By the turn of the century, the fourth generation Mustang was nearing the end of its production run. The SN-95 architecture that underpinned the car was ostensibly an updated version of the Fox-body platform, which dated all the way back to 1979. While it had served Ford enthusiasts well, both on the street and at the track, the company had big changes under development for its pony car.
The public would get their first glimpse at the model’s future when a new, larger Mustang with a throwback design debuted in concept form at the 2003 Detroit Auto Show to wide acclaim, a car which would help usher in a retro-inspired design trend throughout the rest of the industry.
But before the S197 Mustang would hit showrooms, SVT engineers were determined to give the fourth generation car a proper sendoff.
After a long, dark period of choked, low-compression malaise that had often focused more on form than function, performance was undoubtedly on the upswing by the early 2000s. Factory machines were once again delivering the kind of capability that had made their ’60s counterparts cultural touchstones during the original muscle car era, but it had come after years and years of small improvements – five horsepower here, a new gearbox there – rather than in dramatic leaps.
That changed with the debut of the 2003 SVT Mustang Cobra. Code-named “Terminator” by the SVT engineers during its development, the final SVT Cobra was no overblown appearance package. Boasting a supercharged powertrain and chassis tuning to match, the Terminator elevated Mustang performance to levels previously unseen and put the competition on notice in no uncertain terms.
Design, Specifications and Performance
Perhaps SVT engineers were still a bit sore from the Cobra engine debacle from a few years prior, which saw dozens of complaints by new Cobra owners about their high-performance machines not making their advertised power. The complaints eventually led to a recall of all 5,300 Cobras sold so Ford could install new intake manifolds and mufflers, along with an assurance from Tom Scarpello, SVT’s marketing manager, that the team knew exactly what happened, and that they were “going to make sure that it never happens again.” Whatever the rationale, Ford’s performance arm pulled no punches with the 2003 SVT Mustang Cobra.
Under the hood was the tried and true 4.6-liter DOHC V8 architecture that had been a hallmark of high-performance Mustangs since 1996, but this was no garden-variety modular V8. Sporting a bore and stroke of 3.55 in. x 3.54 in. and an 8.5:1 compression ratio, the new mill utilized cast-iron block material rather than the previous model’s Teksid-produced aluminum, along with a forged bottom-end that consisted of Zolner pistons and Manley H-beam connecting rods.
These changes were all made in the name of increasing durability due to the Eaton M-112 roots-type supercharger that SVT had installed atop the 32-valve powerplant, which delivered 8psi of boost and was a significant contributor to the engine’s official rating of 390 horsepower and 390 pound-feet of torque. The boosted mill was paired up with a Tremec T-56 six-speed manual gearbox with a lightweight flywheel, which sent grunt to the rear wheels through a reinforced rearend with a 3.55:1 gear ratio.
Bilstein monotube dampeners, stiffer springs and thicker sway bars were installed to help the independent rear suspension put the power down while keeping the car composed in the corners, while 13-inch Brembo rotors with twin-piston PBR calipers were installed up front to ensure the Cobra had the stopping power to match its straight-line capability.
The 2003 SVT Mustang Cobra also featured a number of revisions inside and out. Exterior tweaks were penned by Camilo Pardo, the chief designer of the 2005–2006 Ford GT supercar, and included a revised front fascia with integrated brake cooling ducts, unique rocker moldings and side scoops, and a new hood with twin heat extractors. Out back, a reworked fascia was paired up with a new decklid spoiler with an integrated LED brake light. New 17 x 9 inch, five-spoke cast aluminum wheels were also on hand, wrapped in 275mm-wide Goodyear Eagle F1 performance rubber.
Inside, the 2003 SVT Mustang Cobra featured Dark Charcoal sport seats with suede inserts in either Medium Graphite or Medium Parchment with an embroidered Cobra emblem. White-faced SVT gauges with a 160 mph speedometer were installed in the instrument cluster, while a unique leather-wrapped shift knob also added to the sense of occasion.
In nearly every aspect of the Terminator Cobra’s performance, SVT simply over-delivered.
While the engine was rated at 390 horsepower, most estimates put it closer to 430hp and 425 lb-ft in stock form, and that was good for a traction-limited sprint to 60 mph from a standstill in about four and a half seconds on the way to a mid-12 second quarter mile time. Electronically governed to 153 mph, the Cobra’s true top speed was said to actually be closer to 180.
The Terminator Cobra was also ripe for day two modifications. With a factory-installed blower already on hand, getting additional horsepower was just a matter of turning up the boost with a different supercharger pulley, and the beefed up internals ensured that the engine would hold together if owners decided to step up to a larger supercharger.
10th Anniversary Edition
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To commemorate the introduction of the first SVT Mustang Cobra in 1993, SVT also produced a limited number of Anniversary Edition Cobras for the 2003 model year. Available in Torch Red, Silver Magnetic and Black paint hues, these cars are differentiated from the standard Mustang Cobra by unique 17-inch, seven-spoke alloy wheels, red brake calipers, Colorado Red leather seat inserts and matching door card inserts, unique badging, and a special carbon fiber-effect leather pattern on the shift knob, steering wheel, and emergency brake handle. SVT produced a total of 2,003 Anniversary Edition models that year – 1,003 coupes and 1,000 convertibles. Images: Ford Motor Company
The 2003-2004 Cobra was the final SVT-developed Mustang, and the team had certainly saved their best for last.
While even more factory horsepower would prove to be just a few years away with the Shelby GT500, the Terminator Cobra’s supercharged mill set a precedent for factory muscle cars that we’re still seeing the effects of today through cars like the Dodge Challenger SRT Hellcat and Chevrolet Camaro ZL1, along with Ford’s upcoming Mustang GT500.
13,476 SVT Mustang Cobras were built for the 2003 model year, 8,394 of those in coupe form while the remaining 5,082 examples were ragtops.
The Terminator would return for 2004, along with the color-shifting, limited-edition Mystichrome paint option. 5,664 Cobras were built during that year’s truncated production run before the factory was retooled to accommodate the new Mustang platform that set to debut for 2005, bringing the last SVT Mustang Cobra’s final tally to 19,140 cars.