Project SN95 was a rework of the third-gen MustangAll the pushback against the FWD Mustang didn't come only from the enthusiasts outside of Ford; some of them came from inside. John Coletti, who was the program manager for the Mustang at the time, fought to have the car redesigned for the RWD.Instead of launching a new Mustang, Ford green-lit the revamped project in 1989. It was codenamed SN95. The "S" means Small/Speciality Market, the "N" means that it was made for North America, and 95 follows the number for FMC's approved projects. The team, led by Coletti, set to work with a limited budget of only $700 million.This relatively small budget forced the design team to get creative. Its solution was to reuse the Fox platform of the third-generation Mustang. That doesn't mean there weren't any comprehensive changes; in fact, around 80% of the third-gen's chassis was reworked and improved. It was then christened as the Fox 4. The thorough refresh of the previous generation's platform gave the SN95 more noise reduction and less of the rough vibrations common in the original Fox body.What options did the SN95 come in?Fresh off the lot, you could have gotten a base model SN95 with a V6 or a GT V8. Ford saved that precious dual overhead camshaft (DOHC) performance boost for the special editions. SN95s also only come as two-door coupes and convertibles, dumping the third option sedan layout.The base model 1994 V6 option is a 3.8-liter "Essex" engine outputting 145 hp and 215 lb-ft of torque. The GT version, on the other hand, featured a pushrod 5.0-liter V8 engine that does 215 horsepower and 285 lb-ft of torque. Ford also launched an SVT Mustang Cobra in 1994 with a 5.0-liter engine with 240 horsepower and 285 lb-ft of torque.When 1995 rolled around, Ford introduced a GTS version with the GT's powerplant but with the interior of a base model V6. The company also released 250 units of the SVT Cobra R in the same year, with a 5.8-liter V8 boasting 300 horsepower and 365 lb-ft of torque.However, in 1996, Ford got rid of its V8 pushrod engine and replaced it with a modular 4.6-liter OHC engine. With the SOHC, the GT still retained its 215 horsepower and 285 lb-ft of torque. The SVT Cobra also got a modular 4.6-liter but with a DOHC that boosted it to 305 hp and 200 lb-ft of torque. But two years later, the GT upgraded to 225 horsepower and 290 lb-ft of torque.All these options came in either a four-speed AOD-E automatic transmission or a T-5 five-speed manual transmission. Except for the Cobras — those got a more potent World Class T-5 manual transmission, and the exclusive 1995 Cobra R got a Tremec TR-3550 five-speed manual transmission.