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1994-1995 Cobra

Ford re-introduced the Mustang Cobra in mid-1994 based upon the new styling for the regular Pony car. The new Cobra featured a similar engine package as the 1993 version. It also boasted larger brakes, a revised suspension setup and wider wheels than the 1993 version. 1994 Cobras were shod with there own specific wheels.  The engine used the famous "GT-40" lower intake and a Cobra-specific upper intake manifold and was fitted with the GT-40 design cast iron heads. Power was boosted to 240 hp.

New colors were introduced for the 1994 Cobra: Rio Red, Crystal White, and Black. Differences between GT and Cobra included the front bumper, where the Cobra featured round fog lights openings. In 1994 and 1995, the Cobra utilized the stock Mustang hood, and used the LX (V-6 3.8L) "MUSTANG" rear bumper. Unique for the 1995 Cobra was the removable hard top option. These models were essentially the same as the convertible Cobra but had several small provisions to accept the retaining mechanisms of the fiberglass top and dome/map light wiring.

Unique to 1994 Was the Cobra Indy Pace Car offering. Delivered in Red  with a Tan interior only. The Pace Car option featured "Official Pace Car" Decals, but was otherwise a standard Cobra.

1995 Cobra R

In the wake of the '93 R’s unexpected success, SVT engineers developed a more powerful R-model based on the regular 1995 Cobra. To address customer requests for a larger, more powerful engine, SVT replaced the Cobra’s 5.0 L V8 with an SVT modified version of Ford’s 5.8 liter Windsor V8, re-engineered to produce 300 horsepower. They also installed a Kevlar 20 U.S. gallon fuel tank. To handle the torque of the more powerful engine, a Tremec 3550 5-speed manual transmission was installed. Like the 1993 Cobra R, weight-savings was targeted, and as such, there was no back seat, radio, power windows/seats or air-conditioning. The fog lights were omitted to provide ducts for getting cool air onto the front disk brakes. A unique center-tiered fiberglass hood tall enough to clear the engine and induction system was also fitted.

The suspension was also improved, with heavy-duty progressive-rate springs, thicker stabilizer bars and a front strut tower brace installed to improve handling on the racetrack. Only 250 vehicles were built, available only in white, with a saddle cloth interior. Like the 1993 Cobra R, only owners of a valid racing license were able to purchase one of these cars.

1996-1998 Cobra

For 1996, Ford finally did away with the pushrod 5.0 liter V8 in the Mustang GT and the Cobra. However, unlike the GT, the snake received a new aluminum 4.6 liter, DOHC, 4-valve "modular" unit which produced 305 hp and 300 ft lbs of torque. A s a result, the new car was capable of 0-60 mph in 5.0 seconds and could turn 13.9 second quarter miles. Early models were backed by the Borg Warner T-45 5-speed manual transmission.  There were a few changes to the body, notabably the front bumper/facia used in 1994-1995, a new rear facia/bumper labeled "COBRA", and taller,Cobra-specific hood with larger "air inlets". The DOHC V8 would remain unchanged from 1996 through 1998.

In 1996 Ford also introduced the "Mystic" Cobra which featured color shifting paint manufactured by BASF. The paint was green based, and depending on the angle it was viewed the colors shifted from green to purple to root beer. This was discontinued for 1997 and 1998. The 1997 Cobra was little changed from the 1996 with the underhood light deleted and the honeycomb grille deleted. The cooling system was also improved.

For 1998 the major changes were the removal of the front shock tower brace and the change to wheels similar to the 1995 Cobra R. Late in 1998, Tremec bought production rights for the T-45, although it remained unchanged in terms of strength.

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