After the missing horsepower debacle of 1999 and an unscheduled hiatus for 2000, there weren’t many changes made to the much-improved SVT Mustang Cobra between 2001 and 2004. Most notable was a significant horsepower increase from 320 horsepower in 2001 to 390 horsepower starting in 2002. All models were available in either coupe or convertible format, and this generation Cobra is notable for its independent rear suspension – the only factory Mustang ever equipped with an IRS.