1996 Mustangs used the new modular 4.6L engines that have been in the Mustang since. The car was also given a new Borg-Warner T45 Transmission. On the outside, the only major change was the taillights, changing from skinny horizontal bars to thick vertical bars.

PRODUCTION NUMBERS Standard Coupe - 61,187 GT Coupe - 31,624 Cobra Coupe - 7,496 Standard Convertible - 15,246 GT Convertible - 18,917 Cobra Convertible - 2,510	VIN NUMBERS  -  1FALP47V6TF000001 1FA - Ford Motor Company L - Active Belts and Airbags P - Passenger car 47 - Body Code (40=Standard Coupe, 42=GT Coupe,          44=Standard Convertible, 45=GT Convertible,          46=Cobra Convertible, 47=Cobra Coupe V - Engine Code 6 - Variable digits T - 1996 ("T" stands for 1996) F - Assembly Plant (F=Dearborn) 000001 - Consecutive unit number
BASE PRICES Standard Coupe - $15,180 GT - $17,610 Cobra - $23,495 Standard Convertible - $21,060 GT Convertible - $23,495 Cobra Convertible - $27,580	ENGINES/ENGINE CODES 4 - 3.8L V-6 with 150hp W - 4.6L V-8 with 215hp V - 4.6L V-8 with 305hp (COBRA)
FACTORY OPTIONS Package 1: - Power Windows, Locks, and Decklid Release Package 2: - Speed Control, AM/FM Radio with cassette, premium sound system Package 3: - Sport Seats, rear spoiler, leather-wrapped steering whell, fog lamps - Rear Window Defroster - Mach 460 Sound System - CD Player - Leather Seats - Power driver's seat - Front floor mats - Anti-lock Brakes (Not all Options are included)	EXTERIOR COLORS/COLOR CODE Bright Tangerine - GM Deep Violet - JU Moonlight Blue - KM MYSTIC - LF (Cobra only) Deep Forest Green - NA Pacific Green - PS Black - UA Opal Frost- WJ Crystal White - ZR Rio Red - E8 Laser Red - E9
INTERIOR COLORS Saddle Opal Gray Black White