1994-2004 Ford Mustang

Based on an updated version of the Fox platform, the 1994 fourth generation Ford Mustang was the models’ first major update in 15 years, and another major facelift followed in 1999. Ford’s overhead cam Modular engine was used in most V8 models, and special models included SVT Cobra and Cobra R, Mach 1, and a special Bullitt Mustang that aped the original 1968 movie car. One and a half million fourth gen Mustangs were built before the retro-styled fifth gen debuted for 2005.
Classic car
Hagerty Price Guide
Average price

$20,737

equal0%
Highest price

$25,400

equal0%
Lowest price

$16,100

equal0%
Body styles
2dr Convertible
2dr Coupe
1994
2dr Convertible-
2dr Coupe-
1995
2dr Convertible-
2dr Coupe-
1996
2dr Convertible-
2dr Coupe-
1997
2dr Convertible-
2dr Coupe-
1998
2dr Convertible-
2dr Coupe-
1999
2dr Convertible$16,100
2dr Coupe$17,300
2000
2dr Convertible-
2dr Coupe-
2001
2dr Convertible$16,400
2dr Coupe$17,300
2002
2dr Convertible-
2dr Coupe-
2003
2dr Convertible$24,000
2dr Coupe$25,400
2004
2dr Convertible$24,000
2dr Coupe$25,400
Table displays average prices for #3 Good condition Mustang
Average price

$9,313

equal0%
Highest price

$10,900

equal0%
Lowest price

$6,900

equal0%
Body styles
2dr Convertible
2dr Coupe
1994
2dr Convertible$10,900
2dr Coupe$9,700
1995
2dr Convertible$9,600
2dr Coupe$8,600
1996
2dr Convertible$7,700
2dr Coupe$6,900
1997
2dr Convertible$9,600
2dr Coupe$8,600
1998
2dr Convertible$8,600
2dr Coupe$7,700
1999
2dr Convertible$10,000
2dr Coupe$8,900
2000
2dr Convertible$10,000
2dr Coupe$8,900
2001
2dr Convertible$10,000
2dr Coupe$8,900
2002
2dr Convertible$10,500
2dr Coupe$9,400
2003
2dr Convertible$10,500
2dr Coupe$9,400
2004
2dr Convertible$10,800
2dr Coupe$9,700
Table displays average prices for #3 Good condition Mustang

1994-2004 Ford Mustang GT configurations

Average price

$16,300

equal0%
Highest price

$16,300

equal0%
Lowest price

$16,300

equal0%
Body styles
2dr Coupe
1994
2dr Coupe-
1995
2dr Coupe-
1996
2dr Coupe-
1997
2dr Coupe-
1998
2dr Coupe-
1999
2dr Coupe-
2000
2dr Coupe-
2001
2dr Coupe$16,300
2002
2dr Coupe-
2003
2dr Coupe-
2004
2dr Coupe-
Table displays average prices for #3 Good condition Mustang
Average price

$46,200

equal0%
Highest price

$46,200

equal0%
Lowest price

$46,200

equal0%
Body styles
2dr Coupe
1994
2dr Coupe-
1995
2dr Coupe-
1996
2dr Coupe-
1997
2dr Coupe-
1998
2dr Coupe-
1999
2dr Coupe-
2000
2dr Coupe$46,200
2001
2dr Coupe-
2002
2dr Coupe-
2003
2dr Coupe-
2004
2dr Coupe-
Table displays average prices for #3 Good condition Mustang
Average price

$15,244

equal0%
Highest price

$19,000

equal0%
Lowest price

$12,500

equal0%
Body styles
2dr Convertible
2dr Coupe
1994
2dr Convertible-
2dr Coupe$12,500
1995
2dr Convertible$14,500
2dr Coupe$13,800
1996
2dr Convertible$14,500
2dr Coupe$13,600
1997
2dr Convertible$15,800
2dr Coupe$14,900
1998
2dr Convertible$19,000
2dr Coupe$18,600
1999
2dr Convertible-
2dr Coupe-
2000
2dr Convertible-
2dr Coupe-
2001
2dr Convertible-
2dr Coupe-
2002
2dr Convertible-
2dr Coupe-
2003
2dr Convertible-
2dr Coupe-
2004
2dr Convertible-
2dr Coupe-
Table displays average prices for #3 Good condition Mustang
Average price

$18,100

equal0%
Highest price

$18,500

equal0%
Lowest price

$17,700

equal0%
Body styles
2dr Coupe
1994
2dr Coupe-
1995
2dr Coupe-
1996
2dr Coupe-
1997
2dr Coupe-
1998
2dr Coupe-
1999
2dr Coupe-
2000
2dr Coupe-
2001
2dr Coupe-
2002
2dr Coupe-
2003
2dr Coupe$18,500
2004
2dr Coupe$17,700
Table displays average prices for #3 Good condition Mustang
Average price

