After a successful run of 2001 Bullit Mustangs, Ford created another throwback with the introduction of the Mach 1. The Mach 1 used a 4.6 L V8 based on the 1999 and 2001 Cobra, with cylinder heads from the 2003-2004 Cobra. The engine produced 305 hp. The interior had features to make it look like Mustangs from the 1960s: comfort-weave seats, retro gauges, and an aluminum shifter. The exterior had effects to match the 1969 and 1970 Mach 1s: unique hood with “Shaker” scoop, rocker panels, front spoiler, flat-black rear spoiler, and modified C-pillar.

The 2003 Cobra received a big change under the hood. The engine remained a 4.9 L V8, but a supercharger was used helping it produce 390 hp and 390 ft·lbf. To deal with the increased power, the previous 5-speed was replaced by a heavy-duty 6-speed. It is widely accepted that Ford actually grossly underated the output; the engine actually produced closer to 430 hp and 430 ft·lbf