car must be verified that it is a factory-built Mystichrome Cobra. Once the body shop is finished using the Mystichrome paint, all unused paint must be put back in the can and sealed, and the supervising Ford employee returns to Dearborn with the unused paint.

SVT worked with Garden State Tanning to produce the Mystichrome leather^[9]: 76 found on the car's seat inserts and the steering wheel at the 10, 2, and 6 o'clock positions. The production process for the Mystichrome leather included tanning and dying the leather jet black, spraying the Mystichrome paint directly onto the leather, and sealing it with a clear layer to protect and prevent damage to the Mystichrome-painted leather.^[28] Like the 2003 10th Anniversary Cobra, the Mystichrome Cobra featured a steering wheel with grip humps at the 10 and 2 o'clock positions. The Mystichrome Cobra came standard with five-spoke 17-inch chrome wheels.^[27]

The Mystichrome Cobra was produced between December 2003 and January 2004. A total of 1,010 Mystichrome Cobras were produced, 515 coupes and 495 convertibles.^[30] The Mystichrome Appearance Package (order code 68M), as it was officially called by Ford, was only a $3,650 option.^[26]

A definitive history of the Terminator Cobra and John Coletti's SVT operations was captured in the non-fiction book Iron Fist, Lead Foot by Frank Moriarty.

• The front of a 2004 Mystichrome Cobra coupe.
• The seats of a 2004 Mystichrome Cobra coupe.
• The rear of a 2004 Mystichrome Cobra coupe.
• Mystichrome Cobra interior

2004 detailed production numbers^{[18]: 165–6}