1994-2004 Ford Mustang Full Review - Consumer Guide Automotive

Our in-depth review covers everything you need to know about this generation Ford Mustang. Get the latest news, find a local dealer, and get a free price quote for this generation Ford Mustang.

1994-2004 Ford Mustang Review

Still rear drive, Ford's popular ponycar gained new sheetmetal and dual airbags in its long-overdue redesign for 1994. Hatchbacks disappeared, but a notchback coupe and convertible remain. Exterior and interior dimensions changed only a little. Four-cylinder engines were gone. Base models got a V6 engine, while the GT held a 215-horsepower V8. Manual shift was standard; electronically controlled 4-speed automatic optional. All Mustangs now halted with all-disc brakes, with antilocking an option for the first time. Convertibles included a power top and glass rear window, with a rear defogger optional. Mustang Cobras with 240-horsepower V8s were sold only in limited quantity. Firmer suspended than ordinary Mustangs, Cobras came only with 5-speed manual shift and had all-disc antilock braking as well as a unique appearance.

Year to Year Changes

1995 Ford Mustang: No major changes hit the Mustang in its second season in mid-1990s form.

1996 Ford Mustang: For 1996, a 4.6-liter overhead-cam V8 replaced the 5.0-liter. Special high-performance Cobras got a 305-horsepower dual-overhead-cam version. Cobra coupes arrived first, followed later by a convertible. Each engine gained platinum-tipped spark plugs, and the V6 added five horsepower.

1997 Ford Mustang: Notable changes included the following: a monotone interior color scheme, "flecked" seat fabric pattern for the GT, optional gray leather interior for the convertible, and optional "diamond-cut" 17-inch alloy wheels for the GT.

1998 Ford Mustang: Mustang returns virtually unchanged except for ten more horsepower in the GT.

1999 Ford Mustang: Mustang got a major styling makeover for '99. Included were new front and rear clips with styling cues from the original 1965 model and a new rear suspension designed to improve handling. All models returned and the Cobra got an even more-impressive fully independent rear suspension.

2000 Ford Mustang: Except for a new Sport appearance option for the V6 Mustang, changes were few this year. The Sport appearance group included a rear spoiler, bright alloy wheels, and body stripes. All models got two rear child safety-seat anchors and a tri-color-bar emblem on front fenders. Base models were available with new 6-spoke 15-inch alloy wheels and, for the first time, with the same 16-inch wheels and tire size used on the GT.

2001 Ford Mustang: The high-performance Cobra model returned for 2001, and the limited-edition Bullitt GT joined the lineup. Linewide changes included a new floor console, repositioned front cupholder, added tissue holder, power point, and parking-brake boot. A rear defroster was now standard, the optional Mach 460 sound system was newly available with a 6-disc in-dash CD player, and GTs got standard 17-inch alloy wheels in place of 16s. Also, GTs and Cobras got new hood and side scoops.

2002 Ford Mustang: For '02, major option packages were redesignated as submodels called Standard, Deluxe, and Premium. An MP3/CD radio was newly available, and Base Mustangs got 16-inch alloy wheels to replace 15s. The high-performance Cobra model sat out the first part of the 2002 model year.

2003 Ford Mustang: Mach 1 and SVT Cobra editions were the big news for '03--the Cobra actually arrived in limited-availability for '02. Mach one got a 300-horse dual-cam V8 while the Cobra got a 390-horse supercharged V8. The Cobra also got independent rear suspension. V6 models could have the Pony Package which included sport graphics and a non-functional hood scoop.

2004 Ford Mustang: All Mustangs wear commemorative badges to celebrate the car's 40th anniversary. Other changes were minor as Ford's ponycar would be completely redesigned for 2005.

