Edmunds Expert Reviewby65440the Edmunds ExpertsProsAvailable V8 power, variety of trim levels, healthy dose of American attitude.ConsArchaic structure, aged design.What s newHeavily updated is the 2003 SVT Mustang Cobra, which makes 390 horsepower and 390 pound-feet of torque thanks to the addition of an Eaton supercharger. A new six-speed manual transmission drives the rear wheels through a 3.55 rear axle ratio. Larger wheels and tires come standard, along with stiffer springs and a tubular cross brace. Cobra convertibles have a cloth top, while both cars get new seats with upgraded leather and suede upholstery. A limited-production Mach 1 model arrives later in the year with a massaged 4.6-liter V8 engine making at least 300 horsepower and 300 pound-feet of torque, a functional shaker hood with ram-air scoop, black striping, unique leather seating and retro-design Magnum 500 alloy wheels, and, of course, a Mach 460 audio system. Mach 1 can be ordered in a variety of colors with either a manual or automatic transmission. Like the Mustang Bullitt before it, the Mach 1 comes with a lowered, retuned suspension and additional frame rail connectors for a stiffer body. Large 13-inch Brembo front rotors and upgraded calipers are standard.Standard V6 and V8 GT models change little for 2003. A V6 Pony Package includes 16-inch polished alloy wheels and the GTs scooped hood. All V6 models get a new hood design, and four new colors debut.Edmunds saysFittingly, the Ford Mustang is the last surviving member of the quotpony carquot breed. For 2003, its never been better.Vehicle overviewThe Ford Mustang debuted in April of 1964 as either a coupe or convertible with six or eight cylinders under the hood, and became a national sensation. Ford sold hundreds of thousands of Mustangs, convincing General Motors an