2003 Ford Mustang SVT Cobra: A Domestic Supra?

Garnering the same type of fame and attention as the Mk IV Supra, find out why the Terminator Cobra is similar to the JDM icon in more than one way

The "New Edge" SN95 Mustang is where you'll find the legendary 2003-2004 SVT "Terminator" Cobra lies. Located at the tail end of this generation, with an "edgier" style, you can bet this snake has some serious bite. Ford's SVT, or Special Vehicle Team, was tasked with taking the existing Mustang Cobra and pushing it to the next level. The SN95 ran from 1994-1998, before being designated New Edge in 1999-2004, while the SVT Terminator Cobra creates further model distinction in those final two years.

This is all wrapped in the pony car's fourth generation, lasting a decade overall from 1994-2004. With what became known as the Terminator, the 2003-2004 Cobra appeared just a year after Chevrolet discontinued the Camaro for the first time in 2002. Stay tuned to find out why else this Mustang is called the Terminator, the most badass nickname for a car ever, and just exactly what makes this Cobra's venom so lethal.

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The year was 2003, perhaps high school years for many an enthusiast now, and Car and Driver was out testing the new Mustang SVT Cobra in Phoenix, Arizona. First, SVT utilized the same Eaton supercharger that was bolted under the hood of the F-150 SVT Lightning, making 390 horsepower and matching torque. The engineers had calibrated the chassis right into the sweet spot.

An engine-driven pump now blew air into the four-valve heads, solving past issues of Ford high-performance modular engines, as they were starved of intake air. The engine was based on a cast-iron version of the 4.6 liter V-8, also as in the Lightning. This iron block yielded better durability in a heavy-duty environment with a high-torque drivetrain.

Revised aluminum heads along with dished-top pistons, dropped the compression ratio to 8.5:1. This aided in tolerating higher combustion pressure during max boost, which was up to eight pounds. The vehicle had a water-to-air intercooler equipped to handle the extra blower juice. SVT also reshaped the camshafts for max low-rev torque, while fitting an 11-inch clutch, mating the V-8 to a Tremec T-56 six-speed manual transmission.

Engine

4.6 Liter Supercharged V-8

Horsepower

390 at 6,000 RPM

Torque

390 at 3,500 RPM

Transmission

Six-speed manual Tremec T56

Curb Weight

3,665-3,780 pounds

Fuel Economy

16 city, 22 hwy, 18 combined

The car had a limited-slip differential, with a 3.55:1 final drive ratio, along with an independent rear suspension (IRS). Monotube Bilstein shocks were used on all four corners, featuring five-spoke cast-alloy wheels, wrapped in 275/40ZR-17 Goodyear Eagle F1 tires. For the first time, coupe and convertible Cobras have different spring rates due to their specific structure differences. Perhaps handicapped by the aged Fox platform, SVT sought to produce a civilized Cobra. With such changes, the new Cobra was putting forth performance numbers such as these:

In 2003, the SVT Cobra had a starting price of $34,750. At this time there really was no other muscle car, as the Camaro had ended production in 2002, and the rivals from Chevy and Dodge would not return for several years. This is perhaps one reason that this snake got its Terminator moniker, although it could also be coincidental by chance.

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Aside from the hand built (with a numbered plaque) and revised now supercharged engine, the SVT Terminator Cobra is unique in other ways from Mustangs and Cobras past. The IRS did make it different from Mustangs historically, and even now in some later gen models that ditched the set-up. The car featured a unique thick and stubby spoiler.

The aggressive and iconic Cobra emblems, were actually not original to the grill, but it was such a popular add-on that it seems so. The engine is even said to be underpowered by rating, with the true output to be closer to 430 base horsepower. The hood sported dual reverse vents, and the front fascia was unique. The SVT wheels, coupled with the "Cobra" embossed brake calipers gave it a different signature, with "SVT" also featured on the tachometer in red.

The three pedals had metal accents covering them, and the seats sported Cobra emblems. The COBRA logotype was even integrated into the rear bumper molding, as if the car needed anything else to say that it was a different Mustang. Still, if this wasn't enough, then the blower whine of the supercharger let onlookers know just that before the roar of the dual exhaust hit.

In this time, only the 2003 Corvette Z06 would surpass the power output of this car, but it also cost over $17,000 more. Even a base 'vette from this year with 350 horsepower costed over $10,000 more than a Terminator, but still wasn't as fast in the quarter-mile. Given that the real horsepower of the Terminator was closer to 420-430, adding modifications such as a pulley, fuel pump, and bigger injectors, would give the car over 500 wheel horsepower! It's true that today a C5 Z06 can be modded to smoke Hellcats, but the point remains that the Terminator seemed to be in a class of its own. Even when the Pontiac GTO showed up in '04, it arguably wasn't what the Terminator was.

A pulley swap of course adds more power relative to boost, but also the Eaton blower could be swapped for popular choices, such as a Whipple or Kenne-Bell. Still, using the stock blower, the engine can be tweaked to offer 60 more horsepower and almost 100 more pound-feet of torque. Aside from the tuner, the car also appeals to the racer. With the IRS, Bilstein dampers, and Brembo vented disc brakes, the Terminator's cornering capability is prized by autocross and road racers alike.

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As if this car couldn't be more loud, in both a figurative and literal sense, we arrive at what is known as the Mystic Cobra or later Mystichrome paint. Not unique to the Terminator Cobra itself, it certainly lends to the unique aspects of the car already. The Mystic Metallic paint was an $850 option, and it was the first production vehicle to be offered with color-shifting paint.

Depending on the lighting, it depicts shades of purple, green, teal, gold, and copper! Just 16 ounces of paint costs $3,335! Adding to the legend of the car, a Ford rep used to have to be present during the painting process post-factory, because the U.S. Treasury Department used various toners in the paint to print money. This way it could be ensured that no counterfeit bills would be produced.

Today this is a common misconception, as various shops are now authorized to use this very special paint. The seats and steering wheel matched the Mystichrome exterior in these exceptional Cobras. Pictures and videos don't do it justice, but they may certainly try.

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As recently as five years ago, there is talk about how the 2004 Terminator was still a monster, referencing what relatively little work it takes to squeeze significant power out of this platform. Perhaps the Terminator Cobra really is like the famed JDM car in the Toyota Supra Mark IV, except this Ford Mustang is the domestic U.S. version. Certainly, there are a few significant similarities.

The engine is special in both, and each car is very tunable, while they use capable six-speed manual transmissions only. The weight is even close, separated by only a few hundred pounds at most, and the top speed nearly matches. With the SVT Terminator Cobra only available a couple of years, you can bet it is just as rare and sought after by many an enthusiast.

Rejoice in the fact that just over 19,140 Terminators (coupes+convertibles) were built in total. Being under $40,000 brand new, recently they could be had for under $20,000, however, today's market has pushed the low end to probably the mid $25,000 range. For a clean, low mileage example, don't be surprised to pay over original MSRP. Double-down on that cost if you're seeking to acquire that Mystic Terminator Cobra out in the concrete jungle!

Martin holds a B.A. in English and Creative Writing. Working full-time as an Avionics Technician on fighter jets, he travels using a variety of vehicles, to include: a Camaro ZL1, F-150 FX4, Jeep Wrangler TJ, and CBR 600RR. Thus, he's always been interested in wheels, seeing them as more than just what gets you from point A to Z. He admires style, performance, and longevity in these machines, while appreciating something even if it's not to his taste. Follow him on this ride to see where it goes!