Ford's 5.0L engine used in the GT Mustang had many modifications done to it before being fit into the Cobras. Among these changes were higher-performance GT-40cylinder heads, larger valves, and a stouter camshaft. The highly modified 5.0L V-8 was rated at 235 horsepower and 280ft/lbs. torque.
The same Borg-Warner T-5 transmission found on the GT was used for the Cobras, except it came with phosphate-coated gears as well as stronger bearings. Goodyear Eagle P245/45ZR17 tires were mounted on 17x7.5 inch aluminum wheels. Also on the Cobra were rear vented discbrakesinstead of the standard drum brakes.
The Cobra had the same lower grille as the GT, but minus the side scoops. The front fascia contained a grille opening which carried a running horse emblem. The one-piece fascia in the rear had cutouts for the exhaust tips, as well as a rear spoiler. The only differences on the interior of the Cobra from the GT was a white instrument panel as well as "Cobra" embroidered floor mats.