In November 1993, the Mustang debuted its first major redesign in fifteen years. Code-named "SN-95" by the automaker for 1994–1998, 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 1974, a notchback coupe model was unavailable.
The base model came with a 3.8 OHV V6 (232 cid) 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 cid) 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 3.9L variant of the Essex engine replaced the standard 3.8L 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.
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Ford Australia
This generation was sold in Australia between 2001 and 2002, to compete against the Holden Monaro (which eventually became the basis for the reborn Pontiac GTO). Due to the fact that the Mustang was never designed for right-hand-drive, Ford Australia contracted Tickford Vehicle Engineering to convert 250 Mustangs and modify them to meet Australian Design Rules, at a cost of A$4,000,000. Sales did not meet expectations, including due to a very high selling price. In total, just 377 Mustangs were sold in Australia between 2001-2003. For promotional purposes, Ford Racing Australia also built a Mustang V10 convertible, which was powered by a Ford Modular 6.8-Litre V10 engine from the American F truck series but fitted with an Australian-made Sprintex supercharger.