1994-2004 Ford Mustang Road Test

Pros	Cons

Acceleration (V8)	Fuel economy (V8)

Handling/roadholding	Rear-seat room

Antilock brakes (optional)	Ride (GT)

Consumer Guide® Road-Test Evaluation

All Mustangs take quick corners smartly, but because of a softened suspension, base cars ride with only modest jarring--considerably less shocking than in the past. A more stiffly suspended GT, on the other hand, grows harsh, actually crashing and banging over broken surfaces. Cobras and Mach 1s are stiffer-suspended yet, as expected, but their ride quality isn't noticeably worse. Acceleration is adequate with the V6 and either transmission, though automatic downshifts tend to be delayed when dashing uphill. Obviously, the V8 is the choice for performance, though increased weight in this generation makes that engine seem a little less peppy than before. Fuel economy is good with a V6, but not with V8 power. The 4.6-liter V8 in later models yields little acceleration improvement, but it's smoother and more refined. Thrilling is the operative word for a session behind the wheel of a Cobra or Mach 1, both are true high-performance machines. Wet-weather traction continues to be a problem on all Mustangs, especially V8s. All-disc brakes are fine, but we'd look for a Mustang with the optional antilocking brakes. Entry/exit is easy enough, courtesy of the Mustang's relatively upright stance (compared to Camaro, at any rate). Backseat space is truly tight, but the cockpit has an open, airy feel. Instruments are unobstructed, controls near at hand, and the dual airbags are a safety bonus.

Value for the Money
Cobras can be pricey, and don't expect discounts on the limited-production Bullitt. Overall, though, Mustang delivers sporty performance at a reasonable price--especially in base and GT form. A major improvement over its predecessor, and more user-friendly for everyday driving than Chevy's Camaro, the current Mustang is well worth a test drive.

Consumer Guide® Road Test Ratings

Ford Mustang GT	Rating

Performance	7

Fuel Economy	4

Ride Quality	3

Steering/Handling/Braking	7

Quietness	2

Controls/Materials	6

Interior Room	5

Room/Comfort (rear)	2

Cargo Capacity	1

Value within Class	5

Total:	42

Each vehicle report contains one rating chart for representative model. Consumer Guide® rates in ten key areas: Performance, Fuel Economy, Ride Comfort, Steering and Handling, Interior Noise, Controls and Materials, Driver Room, Passenger Room, Cargo Capacity, and Insurance Costs. These ratings compare the particular vehicle rated to ALL other vehicles, not a vehicle's standing in a particular class. In the ratings table, "1" is the lowest rating and "10" is the highest rating.

1994-2004 Ford Mustang Reliability

Trouble Spots

Consumer Guide's® Auto Editors have scoured repair bulletins and questioned mechanics to search for commonly occurring problems for a particular vehicle. In some cases we also give possible manufacturer-suggested solutions. In many instances these trouble spots are Technical Service Bulletins posted by the manufacturer, however, we have our own expert looking at additional vehicle problems.

Accessory belt: On GT models with manual trans, the serpentine belt might come off in wet weather. A revised tensioner and water pump pulley are available. (2000-01)

Accessory belt: The serpentine accessory drive belt on 4.6L engine comes off in wet weather requiring a redesigned water pump, tensioner pulley or both. (2001-02)

Alternator belt: The drive-belt tensioner pulley or idler-pulley bearings are apt to make a squealing noise when the engine is started in cold weather. (1994-96)

Automatic transmission: The automatic transmission is notorious for shuddering or vibrating under light acceleration or when shifting between third and fourth gear above 35 mph. It requires that the transmission fluid be changed and that only Mercon fluid be used. (1994)

Automatic transmission: The transmission may slip and the engine may flare when the transmission shifts into fourth gear, which can often be traced to a bad TR/MLP sensor. (1994-95)

Blower motor: Squeaking or chirping blower motors are the result of defective brush holders. (1994)

Clutch: Clutch pedal vibration is not uncommon. Does not indicate an engine or transmission problem. (1994-01)

Coolant leak: The intake manifold on 4.6L V8 engines is prone to breakage resulting in coolant loss and possible overheating. The manufacturer is reimbursing owners who paid for fixes up to $735 and extending the warranty for others (1996-2001)

Hard starting: If the engine does not want to start or cranks for a long time then stalls, the idle air-control valve may be sticking. (1995-96)

Heater core: Installing a restrictor in the heater inlet hose may repair heater cores leaks. (1985-2002)

Spark plugs: Spark plug hole threads in cylinder heads are easily damaged or stripped out when removing plugs because carbon builds up on them. (2004)

Vehicle noise: A chattering noise that can be felt coming from the rear during tight turns after highway driving is caused by a lack of friction modifier or over-shimming of the clutch packs in the Traction-Lok differential. (1994-96)

Consumer Guide® Estimated Repair Costs

This table lists costs of likely repairs for comparison with other vehicles. The dollar amount includes the cost of the part(s) and labor (based on $50 per hour) for the typical repair without extras or add-ons. Like the pricing information, replacement costs can vary widely depending on region. Expect charges at a new-car dealership to be slightly higher.


