The Ford Mustang SVT Cobra is powered by the supercharged SVT 4.6-liter V8 from Ford's Special Vehicle Team. The SVT V8 produces 390 horsepower at 6000 rpm, with 390 pounds-feet of torque at 3500 rpm. It comes mated to a six-speed manual gearbox. Ford Mustang Cobra comes shod with P275/40R17 tires and loaded with special interior and exterior trim.

Standard safety equipment includes safety belts with pretensioners to tighten the lap belt and shoulder belts in the first moments of a crash. Energy-management retractors gradually slacken the safety belt if necessary to help reduce the force of the belt on the occupant's chest. Mustangs come with anchors in the rear to implement the LATCH child safety-seat system.

The 2004 Ford Mustang design picks up styling cues from the 1964-66 original, but executes them in today's rounder, more organic idiom. The rear fender air intake, for example, has sharp corners and pronounced lines; but the rocker panels curve out, and the fenders have pronounced front- and rear-wheel-well arches. The front end features wraparound complex reflector headlamps with integrated side marker lamps, combined with a square-edged honeycomb grille and a chrome pony. Tricolor front fender badges recall the good old days, as does the prominent but non-functional hood scoop. In back, it's 1965 with vertical, three-element taillamps. Ford Mustang GT models get unique hood and side-scoop treatments, along with fog lights and a rear spoiler.
Mach 1 is easy to spot with special trim that starts with its shaker hood scoop. Attached directly to the top of the engine, the black scoop rears its head through a squarish hole in the Mach 1 hood. (Hood scoops on GT models sit on top of the hood.) A bold low-gloss black stripe runs up the center of the powerdome hood to accentuate the scoop. Stomp on the throttle and you can see it move, or shake, slightly as the engine twists against the motor mounts. In theory, the scoop is designed to channel fresh air into the intake for increased breathing and, therefore, increased power.

The 40th Anniversary Package, a no-cost option for 2004 Mustangs, is distinguished by Arizona Beige Metallic performance stripes on the hood, lower rocker panels and deck lid. Arizona Beige Metallic accents upgraded wheels (16-inch for the V-6 and 17-inch Bullitt wheels for the GT). The 40th Anniversary models are available in an exclusive Crimson Red exterior, as well as Black and Oxford White, with body-colored, fold-in side mirrors.

The Ford Mustang cockpit is a little quieter for 2004. New expandable foam seals designed to reduce wind noise are used around the body, particularly the outside door handles and belt moldings on both doors.
Convertibles and coupes offer about the same amount of room in the front seats. Either way, it's a cozy interior. There's enough seat-track length to accommodate tall drivers and just enough elbowroom to keep from feeling cramped. The Mustang offers good, reclining bucket seats with plenty of travel. The seats are fairly full, yet supportive, a good compromise, and you don't slide around. Seatbelts are attached to the seat frames so they move with the seats. Running horses embossed on the upper portions of the optional leather bucket seats recall the deluxe pony interior of the mid-1960s.

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The 40th Anniversary Package upgrades the interior with four-way head restraints, a painted center console surround, and brushed aluminum door lock knobs, shift boot trim ring and pedals. The package includes unique floor mats with an embroidered 40th Anniversary logo and a matching badge on the center console.

The Mach 1 tachometer and speedo-meter use a tall condensed typeface and more hash marks that make it harder to read than the gauges in the GT models. The instrument panel, center console and headliner are color-keyed. To turn on the headlights, pull out an old-fashioned knob on the left. The center console includes cup holders.