2004 Ford Mustang
Fourth generation · SN95 1994–2004
The SN95 platform, which returned curved styling to the Mustang from 1994 to 2004.
The 2004 model year
Overview
The send-off. 2004 was the last year of the fourth generation before the all-new retro S197 arrived for 2005, and the Mustang's 40th Anniversary. The Mach 1 and supercharged Terminator Cobra continued at full strength; a 40th Anniversary package added unique colors, stripes, and badging. Fourth-generation production ended in May 2004. (Horsepower figures are SAE net.)
Specifications
- Engines
-
- 3.8 L / 3.9 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
- $18,345 (V6 coupe) ≈$30,500 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: 7,182. SVT Cobra Terminator (2003–04 combined): 19,140. 40th Anniversary Crimson Red: 4,558
Year over year
What changed
- Final year of the fourth generation — the retro S197 replaced it for 2005.
- 40th Anniversary package: special Crimson Red (plus white/black), stripes, badging, and trim (Standard and GT).
- Mid-year the 3.8 L V6 was replaced by a 3.9 L version of the same Essex engine (identical output).
- Mach 1 and supercharged Cobra continued unchanged.
Living with it
Reliability & ownership notes
- Same as 2003 for the performance cars: very strong Terminator bottom end, supercharger/intercooler upkeep, DOHC Mach 1 and Cobra IRS as buying checkpoints — buy on documentation.
- Final New Edge body and modular-V8 notes apply (convertible seals, front-end rust on weathered cars).
Worth knowing
Notable
- "Last of the line" appeal — final fourth-gen year and the Mustang's 40th Anniversary.
- The supercharged Terminator Cobra and the Mach 1 are the collectible picks; the 40th Anniversary Crimson Red cars are a recognizable send-off trim.
- Fourth-generation production ended in May 2004.
Famous variants this year
Sources
Other Fourth generation years
Explore the SN95 generation → All Fourth generation · SN95 years →