Item Name	Repair Cost

A/C Compressor	$410

Alternator	$535

Automatic Transmission or Transaxle	$675

Brakes	$245

Clutch, Pressure Plate, Bearing	$435

Exhaust System	$830

Radiator	$480

Shocks and/or Struts	$435

Timing Chain or Belt	$215

Universal Joints	$95

NHTSA Recall History

1994 Mustang GT w/power lumbar adjustment: Electrical short can result in overheating, melting, smoke, and ignition of surrounding materials.

1994-96 Mustang: Tearing of bond between inner and outer hood panels during minor front-end collision can result in gap at leading edge of hood; could result in separation of outer panel.

1994-97 Mustang: Replacement driver-side airbag modules might not properly deploy in a crash.

1995 Mustang: On some cars, passenger-airbag's inflator body is cracked and may not inflate properly; also, igniter end cap can separate, causing hot gases to be released.

1995 Mustang: Some outer tie-rod ends can fracture within 50,000 miles; may result in shake or shimmy and cause wheel to tuck inward or outward.

1995 Mustang w/3.8-liter or 5.0-liter engines: The engine-cooling-fan bearing can seize. Excessive heat may be generated, melting the fan-motor electrical connector, and possibly causing fan-motor components to ignite.

1996-01 Mustang w/manual transmission: Vehicle could move unintentionally while in "Park." Dealers will modify parking-brake control.

1998 Mustang: Some rack-and-pinion steering gears may have damaged shaft bearings.

1998 Mustang w/V8 engine: Some cars have missing or inadequately brazed joints between fuel-rail body and mounting brackets; separation can result in leakage.

1998-99 Mustang: Speed-control cable on certain vehicles can interfere with servo pulley, preventing throttle from returning to idle when disengaging the speed control.

1999-00 Mustang: Seatbelt retractor may have incorrectly formed pin shaft that could, in some circumstances, prevent seatbelt webbing from being extracted.

1999-00 Mustang Cobra R: Ball-joint assembly could cause knuckle casting to fail. If this occurs, the lower control arm could contact the inside of the rear wheel. In some cases, steering of the vehicle could be reduced.

2000 Mustang GT (w/4.6-liter engine): A coolant-flow blockage exists at the intake manifold heater-core nipple, resulting in no coolant flow to the heater and, therefore, no warm airflow from the heater or windshield defroster.

2003-04 Mustang: The rear surface of the accelerator pedal may come into contact with floor carpeting and catch, interfering with the pedal's ability to return to an idle position. Unexpected, continued throttle application and/or increased stopping distances may occur. Dealers will install a shield over the cutout in the carpet behind the accelerator pedal.

1994-2004 Ford Mustang Prices

Prices	Good	Average	Poor

1994
Cobra Convertible	$5,800-6,600	$5,000-5,700	$2,400-2,800
Conv., GT Coupe	$2,900-3,600	$2,200-2,700	$700-800
GT Convertible	$4,000-4,700	$3,300-3,900	$1,300-1,500
Mustang	$2,300-2,800	$1,700-2,000	$400-500
Mustang Cobra	$5,000-5,700	$4,300-4,800	$2,000-2,300

1995
Cobra Convertible	$6,400-7,200	$5,600-6,300	$2,800-3,200
Conv., GT Coupe	$3,200-3,900	$2,500-3,000	$800-1,000
GT Convertible	$4,400-5,000	$3,700-4,200	$1,500-1,800
Mustang	$2,500-3,100	$1,800-2,300	$500-700
Mustang Cobra	$5,500-6,200	$4,700-5,300	$2,300-2,500

1996
Cobra Convertible	$7,200-8,000	$6,400-7,100	$3,500-3,900
Conv., GT Coupe	$3,500-4,200	$2,800-3,400	$900-1,100
GT Convertible	$4,900-5,600	$4,200-4,800	$1,900-2,200
Mustang	$2,800-3,500	$2,100-2,600	$600-800
Mustang Cobra	$6,300-7,000	$5,500-6,200	$2,800-3,100

