2003 Ford Mustang
Fourth generation · SN95 1994–2004
The SN95 platform, which returned curved styling to the Mustang from 1994 to 2004.
The 2003 model year
Overview
A banner year. The Mach 1 name returned on a 305 hp Ram Air 4.6 DOHC with a functional Shaker hood scoop and a retro interior — and the SVT Cobra came back supercharged. Nicknamed the "Terminator," the 2003 Cobra used an Eaton-blown 4.6 L DOHC making 390 hp, a Tremec T-56 six-speed, and an independent rear suspension — the most powerful factory Mustang to date. (Horsepower figures are SAE net.)
Specifications
- Engines
-
- 3.8 L Essex V6 (base) 193 hp
- 4.6 L SOHC modular V8 (GT) 260 hp
- 4.6 L DOHC Ram Air V8 (Mach 1) 305 hp
- 4.6 L DOHC supercharged V8 (SVT Cobra "Terminator") 390 hp
- Transmissions
- 5-speed manual (T-5 V6 / Tremec TR-3650 GT & Mach 1), 6-speed manual (Tremec T-56, Cobra), 4-speed automatic (4R70W)
- Body styles
- Coupe, Convertible
- Base price
- $29,305 (Mach 1) ≈$50,000 today (inflation-adjusted) Original MSRP adjusted for inflation (CPI, 2024); not the car's current market/collector value. Source: U.S. Bureau of Labor Statistics, CPI-U (U.S. city average, all items), annual average.
- Production
- Mach 1: 9,652. SVT Cobra Terminator (2003–04 combined): 19,140
Year over year
What changed
- The Mach 1 returned — 305 hp Ram Air 4.6 DOHC, functional Shaker scoop, retro comfort-weave interior, Magnum-500-style wheels.
- The supercharged "Terminator" SVT Cobra debuted — Eaton-blown 4.6 DOHC, 390 hp, T-56 six-speed, IRS, forged internals.
- A Centennial (Ford 100th Anniversary) appearance package was offered (black, parchment leather).
- V6 and GT carried over.
Living with it
Reliability & ownership notes
- The Terminator's iron block and forged rotating assembly make it very strong and a favorite tuner platform; the Eaton supercharger and its intercooler add maintenance items — check for boost/cooling-system service.
- The Mach 1's DOHC engine and the Cobra IRS are both buying checkpoints; verify documentation given the premiums these carry.
- Standard New Edge body and modular-V8 notes apply (convertible seals, front-end rust).
Worth knowing
Notable
- The 2003–04 supercharged "Terminator" Cobra (390 hp) is the most coveted modern fourth-gen Mustang and a blue-chip tuner car.
- Return of the Mach 1 (9,652 built in 2003) with its functional Shaker scoop.
- Most powerful factory Mustang up to that point.
Famous variants this year
Sources
Other Fourth generation years
Explore the SN95 generation → All Fourth generation · SN95 years →