What happens when your only direct competition finally ups and dies? If you’re Ford’s Special Vehicle Team, hot off launching the Japanese performance hatchback beating 170 hp Focus, you target more imports. IN the case of the SVT Cobra, the target was BMW’s M3. Stop laughing. With the Camaro/Firebird (at the time) headed for the drive-in in the sky, SVT set its sights higher and felt it had a bargain BMW beater in the 2003 Cobra. In fact, this maximum strength Mustang did feel sufficiently refined to take a run at the M3. It was quick enough,with a the superchagred Cobra making 390 hp, hitting sub 5-sec 0-60 mph times. As Ford and SVT continued making improvements , Cobra vs M3 wasn’t that funny at all.