1997
Cobra Convertible	$7,900-8,800	$7,100-7,900	$4,000-4,500
Conv., GT Coupe	$3,900-4,800	$3,200-3,900	$1,200-1,500
GT Convertible	$5,700-6,400	$4,900-5,500	$2,300-2,600
Mustang	$3,200-3,800	$2,500-3,000	$800-1,000
Mustang Cobra	$7,000-7,800	$6,200-6,900	$3,300-3,700

1998
Cobra Convertible	$9,000-10,000	$8,100-9,000	$4,700-5,200
Conv., GT Coupe	$4,500-5,700	$3,700-4,700	$1,600-2,100
GT Convertible	$6,400-7,200	$5,600-6,300	$2,800-3,200
Mustang	$3,700-4,300	$3,000-3,500	$1,100-1,200
Mustang Cobra	$8,000-8,900	$7,200-8,000	$4,100-4,500

1999
Cobra Convertible	$10,200-11,200	$9,200-10,100	$5,300-5,800
Conv., GT Coupe	$5,300-6,500	$4,600-5,600	$2,200-2,700
GT Convertible	$7,500-8,300	$6,800-7,500	$3,800-4,200
Mustang	$4,300-5,000	$3,600-4,200	$1,500-1,700
Mustang Cobra	$9,200-10,200	$8,300-9,200	$4,800-5,300

2000
Convertible GT Coupe	$6,000-7,700	$5,200-6,700	$2,500-3,200
GT Convertible	$8,800-9,800	$7,900-8,800	$4,600-5,100
Mustang	$5,000-5,800	$4,300-4,900	$2,000-2,300

2001
Bullitt Coupe	$11,000-12,200	$9,900-11,000	$5,900-6,600
Cobra Convertible	$14,200-15,500	$12,900-14,100	$8,700-9,500
Convertible GT Coupe	$7,200-9,000	$6,400-8,000	$3,500-4,400
GT Convertible	$10,500-11,500	$9,500-10,400	$5,600-6,100
Mustang	$6,000-6,800	$5,200-5,900	$2,500-2,900
Mustang Cobra	$13,000-14,000	$11,800-12,700	$7,500-8,100

2002
Cobra Convertible	$17,000-18,500	$15,600-17,000	$10,900-11,800
Convertible GT Coupe	$8,700-10,900	$7,800-9,800	$4,500-5,700
GT Convertible	$12,500-13,500	$11,300-12,200	$7,100-7,700
Mustang	$7,200-8,100	$6,400-7,200	$3,500-4,000
Mustang Cobra	$15,500-16,700	$14,100-15,200	$9,900-10,700

2003
Cobra Convertible	$20,700-22,200	$19,000-20,400	$13,500-14,400
Convertible GT Coupe	$10,200-12,500	$9,200-11,300	$5,300-6,500
GT Convertible	$14,300-15,500	$13,000-14,100	$8,900-9,600
Mustang	$8,700-9,700	$7,800-8,700	$4,500-5,000
Mustang Cobra	$19,000-20,500	$17,500-18,900	$12,400-13,300
Mustang Mach 1	$14,800-16,000	$13,500-14,600	$9,300-10,100

2004
Cobra Convertible	$24,500-26,300	$22,800-24,500	$15,900-17,100
Convertible GT Coupe	$12,300-14,500	$11,100-13,100	$7,000-8,300
GT Convertible	$16,200-17,500	$14,700-15,900	$10,400-11,200
Mustang	$10,500-11,500	$9,500-10,400	$5,600-6,100
Mustang Cobra	$22,500-24,000	$20,700-22,100	$14,600-15,600
Mustang Mach 1	$17,000-18,500	$15,600-17,000	$10,900-11,800

This chart details a range of prices in year-by-year listings for vehicles in three condition levels:

Good: a clean low-mileage, solid-running vehicle that needs little or no repair.

Average: a car with normal miles on the odometer, perhaps a few scrapes or dings; engine might need a minor repair or two, but runs acceptably well.

