A redesigned SN-95 Mustang came in 1999. Characterizing the redesign was Ford's New Edge design language, which featured sharper contours, larger wheel arches, and creases in the bodywork, replacing many of the soft lines of the previous model. The Mustang also received new wheels and hubcaps. However, the car carried over the same roof line and interior, in addition to the same basic platform.
In 2003, Ford updated the SN-95 Cobra for the last time. Internally known during its development as the "Terminator," this Cobra, under the direction of Special Vehicle Program Director, O. John Coletti, featured a cast iron block supercharged 4.6 L DOHC V8. The Eaton supercharger and an air-to-water intercooler factory rated at 390 hp and 390 lb·ft (529 N·m) of torque. Ford replaced the 5-speed Tremec TR-3650 transmission with the heavier-duty 6-speed manual Tremec T-56, which was also found in the Dodge Viper, the Chevrolet Corvette, and the Chevrolet Camaro Z28 and SS. From the factory, the 2003 to 2004 Cobras ran quarter mile times in the high 12s to low 13s with trap speeds around 110 mph.
Source: Wikipedia, 2012