Fourth generation (1994–2004)
Main article: Ford Mustang (fourth generation)
1999–2004 GT
In November 1993, the Mustang debuted its first major redesign in fifteen years. Code-named "SN-95" by the automaker, it was based on an updated version of the rear-wheel drive Fox platform called "Fox-4." The new styling by Patrick Schiavone incorporated several styling cues from earlier Mustangs. For the first time since its introduction 1964, a notchback coupe model was unavailable. Door windows on the coupe were once again frameless; however, the car had a fixed "B" pillar and rear windows.
The base model came with a 3.8 OHV V6 3.8 L (232 cu in) engine rated at 145 bhp (108 kW) in 1994 and 1995, or 150 bhp (110 kW) (1996–1998), and was mated to a standard 5-speed manual transmission or optional 4-speed automatic. Though initially used in the 1994 and 1995 Mustang GTS, GT and Cobra, Ford retired the 302 cid pushrod small-block V8 after nearly 30 years of use, replacing it with the newer Modular 4.6 L (281 cu in) SOHC V8 in the 1996 Mustang GT. The 4.6 L V8 was initially rated at 215 bhp (160 kW), 1996–1997, but was later increased to 225 bhp (168 kW) in 1998.
For 1999, the Mustang was reskinned with Ford's New Edge styling theme with sharper contours, larger wheel arches, and creases in its bodywork, but its basic proportions, interior design, and chassis remained the same as the previous model. The Mustang's powertrains were carried over for 1999, but benefited from new improvements. The standard 3.8 L V6 had a new split-port induction system, and was rated at 190 bhp (140 kW) 1999–2000, while the Mustang GT's 4.6 L V8 saw an increase in output to 260 bhp (190 kW) (1999–2004), due to a new head design and other enhancements. In 2001, the 3.8 L was increased to 193 bhp. In 2004, a 3.9 L variant of the Essex engine replaced the standard 3.8 L mid year with an increase of 3 ft⋅lb (4 N⋅m) of torque as well as NVH improvements. There were also three alternate models offered in this generation: the 2001 Bullitt, the 2003 and 2004 Mach 1, as well as the 320 bhp (240 kW) 1999 and 2001, and 390 bhp (290 kW) 2003 and 2004 Cobra.