Not a whole lot changed in the 1996 Mustang. The 3.8 L V6 in the base Mustang increased power output to 150 hp. The 4.9 L 302 cubic-inch V8 used in the Mustang GT and Cobra was replaced by a 4.6 L SOHC V8 producing 215 hp. The Cobra used a similar 4.6 L engine (except it was DOHC) but produced 305 hp.