Poor: might have potentially dangerous problems with the engine and/or body, or abnormally high mileage; definitely in need of mechanical attention. Valuations reflect wholesale prices paid by dealers at auction, and retail prices on used-car lots. Each range covers all trim levels and engine types for a vehicle with a typical amount of equipment--usually an automatic transmission, air conditioning, stereo, etc. Fully loaded vehicles may cost more. Average mileage is 12,000 miles per year. Keep in mind that these are guidelines only. Actual selling prices vary- especially from region to region.

1994-2004 Ford Mustang Specs & Safety

Vehicle Dimensions

Specification	2-door convertible	2-door coupe

Wheelbase, in.	101.3	101.3

Overall Length, in.	181.5	181.5

Overall Width, in.	71.8	71.8

Overall Height, in.	52.8	52.9

Curb Weight, lbs.	3257	3077

Cargo Volume, cu. ft.	7.7	10.9

Standard Payload, lbs.	--	--

Fuel Capacity, gals.	15.4	15.4

Seating Capacity	4	4

Front Head Room, in.	37.9	38.1

Max. Front Leg Room, in.	42.6	42.6

Rear Head Room, in.	35.8	35.9

Max. Rear Leg Room, in.	30.3	30.3

Specifications Key: NA = not available; "--" = measurement does not exist.

Powertrain Options and Availability

The 3.8-liter V6 engine in the redesigned Mustang developed 145-190 horsepower- The GT came with a 5.0-liter V8, which sent 215-240 horses to the back axle. A 5-speed manual transmission was standard with either engine; 4-speed overdrive automatic optional, operating with electronic shift controls. The old-reliable overhead-valve V8 disappeared after 1995, edged aside by a more modern 4.6-liter V8 with dual-overhead-cam configuration. Cobras got a 305-horsepower dohc modification of the V8, whipping out 300 pound-feet of torque. The dual-cam version of the V8 disappeared for 2002 and returned in the '03 Mach 1. Also added for '03 was the SVT Cobra. It had a supercharged version of the Mach 1 engine that thumped out 390 horsepower and 390 pound-feet of torque.

Engines	Size liters / cu. in	Horse- power	Torque	Transmission: EPA city/hgwy	Consumer Guide Observed

ohv V6	3.8 / 232	145-193	215-225	5-speed manual: 20/30 4-speed automatic: 20/20	5-speed manual: -- 4-speed automatic: --

ohv V8	5.0 / 302	215-240	285	5-speed manual: 17/25 4-speed automatic: 17/24	5-speed manual: -- 4-speed automatic: 16.5

ohc V8	4.6 / 281	215-260	285-302	5-speed manual: 18/27 4-speed automatic: 17/24	5-speed manual: 17.5 4-speed automatic: 15.7

dohc V8	4.6 / 281	300-335	300-17	5-speed manual: 17/25 4-speed automatic: 16/22	5-speed manual: 14 4-speed automatic: --

Supercharged dohc V8	4.6 / 281	390	390	6-speed manual: 16/22	6-speed manual: 13.8

Specifications Key: NA = not available; "--" = measurement does not exist.

NHTSA Crash-Test Results

Vehicle crash test information not available at this time.

The National Highway Traffic Safety Administration (NHTSA) tests a vehicle's worthiness in front- and side-impact collisions and rates its resistance to rollovers. Front-impact crash-test numbers indicate the chance of serious injury: 5 = 10% or less; 4 = 10-20%; 3 = 20-35%; 2 = 35-45%; 1 = More than 45%. Side-impact crash-test numbers indicate: 5 = 5% or less; 4 = 6-10%; 3 = 11-20%; 2 = 21-25%; 1 = More than 26%. Rollover resistance numbers indicate the chance for rollover when the vehicle leaves the roadway: 5 = Less than 10%; 4 = 10-20%; 3 = 20-30%; 2 = 30-40%; 1 = More than 40%.

Built In: USA

Drive Wheels: longitudinal front-engine/rear-wheel drive

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Also in the 1994-2004 Ford Mustang Review:

Ford Mustang

Ford Mustang Road Test

Ford Mustang Reliability

Ford Mustang Prices

Ford Mustang Specs & Safety

Ford Mustang Photos

Ford Mustang Full Review