Ford Mustang: fourth generation
1994 was the 30th anniversary of the Mustang, and the beginning of the car's fourth generation. The 1994 Mustang was built on a new Fox platform, with over 1,300 redesigned parts. The new car not only looked different, it drove differently as well. There were two available engines the 3.8L V6 and the 5.0L V8. Later that model year, the SVT Cobra was released; the engine could generate 240hp. Coupes and convertible models could still be bought, but the hatchback model was discontinued.
1995 was the last year the 5.0L was used. In subsequent models, the biggest engine available was a 4.6L. That year, a stripped version of the GT (the GTS) was released. It had all the performance add-ons that the GT had, without the power windows and doors, leather seats, and fog lights. 1996 was the first year that GTs and Cobras came with that engine; their 4.6L DOHC V8s could produce 305hp.
There were few changes made for 1997, and the GT got an upgrade to 225hp. There was also a Sports package that year, and the exterior sported black stripes. The round body exited the lineup that year; although the same platform was used the next year. Many mistook the 1999 as a new generation of Mustang, but the redesign had a more aggressive look with its new grill, lamps and hood. Both available engines had more horsepower.
In 2000, the SVT Cobra R's third version was released (only 300 were built). The street-legal car came with a 385hp, 5.4L V8, and it was also the first Mustang to come with a 6-speed. The Bullitt GT was released in 2001 (6,500 were built), offered only in Highland Green. The car had a brushed-aluminum gas cap, and special badging. Sales dropped in 2002, due in part to the rising popularity of the SUV. In 2003, the Mach 1 returned to the line, with a Shaker hood and a V8 putting out 305hp.
In 2004, the 300 millionth Mustang was built, and in honor of that occasion, a special Anniversary package was offered on all V6s and GTs. The trim level came in Crimson Red, with metallic beige racing stripes. This was the last year the Mustang was built in Dearborn, MI.