Before the Mustang Shelby GT500 was revived in 2007, Ford sent its New Edge Mustang Cobra out with a bang. The 2003-2004 Cobras, equipped with a factory Eaton supercharger, were known as the “Terminator” and were highly regarded for their power and performance in the muscle car world.

This recent dyno video showcases the powerful nature of the Terminator Cobra. Despite only having a few minor bolt-ons, such as a pulley swap for the supercharger and an upgraded exhaust system, this 20-year-old Mustang managed to produce 498 horsepower at the wheels.

When factoring in the average driveline loss of 15 percent, this translates to around 590 horsepower at the engine, significantly more than Ford’s stock rating of 390 horsepower. It’s no surprise that Cobra owners quickly realized the underrated potential of the supercharged 4.6-liter engine.

Aside from its impressive performance, this particular 2004 Cobra stands out due to its rarity. With a production run of only 3,768 units, and just 299 painted in Screaming Yellow, it’s a special find for enthusiasts. The Screaming Yellow color option was exclusive to the Cobra and the SVT Focus, making it even more unique.

The New Edge-era Cobras, including the 2003-2004 models, were also notable for being the first Mustangs to feature independent rear suspension. This upgrade greatly improved the ride quality and handling characteristics of the pony car.

As a result of their power, performance, rarity, and modern-classic status, well-preserved examples of the 2003-2004 Cobras can command prices of around $50,000 in today’s market.