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Eighth Generation Mustang (1999-2004)

The gorgeous wheels from the Bullitt made it onto the regular Mustang options list for 2002, but the car was otherwise unchanged. The big news came for 2003 with a reborn, radically more powerful Cobra and a new limited-edition Mach 1 model.

The new Cobra uses a supercharged version of the 4.6-liter, DOHC, 32-valve V8 making a stupefying 390 horsepower. With that grunt traveling through a six-speed manual transmission, the latest Cobra is the quickest and fastest Mustang ever built by Ford.

Meanwhile, the new Mach 1 is almost mechanically identical to the 1998 Cobra in specification and uses a normally aspirated version of the 4.6-liter, DOHC engine now rated (again) at 305 horsepower, a solid rear axle and five-speed manual transmission. But it's the eye candy, which includes a flat black painted hood, 17-inch versions of the Magnum 500 wheels from the '60s and, most prominently, the return of the "Shaker" hood scoop, that make it such a special machine.

To celebrate the Mustang's 40th birthday, Ford stuck a 40th anniversary badge on each 2004 Mustang. An optional anniversary package could also be ordered that included Crimson paint, Beige stripes, Beige wheels and monogrammed floor mats. Knowing that an all-new Mustang was set to debut for 2005, other changes were minimal at best.

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