$27,800

equal0%
Highest price

$27,800

equal0%
Lowest price

$27,800

equal0%
Body styles
2dr Coupe
1994
2dr Coupe-
1995
2dr Coupe$27,800
1996
2dr Coupe-
1997
2dr Coupe-
1998
2dr Coupe-
1999
2dr Coupe-
2000
2dr Coupe-
2001
2dr Coupe-
2002
2dr Coupe-
2003
2dr Coupe-
2004
2dr Coupe-
Table displays average prices for #3 Good condition Mustang
Average price

$17,200

equal0%
Highest price

$17,200

equal0%
Lowest price

$17,200

equal0%
Body styles
2dr Convertible
1994
2dr Convertible$17,200
1995
2dr Convertible-
1996
2dr Convertible-
1997
2dr Convertible-
1998
2dr Convertible-
1999
2dr Convertible-
2000
2dr Convertible-
2001
2dr Convertible-
2002
2dr Convertible-
2003
2dr Convertible-
2004
2dr Convertible-
Table displays average prices for #3 Good condition Mustang

1994-2004 Ford Mustang Indianapolis Pace Car Cobra configurations

Past sales

Hagerty tracks public collector car auctions from around the world. With approximately 400,000 results to explore, you can be sure you'll have access to comparable vehicle sales that match the cars you're looking to buy or sell.
0
insurance

Protect your 1994-2004 Ford Mustang from the unexpected

Better coverage built for classics at a price you can afford. Online quotes are fast and easy
1994-2004 Ford Mustang for sale
Filter by:

1994-2004 Ford Mustang history

Generation Overview

The third generation Fox Body Mustang had brought a legitimate performance image back to Ford’s pony car during the 1980s, but by the early 1990s the design was a bit long in the tooth, and something fresh was needed. While based on an updated version of the Fox platform, the new fourth generation Mustang that started rolling out of Dearborn in 1993 was nevertheless a thoroughly new car and the first major update for the Mustang in 15 years. Base cars featured a 3.8-liter V-6 with 4-speed automatic or 5-speed manual, while the Mustang GT introduced for 1994 had a 5.0-liter V-8 similar to the one in the outgoing Fox Body GT as well as stiffer suspension and bigger wheels. The 1995-only Mustang GTS further lightened the GT package with fewer convenience features. Suspension was by MacPherson struts up front, and there was a solid rear axle.

For 1996, the Mustang GT got a new heart in the form of Ford’s aluminum 4.6-liter Modular V-8 engine, which made 215 hp and 285 lb-ft of torque but by 1998 was up to 225 hp and 290 lb-ft. This engine was also used in Ford’s SVT Cobra Mustangs, which were assembled by hand in Romeo, Michigan. SVT was able to milk 305 hp and 300 lb-ft of torque out of the 4.6-liter.

1999 saw a facelift so significant that it might be easy to mistake it for an all-new design, but under the sharper, boxier bodywork the Mustang was largely the same car aside from a more potent 260-hp version of the 4.6-liter engine in the Mustang GT. This body style lasted until the fourth generation was replaced after 2004, and perhaps the most attractive special model was the Bullitt model of 2001, which was a tribute to the 390 fastback used in the 1968 film Bullitt with Steve McQueen. 2001 Bullitt Mustangs featured special dark green paint, upgraded shocks, Cobra brakes, Torq-Thrust-style wheels, a different hood scoop, a new intake and high-flow mufflers. Power was up to 265 hp, while torque jumped significantly to 305 lb-ft and was available lower in the rev range. The fog lamps and rear spoiler were also deleted.

Other special models included the 2003-04 Mach 1, which featured a 305-hp engine based on the Cobra, a shaker hood scoop, Magnum 500-style wheels, and suspension similar to the setup on the Bullitt. There was also a 100th anniversary car in 2003 with black paint and premium leather seating, as well as a 40th anniversary car in 2004 that’s mostly distinguished by anniversary badging.

Despite the major 1999 restyle, the platform underneath was at the end of its development potential by the 2000s, and for 2005 an all-new retro-styled fifth generation Mustang debuted. Fourth generation Mustangs are plentiful with almost one and a half million built, and there are always plenty of them on the market. Condition varies widely, from worn out track cars and high-mile daily drivers to pristine like-new time capsule examples. The most desirable examples are special edition and SVT cars.

Find more values

Search for prices of other cars, trucks, vans and motorcycles

Classic car