Following the success of the 2001 Bullitt Mustang, Ford decided to release a new special edition and revive a legendary nameplate while they were at it, creating the 2003 Mustang Mach 1. Ford opted for some muscle-car styling cues from the '60s for their new Mach 1, including a functional "shaker" hood scoop, a matte-black hood stripe, black front air-dam extension, a black rear decklid spoiler, predominate rocker panels, body side scoops and five-spoke wheels. Exterior colour choices returned from the 69 Mach 1 with Oxford White, Black, Torch Red, Zinc Yellow, Azure Blue and Dark Shadow Gray all available.
The 4.6L V8 was the same unit developed for the SVT Cobra and featured a dual-bore 57mm throttle body, cast-aluminium intake manifold and a set of new, high-flow four-valve cylinder heads. On the exhaust side, the manifolds were port matched to the heads, and the mufflers were tuned to create a unique sound just for the Mach 1. Buyers could option either a manual or automatic transmission to couple with the V8's 305 hp and 434 Nm of torque. The Mustang Mach 1 was capable of running the quarter mile in 13.88 seconds at 101.9 mph. Production totalled 7,182 coupes built with the Torch Red colour proving the most popular.